Payoneer has increased the fees for receiving credit/debit card payments on March 17, 2024.
We want to inform you that on March 17, 2024, fees for receiving credit/debit card payments will change from 3.0% to 3.99% + $0.49.
Our commitment to empowering your business growth remains our top priority. While these adjustments are necessary to enhance our services, such as speed of payment processing and adding new payment options, we’ve made every effort to ensure our pricing remains competitive.
What does this mean for you?
No action needs to be taken on your end. As of March 17, 2024, these adjustments will automatically be applied. Your clients will also see this change reflected in payment requests starting March 17, 2024.Click here to learn more about these fee changes.
Getting paid with debit/credit card
To get paid with debit/credit card on Payoneer requires you to send a payment request to your customer. You can do that from your Payoneer account. I’ve done this many times in the past, and it works fine. I did have a few situations where a client was from a country or had a type of debit/credit card where they could not process the payment, but this is rare. In almost all cases it works perfectly.
Your client will need to provide you some information so that you can send them the payment request:
- First Name
- Last Name
- Email
- Country
- State (if you’re from the USA)
- Company Name
- Website URL
- Contact First Name
- Contact Last Name
- Email
- Country
- State (if you’re from the USA)
After you send the payment request, your client will be notified about it in their email inbox. From there they can proceed to make the payment. I am not entirely sure if they have to create a Payoneer account or not. Maybe they can make the payment without having or creating a Payoneer account themselves, but I’m not entirely sure.
The Fees
Payoneer has always had a fee for receiving a payment with debit/credit card. The client can choose if they want to pay the fee, or if the receiver will pay the fee. In my experience, some customers will pay the fee, and others won’t. Keep in mind that if you are located in a European Economic Area (EEA) country, your client will not have the option to pay the fee, so you will be stuck with it.
The fees have always been 3.0% + $0.49 per payment, and now they’ve increased to 3.99% + $0.49. As with everything, the prices and fees always increase. Call it inflation, call it greed, call it what you will. Also keep in mind that the payment is usually not instant. It usually takes 2-3 days from the moment the client makes the payment until the moment the money arrives in your Payoneer account.
Here is a video I made talking about this:
Conclusion
If you ask me, this is not such a big deal. We’re all used to fees and prices increasing everywhere, especially in the last couple of years. Besides, it’s only a 1% increase, so it’s not much.
In many cases a client will pay the fee, so it’s not a concern at all anyway. And when the client doesn’t pay the fee, that’s just the price of doing business. Payoneer provides a wonderful service here, allowing people to get paid with credit/debit cards, and they deserve a cut, I guess.