Payoneer Payment Limitations

[Name Trader]

I sent an email to Payoneer Escrow asking for their payment limits and charges. And was shocked by the reply I rcvd. Later confirmed.

The Escrow service that Payoneer offers allows
Pay In via the following methods

For Individuals in the US – e-check up to $5000
Credit card up to $2000


For Individuals outside of the US – Credit card up to $2000


For Companies in the US – e-check up to $5000
Credit card up to $2000
ACH – Unlimited amount
Wire – Unlimited amount

For companies outside the US – Credit Card up to $2000
Wire Unlimited Amount

The only payments acceptable from individuals was via credit card with a maximum of only $2000. They do not accept wire transfers at all from individuals. And if the buyer is in US they can pay by e-check up to $5000. That is so restrictive for individuals. I'm surprised they confirmed this when I checked.

Since the majority of sales I make are over $2k and to individuals. About 50% who are not living in the US.They have absolutely no way to pay for the purchase. I was making plans to offer Payoneer as the Escrow Service for their purchases. But this information has just squashed that idea.

 

[poweredbyme]

Bitcoin has no limit at all

 

[IMEZI]

Bitcoin has no limit at all

@stub were talking payoneer payment in related with escrow (transaction security)... bitcoin payment will be raised the security risk....

 

[anf]

Something is wrong here. About 6 months ago i sold a domain for $5K to an individual from Germany. He payed by Wire. So, they accept wire transfers from individuals.

 

[IMEZI]

Something is wrong here. About 6 months ago i sold a domain for $5K to an individual from Germany. He payed by Wire. So, they accept wire transfers from individuals.

are you sure your buyer is individual?

 

[anf]

At least that's what he told.

 

[anf]

Let's ask @Brandon Abbey to be sure.

 

[Name Trader]

Let's ask @Brandon Abbey to be sure.

Good thinking.

 

[Crysis]

Let's ask @Brandon Abbey to be sure.

BUMP...I'd like to know the answer to this question as well please.

 

[Name Trader]

BUMP...I'd like to know the answer to this question as well please.

I don't think @Brandon Abbey works on weekends. But hopefully he'll pop-up once the weekend is over

 

[poweredbyme]

@stub were talking payoneer payment in related with escrow (transaction security)... bitcoin payment will be raised the security risk....

You can find lots of Bitcoin escrow services if you search. Bitcoin is cheaper, faster and has no limit as there is no authority that will dictate a limit. No need to say, by nature crypto money is more secure than fiat money and financial institutions.

 

[domainer111]

wow BTC here we go.

 

[IMEZI]

You can find lots of Bitcoin escrow services if you search. Bitcoin is cheaper, faster and has no limit as there is no authority that will dictate a limit. No need to say, by nature crypto money is more secure than fiat money and financial institutions.

yeah more secure until we stumbled upon :
MTGOX hacked 2014 as much as 850K BTC equal to $450 millions
Bitfinex hacked 2016 as much as 120K BTC equal to $72 millions
Nicehash hacked 2017 as much as 4700 BTC equal to $80 millions
Coincheck hacked 2018 as much as 500 millions NEM equal to ¥58 billion

Not to mention fair trade between buyer and seller could be in high risk since crypto currency were quite volatile... Seller would be upping price for covering the volatility risk, while the buyer didnt want to pay another additional cost, this difference could made the domain transaction easily failed...

 

[poweredbyme]

@IMEZI I don't store my Bitcoins at online wallets. Hackers can't steal my Bitcoins, period. There are many desktop wallets that runs on Linux and Mac and instructions on how to create cold wallets. I hope you don't believe hackers can do something to a cold wallet or to a hot wallet on a Linux laptop. Price volatility is not a risk if you don't keep BTC for months or weeks. If you keep BTC for years, more likely it will be profitable as the total BTC quantity is limited. Therefore there is no risk and no limit.

