Payoneer Escrow Feedback

NameOmnia · Nov 19, 2016

Has anyone tried Payoneer Escrow? Can you give some feedback?
Thanks

Jurgen Wolf · Feb 4, 2017

Jurgen Wolf said:
You can have payments sent directly to your bank account using Payoneer Escrow. When you login to your Payoneer Escrow account, go to your Account Settings page> click the green link named: Setup Payoneer Payout> click New to Payoneer> select: Direct to Bank Account and add your Ukraine bank account information.

Then they will verify your entered bank details...
For me this procedure is already pending more than 1.5 days...
Hope they will not request any scans...

Jurgen Wolf · Feb 5, 2017

I guess, it takes there min. 2 business days...
So waiting for Monday, Tuesday...

Jurgen Wolf · Feb 5, 2017

Response from Payoneer after 2+ days:

Thank you for your application for a Payoneer account.

In order to continue processing your application, we request that you provide a copy of your government-issued photo ID, such as your national ID card, passport or driver's license.

Once we receive this, we will be able to continue processing your request.

We are sorry for any inconvenience and we highly appreciate your cooperation.

Jurgen Wolf · Feb 5, 2017

I have replied that new/another Payoneer account is unnecessary for me at all, and that all required scans were sent a few years ago for my OLD Payoneer account which is VERIFIED.

If it will not be enough - I don't plan to send any scans again and to use them.

Jurgen Wolf · Feb 6, 2017

Totally since evening Jan'31 my adventure with Payoneer Escrow is going... and still can't use it...

pokainc · Feb 7, 2017

I had a deal with Payoneer yesterday, I used their "request a payment" system, now it's asking for a government ID from ME (Canada) and the BUYER (US).

1- Apparently had to go to Escrow.Payoneer.com instead of going to Payoneer.com to request the payment where the Escrow tab doesn't exist or to the least is not evident at all.

2- Apparently you need an Escrow.Payoneer.com as well as a Payoneer.com account to be able to do the transaction and be able to withdraw funds.

3- Apparently even in Payoneer's Escrow service, they may at any time ask for Government ID
from the buyer.

How is this simple for domainers

So basically, not very different from ESCROW.com!! which is the whole reason I was switching over.

As a result, my buyer who is a professional but hasn't heard of Payoneer doesn't want to provide sensitive info to a company he doesn't know. Deal is in limbo now. Won't say what name, but it was for $1000 US.

Jurgen Wolf · Feb 7, 2017

My bank details have been approved today.

Brandon Abbey · Feb 8, 2017

pokainc said:
I had a deal with Payoneer yesterday, I used their "request a payment" system, now it's asking for a government ID from ME (Canada) and the BUYER (US).

1- Apparently had to go to Escrow.Payoneer.com instead of going to Payoneer.com to request the payment where the Escrow tab doesn't exist or to the least is not evident at all.

2- Apparently you need an Escrow.Payoneer.com as well as a Payoneer.com account to be able to do the transaction and be able to withdraw funds.

3- Apparently even in Payoneer's Escrow service, they may at any time ask for Government ID
from the buyer.

How is this simple for domainers

So basically, not very different from ESCROW.com!! which is the whole reason I was switching over.

As a result, my buyer who is a professional but hasn't heard of Payoneer doesn't want to provide sensitive info to a company he doesn't know. Deal is in limbo now. Won't say what name, but it was for $1000 US.

There seems to be some confusion regarding Payoneer and Payoneer Escrow. The vast majority of buyers on Payoneer Escrow do not have to provide government issued ID to submit payment to escrow, only exception cases. As for sellers, they have the choice of receiving payment from escrow directly to their bank account (globally) or to a Payoneer account, where they have multiple withdrawal options (bank transfer, to a prepaid MasterCard card, etc.) and have access to other benefits.

pokainc · Feb 8, 2017

Thanks Brandon, the help privately also is much appreciated

Jurgen Wolf · Feb 12, 2017

@Brandon Abbey

https://payoneer-escrow.custhelp.com/app/answers/detail/a_id/22079/
Here is shown $45 for international wires instead of proper $15 (as I know)... Please correct this page...

