Payoneer switch from paypal, NOT HAPPY WITH THAT

[starbursting]

Payoneer switch from paypal, NOT HAPPY WITH THAT

I just went to sign up and I disagreed to their yearly charge of  $29.99, therefore I was unable to continue.

I wish 4 million people would give me $29.99 a year each!!! I wonder if I can still buy using paypal, I don't know but I guess I will find out next month in July.

The rich getting richer again at the expense of the poor.

[lacemaker3]

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@pjcdn2005 wrote:

@lacemaker3 

I just skimmed over the information in the links but it seems if Payoneer will work similar to Paypal.  The money will be deposited to Payoneer and then the seller can deposit that money into their bank account. Is that how you see it?  Out of curiosity, will the seller be able to pay for items with the funds in their Payoneer account?

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Yes and no, Payoneer is like PayPal. It is like in some ways, but not in other ways. All I know is what I have read on their website.

One difference is probably specific to Sri Lanka (as so many posts recently are from sellers in Sri Lanka). As I've posted on a number of other threads, it appears that businesses in Sri Lanka, who receive foreign currency payments, are required to deposit it into a Foreign Currency Bank Account in the country within 7 days of receipt. So, sellers from there are probably not allowed to maintain a balance in their Payoneer accounts for longer than that. 

Another difference is that Payoneer appears to be specifically for sellers, and this is in general not specific to any one country. It appears that the funds in Payoneer accounts can only be used for specific purposes. They can be withdrawn to a local bank account, or while they are in the Payoneer account, they can be used for business expenses, like paying suppliers, or paying VAT. I don't know how these restrictions are enforced, but that's what the website says that sellers can do with the funds. So it doesn't look to me as though the Payoneer funds can be used to make personal purchases.

Payoneer accounts are intended to be used by businesses and freelancers, so they do have individual accounts, they don't have to be business accounts. The data required to open an account varies appropriately  with the account type. However, in Sri Lanka, it appears that only business are allowed to receive foreign currency payments for selling goods or services, and it appears that if a seller in Sri Lanka tries to register with an individual account for managed payments, then their Payoneer account may not be verified. I suspect that is how they  are enforcing the Sri Lanka requirements.

[metro2121]

A big change is that in case a seller refunds a buyer now eBay will charge the seller's credit card for the refund , not his Payoneer balance .With Paypal eBay charged the Paypal balance . This means sellers now pay extra fees when refunding buyers because of the credit card fees.

[mam98031]

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@metro2121 wrote:

A big change is that in case a seller refunds a buyer now eBay will charge the seller's credit card for the refund , not his Payoneer balance .With Paypal eBay charged the Paypal balance . This means sellers now pay extra fees when refunding buyers because of the credit card fees.

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I don't know if it is different for Payoneer members but for US sellers in MP, we can set up a back up funding source so that MP doesn't dip into our bank accounts.  In my case it is a CC I've chosen as my back up funding source.

Do you have such a thing on your account?

[raybluesonic]

Hi there. I live in Panama and the only reason I had to open a Payoneer account was because eBay required me as a seller. But after selling a couple of items I realized that it did not suit me. Why? Too many international fees. For example. I sell a $ 50 item ... ebay takes $ 8.00 from me, then Payoneer charges me $ 15 for withdrawal, and then my local bank charges me $ 37.50 for international transfer. So, it costs me $ 60.50 in fees to sell an item for $ 50.

If I could only use my funds to shop on ebay or amazon like I used to with PayPal it would make sense to stay.

[raphael_the_second]

Completely Agree. I used eBay for several years and enjoyed it a lot. I spent about 2500 USD a year and when I sold something it was sent to PayPal and I used it to buy something else on eBay. Now with Payoneer I'll have all the fees you mentioned + income tax, since the selling funds go to my bank account.

I guess that doesn't leave me any choice but to terminate my eBay account... Let's start a new business like eBay with PayPal! 🙂

[monsayosefart]

My whole business fell - Payoneer till from beginning- were very suspicious of me and sniffed\blocked my two business pages - there is no one to talk to and beyond that I talked in chat with two representatives of ebay and Payoneer - nothing went well In no way-
I just deleted and removed my two eBay accounts with great sorrow.
We'll still miss the days of PayPal

[kh-stanley1]

Hi everyone,

Due to the age of this thread, it has been closed to further replies. Please feel free to start a new thread HERE if you wish to continue to discuss this topic.

Thank you for understanding.