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You Can't Pay Your Manufacturing Suppliers with Payoneer!

TechnicGeek Member Posts: 16 ✭✭
edited June 2020 in Ask The Community
Some time ago in Payoneer's newsletter it was announced that Payoneer users can pay to suppliers and contractors. Since I am involved in manufacturing and deal with offshore suppliers, I thought I would be able to pay through Payoneer. What makes this almost impossible is a mention of payee to have Payoneer account to receive payments. This condition will be deal breaker as no manufacturer would go through joining process of Payoneer.

Later there was another newsletter that announced ability to withdraw funds to supplier bank account. Yet, Payoneer's terms and conditions require payee to be account owner and provide ownership and identification documents.

Bottom line is that Payoneer makes this confusing at best and I don't see how I can pay suppliers by either of these methods without converting funds back and forth. This requires transferring to my own bank account, paying the fees and above market exchange rate only to receive in local currency because Payoneer does not let you withdraw in original currency. I then have to convert back to foreign currency with my bank's exchange rate so in the end I lose funds I could otherwise save.

Unless Payoneer either makes supplier payment or withdrawal in original currency a reality, there will be expenses that will only trim from your profit margin.