Payoneer payments | Smartcat Help Center (2024)

FAQs

Why was my payment on Payoneer declined? ›

The transaction was declined because it was assessed as risky, blacklisted, the customer has provided incorrect data, or the funds were insufficient. You can recommend to the cardholder to use another payment method (another card) or contact issuing bank.

Check Verification Center in your Payoneer account, which is located under the Settings menu to see if any information or documents have been requested to approve the payment. Check your email inbox for any email from Payoneer. It's possible that we requested information from you to approve the payment.

Note: Payoneer requests your social security number (SSN) as part of their KYC process to ensure that you are the rightful account owner before they accept you as a customer.

You can't transfer money to bank accounts. You can only pay by the Payoneer debit card (one per currency) or pay directly to a Payoneer account via email. You can't shift money to one currency to another. Sending money is more expensive than other solutions.

There are several reasons why a debit card may be declined even if you have money in your account. Common reasons include travel and reaching your daily purchase limit. Stay on top of your cards and consider using budgeting apps to help avoid debit card denial.

Failed payments can occur from both the merchant's end and the customer's end. A customer will often experience payment failure due to a faulty internet connection, entering incorrect payment details, or because there is not enough money in their account to cover the payment..

How long does a Payoneer payment approval take? Depending on the payment method, it may take somewhere between 0 and 5 business days.

This can be due to issues with payment limits or other restrictions. If you cannot send a payment, you'll receive an informative message letting you know.

Payoneer takes a set percentage from each transaction and places it in a reserve for the set number of days (the so-called holding period, of, for example, 90 days). Once that time is up, the reserve is released to your Payoneer balance as payout (together with the payout for other transactions from the day).

Payoneer Inc. Registered Money Services Business (MSB) and prepaid access provider with Financial Crimes Enforcement Network (FinCEN). ​Licensed Money Transmitter in 51 states and territories​.

Does Payoneer report to IRS? ›

Does Payoneer report my earnings to tax authorities? No. You are responsible for reporting the earnings received and funded to your Payoneer account to all the relevant government tax authorities.

All payments processed through Payoneer are made through a fully compliant, secure and tightly audited payments platform that is recognized by financial regulators all around the world. Payoneer operates globally, is regulated in several jurisdictions, and its compliance record speaks for itself.

Payoneer is not a free service, but you do not have to pay an annual fee to use this payment system if you receive transactions regularly. However, some other fees apply to customers and are not so easily avoidable. Free if you make at least one transaction per year. For inactive users $29.95 per year.

PayPal has a larger network and has been around much longer than Payoneer. Both use end-to-end encryption and are fully regulated as a US Money Service Business (MSB). Payoneer is also certified at a PCI Level 1 Data Security Standard. However, Payoneer has had issues with fraud on its card in the past.

A credit card decline is when a credit card payment isn't authorized or accepted. There are a few reasons why a customer's card might not work – whether their card has expired, they've spent too much on it, or the issuing bank thinks there might be suspicious activity, among other reasons.

Insufficient funds - there are not enough funds available for the transaction to be processed. Credit card expired - the card has expired and can't be used anymore. Credit card declined - unfortunately sometimes the issuing bank does not disclose the reason that the payment has failed.

Make sure that you have enough money in your account for the purchase. If you're still having issues, contact your bank to find out if there's a problem with your account. Try making the purchase again with a different payment method.