An online financial services platform such as Payoneer must demonstrate the necessary safety and security standards that its users expect of it.
Payoneer has been able to illustrate that it has the safety and security procedures to protect its users.
However, some critiques still don’t agree with the security procedures the platform has in place.
It puts many users worldwide in a dilemma on whether they should use Payoneer.
Payoneer isn’t a new name in the industry. Founded in 2005 by Yuval Tal, the company has successfully attracted over 4 million users worldwide, including businesses and professionals.
Due to its features and commendable customer support, the company has provided users with a reason to choose it over various other platforms.
However, the platform has had its fair share of controversies in the past. The most high-profile came due to its association with a well-known company, Airbnb.
Due to some tax problems, to overly simplify it, Airbnb discontinued payment tools available to its hosts through Payoneer.
This controversy brought a negative reputation to the platform, although it affected Airbnb more than Payoneer. Due to some of these controversies, I wondered whether Payoneer is safe and if they should use the forum.
Put, its controversial days are in the past. Payoneer is a much safer bet for users who want to take care of their online transactions. Below are five reasons why Payoneer is safe and why users should consider using it.
Payoneer takes the security of its users very seriously. Given the size of the platform and the users’ money involved, the platform must take strict action against any possible security problems.
Therefore, the platform has many different security procedures to achieve that. First of all, Payoneer requires its users to provide their phone numbers.
Whenever the platform determines any irregular activity, it sends a code to its users so they can confirm they know about it, also known as two-step verification. Users can also choose trusted beneficiaries to allow those beneficiaries to skip the two-step verification flow.
2) Activity logs
The platform also provides its users with activity logs in the form of an account statement. This feature can help users keep track of their receipts and payments for better control over their funds.
Similarly, users can export these activity logs to use with other programs, such as spreadsheet programs, for better operations.
Users of different marketplaces can use the statement to reconcile their receipts. Similarly, they can use these statements to keep track of their payments to various customers. If users have an accounting system, they can also benefit from these statements significantly.
3) Integrated platforms
Another reason Payoneer is a safe platform for users is its integrations with other marketplaces and platforms.
These integrations include big-name platforms such as Airbnb, Google, Amazon, Freelancer, Upwork, Rakuten, Clickbank, iStockPhoto, Wish, PeoplePerHour, Fiverr, etc.
Through these integrations, Payoneer allows its users to withdraw their balances from these platforms without any hassle.
Most of these platforms allow their users to link their payments to their Payoneer accounts directly. Therefore, users don’t have to worry about the security or safety of their funds as there are no other parties involved in the transaction.
4) Payoneer Card
Most users on Payoneer complain that the network does not allow them to make payments online. To tackle the problem, Payoneer gives its users the option to use the Payoneer card, which is a customized MasterCard.
Users can link their Payoneer card with their account and use their funds directly through the debit card. The debit card allows users to transact with other websites and platforms through Payoneer.
Users can also control their cards through the platform and report missing cards directly to them. The platform resolves card issues in a short amount of time for maximum user satisfaction.
5) Direct withdrawals
Before Payoneer was an option, users had to receive their online earnings through cheques. Since these were international cheques, banks would require weeks to clear them, sometimes not.
Payoneer solved this problem by allowing users to withdraw funds directly to their bank accounts. Since Payoneer deals with banks, users don’t have to worry about the clearing process at all.
Payoneer supports various banks worldwide, allowing users to withdraw their balances effortlessly. Users can add multiple bank accounts for seamless payments, including their own and their payee’s bank account.
Payoneer provides users around the globe with an online platform to manage their finances. The platform has been a part of some controversies in the past that have negatively impacted its reputation.
However, Payoneer is much safer now. Some reasons why Payoneer is safe to include its security features, activity logs, integrated platforms, Payoneer card, and direct withdrawals to banks.