Why Isn't My Account Approved? An FAQ.
Okay, so you've finally done it: you've created a Payoneer account. You're finally ready to receive payments from companies from around the world and you are excited to use the platform. You log onto your online account for the first time, and you notice that the currency balances in your account are disabled! You also try to load different pages, like the Global Payment Service page, and you see that it doesn't work! What's happening? Is the dream over?
Have no fear: it means that your account has not actually been approved yet.
When you create an account, it has to be approved by our approvals department. Payoneer is at the behest of a number of different banking regulations and international laws, so we have to carefully review each account that comes into our system to make sure our platform is safe and secure for everyone. Our team uses this time to review your application to make sure we have everything we need to allow you to use Payoneer to start receiving payments!
This post serves as a helpful guide to walk you through the approval process - how it works, what to expect, and what to do if your account is not approved yet.
How Long Does It Take To Approve My Account?
It typically takes 3 business days to approve a Payoneer account. Within this time frame, should you not see an approval notice, it indicates that either we have asked you for additional information to approve your account, or worse, the application was declined.
Additional Information? Why Is This Needed?
Remember when I said that we were at the behest of different banking regulation and international laws? This is the reason why we request documents and additional information about you or a particular piece of your account. We are a regulated financial institution and we must comply with our banks, MasterCard® and the US government. The information also insures your safety and security and the safety and security of our many users!
What Type of Information Is Asked?
It depends on the nature of your account application. If there is anything missing from the application that you forgot to answer, we'll ask for information to verify whatever the correct information is.
Now, here are some popular questions revolving around the most common situations that users face when they are applying for an account:
Why Was My Application Denied?
First thing's first, click here to see our Terms and Conditions. Please familiarize yourself with these terms and conditions. Now, in most cases we won't be able to disclose the reason why the application was denied. Sometimes we can, but it is a case by case situation. Here are the 3 most common reasons why we may decline an application:
1) Already have an account: Payoneer users are allowed to have one open account at a time. There are some rare exceptions where one user can have two accounts open. But these are rare exceptions.
2) Country Restrictions: While we offer our services in over 200 countries, there are some countries that we are unable to provide service to at this time. If your country is one of them, the application would be denied.
3) Had a previous Payoneer account that was blocked by us: If you had a previous account that was closed because of a violation of our Terms and Conditions, you would not be able to resume service by creating a new account.
Note, these are not the only reasons why an application would be denied, but they are the most common of the inquiries that we see. If your application is declined, we notify you in an e-mail after your registration.
My Account is Still Not Approved!
If you've waited the 3 business days and the account is still not approved, in our experience it signifies that you either were asked for more information and didn't see the e-mail, or the application was denied and you didn't see the email. The application also could have entered an extended review, which just means that our team needed extra time to approve your account.
If you are confused with the reason why the account has not been approved, we would suggest you contact our customer support as a first step. If you are unable to get a hold of someone, or if the issue is an emergency, you can send one of us a private message, or reply below. We are not customer support, but we will do what we can to assist to help get your account approved.
I'm Expecting A Payment And Can't Wait 3 Days! What Can We Do?
We know that things happen, so if your account is not approved before the 3rd day, we can take a look and see what we can do to expedite the request. But we can't make guarantees that the account would be approved - there may be additional information needed, or even an additional review. We'll work with you the best way we can on that. If you need to get the account approved before the 3rd day, please reach out to our customer support (which you can indeed access).
When your account is approved, you'll notice that everything is active, and you will be notified accordingly. You're finally ready to use your Payoneer account!