 

[Name Trader]

@IMEZI I don't store my Bitcoins at online wallets. Hackers can't steal my Bitcoins, period. There are many desktop wallets that runs on Linux and Mac and instructions on how to create cold wallets. I hope you don't believe hackers can do something to a cold wallet or to a hot wallet on a Linux laptop. Price volatility is not a risk if you don't keep BTC for months or weeks. If you keep BTC for years, more likely it will be profitable as the total BTC quantity is limited. Therefore there is no risk and no limit.

Oh. There is risk. Look at the price swings over the last year. Sell at the wrong time and you get soaked.

 

[IMEZI]

Oh. There is risk. Look at the price swings over the last year. Sell at the wrong time and you get soaked.

that is what i mean with trade fairness between buyer and seller, if the swing were quite strong then buyer or seller will be suffering looses

 

[Name Trader]

that is what i mean with trade fairness between buyer and seller, if the swing were quite strong then buyer or seller will be suffering looses

OK. I thought you were saying there was no risk in buying and selling in crypto currencies. When you agree a price in a crypto currency. You get or pay exactly what you have agreed. No matter what the underlying value of that currency is. In that sense, there is no risk unless you need to sell the crypto currency to buy a new car, for example. This is also apparent in real currencies as well. It's just the values of crypto currencies themselves are so volatile, which is where the risk becomes much more apparent and difficult to manage.

 

[Brandon Abbey]

I don't think @Brandon Abbey works on weekends. But hopefully he'll pop-up once the weekend is over

Occasionally I do work on weekends. This one was not one of those. There are limitations when individuals are transacting with each other regarding wire transfers. That being said, anytime someone has contacted me with an issue for a specific domain transaction that needed to pay by wire the payment method has been authorized. Thanks

 

[anf]

That being said, anytime someone has contacted me with an issue for a specific domain transaction that needed to pay by wire the payment method has been authorized

That's exactly what happened to me. But i thought that this was some technical glitch.

What about the future? Can we (namepros members) contact you in the future to do the same?
Thanks.

 

[Brandon Abbey]

That's exactly what happened to me. But i thought that this was some technical glitch.

What about the future? Can we (namepros members) contact you in the future to do the same?
Thanks.

Yes, I will try to assist with any Payoneer issues.

 

[Name Trader]

Occasionally I do work on weekends. This one was not one of those. There are limitations when individuals are transacting with each other regarding wire transfers. That being said, anytime someone has contacted me with an issue for a specific domain transaction that needed to pay by wire the payment method has been authorized. Thanks

There are a number of problems here.

Most local and overseas people would read the rules and say, oh my purchase is for $5.1k (for US) and $2.1k (for overseas) I cannot use Payoneer because they only allow payments by credit card up to $2k, and won't allow me to pay by wire. My money is at least as good as some shady tinpot company's. And they think this is just crazy (and discriminatory). As I stated in my post. I (the buyer) don't want to deal (and cannot) with any company which discriminates against me in their terms and conditions. That's from the buyers PoV.

From the sellers PoV. It makes it much more difficult also to use Payoneer as the standard payment method using your API. Because, in my case, approx 50% of all my buyers don't live in US, and pretty much all my sales are over $2k. Where they are excluded from using the Payoneer Escrow Service. Why should we use your API at all, if it excludes 50% of our buyers? And we have to additionally code these exceptions when attempting to use your API.

For me personally. It is discriminatory to treat both US and overseas persons, whose money is as good as everybody else's money, not to have the ability to pay by wire transfer. Which is principally the main way of sending larger sums, in the whole world. You cannot even wire from another Payoneer Account. How much thinking has actually gone into these rules?

So. I have had to put a stop into coding your API into my website until these issues have been addressed. Giving individuals unlimited payments by wire would completely solve these problems.

 

[bee]

I'm thinking about using it, too.
This is really a problem

 

[bee]

I hope they can add Payoneer Escrow payments directly to our WooCommerce store with extension for WooCommerce.