What is Payoneer & How Does It Work?

Payoneer is an online and international payment system that is widely used by small and medium-sized businesses around the world. While there are numerous payment service companies available today, Payoneer has emerged as one of the leaders in this field due to its numerous features and global reach. With its user-friendly interface, strong security measures, convenient payment structure, and extensive network, Payoneer has earned widespread recognition and trust. In this article, you can learn more about this payment platform, its fees and charges, its features, the advantages of having a Payoneer account, and whether you need it for your purposes.

What is Payoneer?

Payoneer is a popular provider of international payment and money transfer services.

This platform mainly focuses on freelancers, online sellers, and small business owners, and it offers the possibility to send and receive money in USD and other major currencies.

Payoneer payment system was launched in 2005, and its most important services include providing the ability to pay suppliers and receive money from customers, offering credit cards for daily and travel uses, currency conversion, and more.

In fact, a Payoneer account acts as a digital wallet. Users can register on the platform and create a virtual account. Account holders can increase their account balance, pay suppliers and sellers, and receive payments from various sources, including customers, marketplaces, and platforms like Amazon, or freelance websites.

Additionally, users can withdraw their Payoneer account balance to their local bank account, use it to make online purchases, or even access it via Payoneer card at ATMs and POS terminals worldwide.

What is Payoneer Used for?

Payoneer accounts are available in the United States and many other countries, and the system currently serves millions of customers worldwide. Let’s take a look at some of the main uses and benefits of having a Payoneer account.

• Local accounts in major currencies, for payments by customers
• Ability to pay contractors, vendors, and suppliers
• Currency conversion services
• Integrated mobile app
• Payoneer accounts do not require a bank account
• A very flexible and easy-to-use payment method
• Avoid high fees and delays associated with traditional transfer methods like wire transfers
• Payoneer Debit Card for local and global spending and withdrawals

Eligible customers can apply for a Payoneer card to spend their Payoneer account balance and make cash withdrawals. Cards in this system are issued on the MasterCard network and allow you to spend from your account balance with ease. Users must pay the card’s annual fee, and some transactions, such as using an ATM, incur fees. However, it is usually free to spend and use the card.

Is Payoneer Safe?

Payoneer has all the necessary licenses in the countries where it operates. This way, it works like any other regular bank and, in addition to being monitored by government agencies, ensures cybersecurity with the help of adaptive authentication and other security features.

However, keep in mind that the threat of online fraud is always present and no payment service or even banking app is 100% safe from them. Payoneer is a safe payment service provider to use and by taking certain measures within your account, you can protect your transactions from any potential security issues.

Security measures include the following:

1. Do not click on untrusted links in emails and messages to avoid phishing attacks.
2. Choose a strong password for your Payoneer account and protect it.
3. Lock your devices (such as your mobile phone, tablet or laptop) with a PIN or password.
4. Enable two-factor authentication for your account.
5. Avoid disclosing your account information on unsafe and untrusted websites.
6. Do not use public Wi-Fi.

Best Alternative to Payoneer

EZDEX allows you to store, convert or transfer your currencies in different currencies. With EZDEX, you will have an integrated wallet for managing and storing fiat and digital currencies, and you can convert your assets to each other at the best possible rate using the services of hundreds of reliable exchanges that are active on this platform.

Among the most important services and features of EZDEX are the ability to buy and sell cryptocurrencies, convert fiat currencies, send and transfer money worldwide, deposit and withdraw cash and bank, and secure wallet.