Payoneer is a Money Service Business based in the US that serves business owners and freelancers in many different countries. It facilitates payments and currency conversion for businesses.
However, despite Payoneer’s widespread popularity, it is not without its flaws. Many customers have experienced alarmingly slow service. This article will explain the reasons for this.
Why Is Payoneer So Slow?
Payoneer often has long wait times for its services. If you are waiting on a payment to come into your account, it is likely still in the review process. This can take several days. If it takes longer, this is likely due to needed documentation, weekends, or bank holidays. If customer service isn’t responding, there are likely high email volumes.
Slow service is a common problem customer experience on Payoneer, but there are some ways you can try to improve your experience with the company, so keep reading to learn more!
1. Holidays
Payoneer does not consider bank holidays to be business days. So, if you are waiting on a reply from customer service or for your payment to come through, you’ll have to wait until after the holiday is over.
2. Time Zone
Because Payoneer is a service used in many countries, it is common to send a payment or request for customer support at an hour that may be after business hours in the country where vital staff is located.
If the process you’re trying to complete on Payoneer is taking longer than expected, this may be due to the time when it was initiated. If you want faster results, be sure to compare time zones.
The United States is where the main branch of the company is located.
3. Time of Transfer
Even if time zones aren’t an issue, and you are using Payoneer very near the company’s HQ, you should still keep the time in mind.
If you initiated a transfer, are awaiting payment, or reached out to customer service but it is after business hours, or near the end of the day, this will delay the process.
If you want the quickest results on Payoneer, try initiating transactions early in the morning and early in the week.
4. Review Process
Payments sent to your Payoneer account are subject to review by Payoneer’s team. It is common for this review process to take several days.
Payoneer looks over payments to make sure everything is in order. They verify your identity and bank information and try their best to prevent fraud and money laundering.
If a payment seems to be stuck in the review process for longer than five days, Payoneer may need some additional documentation to be sent so they can verify your information.
If Payoneer has not reached out to you thus far to request these documents, you should contact customer support to ask about your payment.
5. Weekends
Payoneer employees generally do not work on weekends. So, let’s say someone pays you on a Friday afternoon. It takes at least a day for payments to be processed and put into your account.
So, you will need to wait at least until after the weekend is over, and sometimes even longer, before the money actually arrives in your account.
6. Online Systems Down
On occasion, Payoneer experiences technical errors and glitches within some of its online systems. You can check the status of these systems at https://status.payoneer.com/.
Payoneer’s customer support may be able to tell you what the problem is, and approximately how long it will take to fix it.
7. High Payment Volumes
Because payments sent to Payoneer accounts are reviewed to prevent fraud and violations of the terms of use, it often takes several days for money actually to arrive in your business account.
When a lot of people are being paid through Payoneer all at once, perhaps on an especially busy Monday, this may lead to more work than Payoneer’s team is able to complete in one day.
You should expect to experience relatively long wait times with Payoneer, as the staff there has to be involved in a lot of the main services they provide.
To know more, you can also read our posts on whether Payoneer is free, whether Payoneer is legit, and whether Payoneer is a bank.
Conclusion
Payoneer is considered by many customers to be slow. This is largely due to the process that each payment must go through before it arrives in your account. Payments are reviewed to prevent fraud and to verify important information.
If you would like Payoneer to send your payments quicker, you can try initiating payments earlier in the day, during business hours for the correct time zone, and not not weekends or holidays.
