Payoneer Reviews - Financial Lender Pros & Cons

adele-katz writer
By Adele Katz
Updated October 9, 2020
Editor's Rating
Best for International Payment Transfer
Customer Rating Reviews

Payoneer was founded in 2005 as an international, online payments processing platform. It was designed to help freelancers and online business owners accept international payments without having to pay high processing fees, lose money in foreign exchange conversions, or wait several days for payments to be cleared. In 2019, Payoneer expanded into a slightly new line of business by adding Capital Advance, a merchant cash advance.

Payment Products
  • Payoneer Global Payments Service
  • Payoneer Capital Advance
Payoneer amounts
Payoneer Terms of payment
Several months

Company Profile

Payoneer specializes in helping freelancers, eCommerce sellers, and small business owners who need ways to make and receive cross-border payments.

Payoneer was created to cut through all the fees and hassle of cross-border payments. Freelancers and small business owners open a Payoneer Receiving account that functions as an international bank account. With this account, they can accept payments from the US, UK, EU, Japan, Canada, Australia, and Mexico directly, without paying high fees in bank charges or foreign exchange conversion.

Freelancers want to accept payments from overseas clients, and eCommerce sellers need to be able to pay suppliers and receive payments from customers in other countries. But setting up a bank account in another country is an expensive and long process, and it’s simply not practical for most small business owners and gig workers. It can also take many days for bank transfers and foreign credit card transactions to be processed. On top of that, small business owners and freelancers pay high fees both for payment processing and for foreign exchange conversions.

Payoneer enables free and low-fee international payments, competitive foreign exchange, and ensures your funds are available quickly.

Payoneer users can:

Payoneer was founded in the US in 2005 and quickly became the most popular payments platform. Today, Payoneer operates in 200 countries and territories and supports over 150 local currencies. It’s used by large companies like Amazon, Google, Airbnb, Walmart, Fiverr, and Upwork to send payments around the world, and by millions of small online business owners and freelancers.

Payoneer Global Payments Service

  • Free or low-fee cross-border payments
  • Over 150 currencies
  • Fast international transactions
  • It can be complicated to set up different accounts
  • The list of prohibited industries is very long and excludes a lot of businesses

Payoneer’s primary product is the Global Payments Service, or GPS. When you have a Payoneer account, you can use it to request and accept payments in over 150 currencies around the world, and to make payments to suppliers etc. Payoneer also allows you to set up a local payment account in USD, EUR, GBP, JPY, CAD, AUD and MXN.

Payoneer Fees

Payoneer fees for payments are as follows:

Once you’ve got funds in your Payoneer account, you can:

Other fees:

Payoneer is also integrated in many online marketplaces and freelancer platforms, like Amazon, Walmart, Fiverr, and Upwork, so you can connect your Payoneer account and then use it to make and receive payments directly within the platform. Check each marketplace to see their fee structure. Get a $100 bonus after your first $1,000 in transactions.

Payoneer Target Market

Payoneer basically has two target markets:

Payoneer Prohibited Industries

You can only use your Payoneer account for business purposes, which means you can’t use it to send funds to family or friends. You also can’t make any payments to or accept payments from any business in a prohibited industry. There’s a long list, but prohibited industries include:

What’s required to apply for a Payoneer Account

Opening a Payoneer account is pretty fast and easy. You’ll need to start by completing a registration form, which asks for your basic personal details and email address, company name, and contact details. You’ll also need to share a government-issued ID, details about your payment method like your bank account, and information or documents to verify your business, like links to your business website or your online freelance portfolio.

It takes up to 3 business days for Payoneer to review your application.

There’s no minimum revenue requirement or credit requirement to open a Payoneer account.

Payoneer Capital Advance

  • Funds are approved and cleared quickly
  • Low fees
  • Gradually settle the term amount over several months
  • You can’t request a Capital Advance; Payoneer will offer you the funds when you are eligible
  • Capital Advance is only open to Amazon and Walmart sellers
  • You’ll only be able to borrow small amounts at the beginning

In 2019, Payoneer added Capital Advance to its list of products. It’s a merchant cash advance that offers online sellers on Amazon and Walmart a way to access extra working capital. Instead of interest rates, you’ll repay a single fixed fee. Payoneer offers amounts of $100 to $500,000, but initially you’ll only be able to borrow small amounts. Once you’ve established your reputation as a trustworthy borrower, you’ll be offered larger amounts. Capital Advance offers are only available in USD or GBP.

