The good, the bad and the ugly – Payoneer

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“The good, the bad and the ugly” An opportunity for readers to discuss what they like and don’t like about a particular company in the domain space.

Each post will deal with just one company, readers are encouraged to share their positive and negative experiences. Suggestions for improvement are also encouraged.

One of the goals of the column is that company representatives will see how their customers think of them. This can lead to a conversation on fixing problems.

What is not allowed:

  • Personal attacks on individuals at the chosen company
  • Promoting a competitor
  • Posting domains for sale

The company in the spotlight today is Payoneer

Founded: 2005
PAYONEER

About Raymond Hackney

Raymond is a writer, domain trader and consultant based in Pennsylvania. Raymond is the founder of 3Character.com and TLDInvestors.com.

Comments

  1. Brandon Abbey says

    Thanks Raymond,
    We always look forward to hearing from our customers. Not only about things we do well, but also improvements we can make. All the best,
    Brandon

    • Deepak Daftari says

      One of the best Escrow Companies I have worked with. Customer support is excellent. Response time is very good. Simple back-end, clear communication and super fast payment as soon as the transaction is deemed closed.
      At any point in time, for any major or minor issue, Brandon Abbey steps in and goes out of his way to solve issues and untangle any issues that might crop up during a ongoing transaction and he’s just an email away.
      Its nice to work with a no hassle professional company like Payoneer.

    • Paul Keating says

      Great to see you back in the biz Brandon!

      I am looking forward to using the system and to uour typically terrific level of service.

    • Brandon Abbey says

      Hi Rev,
      Even though we have a money services license in the State of Washington they have asked us to get an escrow license. All the forms have been submitted and we are awaiting approval. I expect this soon.
      Best regards,
      Brandon

  3. John says

    I’ve got nothing but good things to say about Payoneer.

    Everything is lightning fast on their end, especially with payouts and communication when there is a problem.

  4. jose says

    good:
    fast and friendly support
    more than a “simple” escrow service
    some good ideas to improve the escrow process like attaching documents and other details
    cheaper than Escrow.com

    bad:
    the escrow process initiated by a Broker gets very confusing. buyer and seller become hidden, and the broker role on the process is substituted to show as seller or buyer, depending on which party is looking to the transaction. This is very ill designed. A broker should be clearly identified as such, and the possibility to hide who is the buyer and/or seller should be optional, and that information should appear as “non-disclosed” without changing the role of the broker. If Payoneer wants to get one step further and take care of situations where a broker is not to be known as acting like a broker but as a seller/buyer then there could be an option for that. But as it is today, if I am a seller and the transaction was started by the broker he will appear as seller to me, which makes no sense at all, and even less when both parties know that there is a broker involved.

    ugly:
    none

  5. John says

    Haven’t had the pleasure of using them yet, but signed up a while, and the sign-up was a pleasure. Have a very positive feeling about Payoneer.

    So when I added payment accounts I figured, okay, here we go with the deposit 10 cents and 7 cents twice in each one, then I have to wait days for them all to show up, yada yada. Was not looking forward to that, but resigned to that being normal and reasonable. But…

    Maybe 30 minutes or less after adding multiple payment accounts, I get an email back simply saying everything had been verified and confirmed and I was good to go.

    Okay, so how in the world did they do that? Is this something I’ve missed that others can do to, or just Payoneer? Was quite surprising. 🙂

  7. cmac says

    I’ve never used them. i would probably give them a try if their domain escrow was a standalone service. i don’t want a payoneer card.

  8. Brandon Abbey says

    Thanks for taking the time to read and comment on Payoneer Escrow. Here are some comments I have. We have been doing customer verification since 2005, this is not new to us. We have a large team of professionals and systems designed to make this as streamlined and non-invasive as possible. The team on-boards well over 100,000 new customers per month. We have been reviewing the presentation of our broker transactions, the system was built to ensure confidential transactions. Thus the broker sits in the middle with the buyer seeing him/her as the seller and the domain owner seeing him/her as the buyer. We do have the ability for you to conduct transparent broker transactions, please contact me directly should you have a specific need – brandonab@payoneer.com You don’t need a Payoneer account to use Payoneer Escrow. Funds can be directly deposited into your bank account in the currency of the transaction. You can also have funds deposited to your account in your local currency at very competitive exchange rates. You choose how to receive your funds. Please keep your suggestions, comments and questions coming. Best regards,

    Brandon

    • jose says

      Not quite Brandon. I had a case where I was a seller and the broker *show up as seller to me*. This makes no sense. At least he should appear as buyer. Which would still be odd as I know the broker and he was working on my behalf…
      In any case I understand your idea behind the broker initiated process but it has some important flaws that should be addressed. For instance, there should be an option to issue an invoice. And for accounting and tax purposes it is not always acceptable to have a broker showing as buyer/seller when that was not what happened so an invoice that hides these details poses problems.
      But in overall I can say I had a positive experience with Payoneer and would recommend them without any doubt.

  9. Brian says

    I have used the Payoneer escrow for about a dozen or so transactions. It is a very simple and streamlined process for both buyer and seller. I like that once I set the transaction up as a broker, the buyer is able to submit payment immediately (the sellers don’t need to accept the transaction) so this saves some time and is great for buyers ready to pay immediately without delay. Also, once the domain is transferred according to who.is, as the broker I can move the process along and request the funds to be released vs. having to wait for the buyers to ‘confirm receipt.’ The buyers still have 24 hours (or longer depending on the option you choose) to contest it if they don’t actually have the domain, of course. And Payoneer’s direct deposit is usually no longer than 2-3 days so payment has been quick. The Payoneer fees are very minimal as well. The only negative I’ve seen so far is that the credit card fee right now has to be paid for by the seller or broker, but I know Payoneer is working on the option for the buyer to pay the credit card fee.

  10. steve says

    I haven’t used Payoneer yet, but I will now that I know Brandon Abbey is with the Company.

    Brandon provided stellar support and leadership at Escrow.com and his team helped me out with a challenging transaction. He resolved the matter with great efficiency.

  11. Special.TV says

    Not used their platform before for any transaction,but hope to trying it soon base on some good recommendations about them,though will still need to ask them some questions when am ready since i now have Brandon email

  12. John says

    What $25 annual maintenance fee? I’ve never seen mention of that. Do I have to pay this for having my account which I haven’t used yet?

  13. Jackie says

    I also love using Payoneer Escrow. The process is quick and simple – even for buyers without an existing account.
    Payoneer is always my first choice for escrow, wherever/whenever possible.

  14. Sameh says

    Nothing but great things to say about Payoneer. The only company I’m working with that almost has nothing wrong with it (bugs, errors, etc..). They are the main drive for the acceleration of my business in the last couple of years because the ease of receiving payments in light of issues with the banking system in my country. They don’t waste time trying to provide even better and wider services with less fees.

    Looking forward to integrate their Escrow Service with my domain marketplace which will help me sell my domains for lower prices yet almost the same return compared to GoDaddy Premium Listings, Afternic, Sedo and away from all the hassles of identity verification on Escrow.com.

    I only wish I can add their US Bank Account to my PayPal account for withdrawals.

    Payoneer to me is the Company of The Year (past, present and the future I hope).