+

If the payment is made via credit card (for payments under USD 2,000), an additional fee of 3% will apply.
It must be paid by the Buyer?

Brandon Abbey · Feb 13, 2017

Thank you for bringing that to my attention.

As a seller you have the option of whether of not to accept credit cards for your sales. CC fees are paid by the seller.

SpareDomains · Feb 25, 2017

Just completed my first payoneer escrow transaction a few days ago. Basically...

1) Signed up at https://escrow.payoneer.com/
2) Added my bank details for payment disbursement
3) Generated an invoice for buyer with escrow fees to be paid for by the buyer as usual

Buyer paid, pushed domain, they get a day to dispute anything, if no disputes then funds released straight to my bank. Was more of a test to see how things go there as liked Brandon when he was with Escrow.com and basically who I've used for 14 years. Since everything went smooth I've replaced the Escrow.com banner with a Payoneer Escrow banner on one of my domain sales sites and I'll be using them exclusively from here on out pending things continue to run smooth like this first transaction has. Can't comment on other payment methods as I'm in the USA and have always just used ACH straight to the bank which results in $0 deductions from me. I have a regular Payoneer account but wasn't needed since I was using ACH payments as bank details for payment can be added direct inside the https://escrow.payoneer.com/ account.

wwwweb · Feb 25, 2017

SpareDomains said:
Just completed my first payoneer escrow transaction a few days ago. Basically...

1) Signed up at https://escrow.payoneer.com/
2) Added my bank details for payment disbursement
3) Generated an invoice for buyer with escrow fees to be paid for by the buyer as usual

Buyer paid, pushed domain, they get a day to dispute anything, if no disputes then funds released straight to my bank. Was more of a test to see how things go there as liked Brandon when he was with Escrow.com and basically who I've used for 14 years. Since everything went smooth I've replaced the Escrow.com banner with a Payoneer Escrow banner on one of my domain sales sites and I'll be using them exclusively from here on out pending things continue to run smooth like this first transaction has. Can't comment on other payment methods as I'm in the USA and have always just used ACH straight to the bank which results in $0 deductions from me. I have a regular Payoneer account but wasn't needed since I was using ACH payments as bank details for payment can be added direct inside the https://escrow.payoneer.com/ account.

Good experience, but they need to get that CC limit up to $5K

Cdomains · Feb 25, 2017

pokainc said:
I had a deal with Payoneer yesterday, I used their "request a payment" system, now it's asking for a government ID from ME (Canada) and the BUYER (US).

1- Apparently had to go to Escrow.Payoneer.com instead of going to Payoneer.com to request the payment where the Escrow tab doesn't exist or to the least is not evident at all.

2- Apparently you need an Escrow.Payoneer.com as well as a Payoneer.com account to be able to do the transaction and be able to withdraw funds.

3- Apparently even in Payoneer's Escrow service, they may at any time ask for Government ID
from the buyer.

How is this simple for domainers

So basically, not very different from ESCROW.com!! which is the whole reason I was switching over.

As a result, my buyer who is a professional but hasn't heard of Payoneer doesn't want to provide sensitive info to a company he doesn't know. Deal is in limbo now. Won't say what name, but it was for $1000 US.

What are we down to now?

Just Sedo escrow and Epik escrow.

pokainc · Feb 25, 2017

Never used Epik, not really familiar with them.

Used Sedo a few times, and as mentioned in a prior post, since Brandon was helpful in resolving some issues, I'm using Payoneer Escrow also. So far so good.

Kuffy · Feb 25, 2017

Here we are in the 21st century, and we still don't seem able to make international payments with any degree of ease and efficiency ( except for Bitcoin of course). I'm in the UK, and when Escrow.com wanted to send me payment for a name I had sold, the most cost effective and efficient method was for them to send me a cheque through the post.