Your Capital Advance is connected with a specific Amazon or Walmart store, because it’s based on your accounts receivable.

When Payoneer offers a Capital Advance payment for your Amazon or Walmart store, it calculates the repayment period, which it calls the settlement period, according to your typical sales volume and monthly revenue amounts.

Payoneer automatically deducts a fixed percentage of your revenue from every transaction you make in that store to repay your advance. For example, you might need to repay a $50,000 Capital Advance with a fee of 3%, or $1,500. Payoneer might take 35% of every sale that you make until the end of the repayment period or until you have repaid the full amount, whichever comes first.

If you can’t repay the advance by the end of the settlement period, Payoneer will collect 100% of payments that you receive in your Payoneer account from any source, not just from the store connected with your Capital Advance offer, until the amount is fully repaid.

Payoneer Credit Policy

Because Capital Advance is a merchant cash advance, it doesn’t rely on your personal or business credit score at all. Payoneer doesn’t even consider your credit score. The only issue is your sales volume and revenue.

Payoneer Industry Restrictions

Payoneer won’t allow any businesses in certain prohibited industries to open a Payoneer account, so once you have an account you can feel confident that your industry is accepted.

Target Market

Payoneer Capital Advance is aimed at online sellers and eCommerce business owners who make sales through,, and Walmart. Payoneer won’t check up on what you’re doing with your advance, but it’s intended for business owners to use to expand their business. For example, Payoneer suggests that you could use it to increase your inventory, scale up your marketing, or move into new markets.

Payoneer Term Length

You’ll only find out the length of your Capital Advance term when you receive an offer, but it’s usually several months. Payoneer automatically collects a percentage of every sale you make in your Amazon or Walmart store, until you’ve repaid your fee.

Payoneer Application Requirements

Payoneer Capital Advance is unusual because you can’t apply for it. You have to wait for Payoneer to offer you the option of accepting a Capital Advance.

To be eligible for Payoneer Capital Advance, you have to be a Payoneer user and sell on,, or Walmart.

For Amazon sellers, you need to:

Walmart sellers need to have been selling for at least 6 months, get paid in USD, and have an address in the US or Puerto Rico.

When you’re eligible for a Payoneer Capital Advance, you’ll see a Payoneer Capital Advance offer in your Payoneer account. You can choose whether to accept the offer, and how much to borrow, up until the maximum amount in the offer. After you accept the offer, it usually takes just minutes for the funds to appear in your Payoneer account.

Payoneer Interest Rates

Payoneer charges a single fixed fee for your Capital Advance, and you’ll repay it by paying a fixed percentage of the revenue you receive for every sale until the full amount is repaid. The fee is calculated according to your sales volume and revenue, but it’s typically between 1-3% of the advance amount.

Documentation Fees

Payoneer fees are explained in a separate section and do not include a documentation fee.

Origination Fees

Payoneer fees are explained in their own section and do not include origination fees.

Renewal Policy

You can’t take another Capital Advance for the same store until you’ve finished repaying your current advance. You also can’t request to renew the advance; you’ll have to wait to receive an offer for a new advance.

You can take Capital Advance on more than one store at the same time. For example, you might be offered $3,000 Capital Advance through your store, and $10,000 through your Walmart store, and another $5,000 for your separate store.

Interest Forgiveness

If you repay your Capital Advance amount much earlier than Payoneer estimated, you might get a refund for some of the fee, but Payoneer makes those decisions on a case by case basis and you won’t know in advance.

Advance Use

Payoneer doesn’t place any restrictions on what you can do with your Capital Advance, but it’s intended to help you expand and scale up your business.

Online Reputation

Payoneer has a strong and positive reputation both as a payments processing platform and as a lender to online sellers, so Payoneer reviews are favorable. It has a TrustPilot rating of 4.5/5, and is trusted by large corporations including Airbnb and Google. Most online reviews appreciate the ease of use, low fees, and good customer service.

Licenses & Accreditations

Payoneer is accredited by the Better Business Bureau (BBB) and has a B rating. It’s registered with the Gibraltar Financial Services Commission to carry out payments in the EU; as a Money Service Business with FinCen in the US, and registered in Hong Kong, Japan, Australia, India, and Europe. It has 51 state licenses in the US and 5 global licenses.

Company Contacts Details

Payoneer US: 1-800-251-2521
Payoneer Support Center

Customer Reviews

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