Cdomains · Feb 25, 2017

Kuffy said:
Here we are in the 21st century, and we still don't seem able to make international payments with any degree of ease and efficiency ( except for Bitcoin of course). I'm in the UK, and when Escrow.com wanted to send me payment for a name I had sold, the most cost effective and efficient method was for them to send me a cheque through the post.

That is BS!

I guess they just don't care.

These big companies just don't give a sh*t.

I guess they think because they are so big, bad customer service won't hurt them.

Kuffy · Feb 25, 2017

Why is it BS. I don't want to pay a fee for a wire.I won't use PP. I have a US dollar account, and I get charged to pay a dollar cheque into it. In some circumstances, a dollar payment into the account needs to be converted into sterling, transferred, and converted back into dollars. It's no wonder alternative payment methods are being created.

wwwweb · Feb 25, 2017

Cdomains said:
What are we down to now?

Just Sedo escrow and Epik escrow.

I really can't see escrow sitting idle, and watching their business fail. I have talked to a few brokers who are having issues completing deals also. I don't know what their plan b is, but they are losing sales.

Majority of one time buyers are not willing to share their personal documentation with a 3rd party company they know very little about.

Sadly Escrow is no longer an option, even though I am verified, but buyers simply do not feel safe their information will be safeguarded, and I can't blame them.

Brandon Abbey · Feb 25, 2017

wwwweb said:
Good experience, but they need to get that CC limit up to $5K

SpareDomains said:
Just completed my first payoneer escrow transaction a few days ago. Basically...

1) Signed up at https://escrow.payoneer.com/
2) Added my bank details for payment disbursement
3) Generated an invoice for buyer with escrow fees to be paid for by the buyer as usual

Buyer paid, pushed domain, they get a day to dispute anything, if no disputes then funds released straight to my bank. Was more of a test to see how things go there as liked Brandon when he was with Escrow.com and basically who I've used for 14 years. Since everything went smooth I've replaced the Escrow.com banner with a Payoneer Escrow banner on one of my domain sales sites and I'll be using them exclusively from here on out pending things continue to run smooth like this first transaction has. Can't comment on other payment methods as I'm in the USA and have always just used ACH straight to the bank which results in $0 deductions from me. I have a regular Payoneer account but wasn't needed since I was using ACH payments as bank details for payment can be added direct inside the https://escrow.payoneer.com/ account.

Thanks Jay,
We appreciate your business and look forward to continuing our relationship.
All the best,
Brandon

Jurgen Wolf · Feb 25, 2017

Brandon Abbey said:
As a seller you have the option of whether of not to accept credit cards for your sales. CC fees are paid by the seller.

I think that 3% CC fee should be paid by the Buyer, such policy is more correct/fair.

Brandon Abbey · Feb 26, 2017

Jurgen Wolf said:
I think that 3% CC fee should be paid by the Buyer, such policy is more correct/fair.

Hi Jurgen,
We are looking into the legalities of offering this option. Thanks,
Brandon

4pm · Feb 28, 2017

@Brandon Abbey

Sedo asks for bank City, Zip code and State for ACH payouts
Looking at my Payoneer account bank details - only name of the bank is there, could not find the said details anywhere on the site too.
FAQ says no details other than Bank Name, Acc number and Routing number are required for ACH. Probably, but Sedo is still asking for it, showing Error message if you try to change yr banking details to Payoneer (when fields left empty):

Please choose the State/Province for your bank.
The Zip Code is incorrect.
The city is incorrect.

Jurgen Wolf · Mar 1, 2017

For payments between $5,000 and $50,000
$75 + 1% of the amount over $5,000

So if $7K transaction - then your commission will be: $75 + 1% of 2K (7K - 5K) = $95
Right?

Jurgen Wolf · Mar 1, 2017

Yes, $95, just noticed calculator here: https://escrow.payoneer.com/fees

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