Freelancers and others who use Payoneer; here is a bit of bad news; the company has just released news that from now on, it will no longer be processing payment requests that are below $50. The minimum amount for a Payoneer Payment request used to be $20, so this is a significant increase. The decision is likely to negatively affect people who use the platform to request for payment after doing work online.
Now, if the work that you do is worth more than $50, then you have nothing to worry about. Otherwise you will have to only work for clients who are willing to pay more than the prescribed amount if you are going to use Payoneer as your payment method.
For us, there is really nothing to worry about since most of our clients are long term and we can always wait for the work to accumulate before sending the request.
What happens to existing Payoneer Payment Requests
The sad news is that Payoneer has decided to apply its change of policy retrospectively. What this means is that if you already have existing payment requests, they will no longer be valid as of now. This does seem arbitrary on the part of Payoneer.
It almost makes us begin to think twice about all the praise that we have been heaping on the company. One would have thought Payoneer would allow existing Payment requests to go through before effecting its changes.
Does the same policy shift apply to EUR and GBP accounts?
The answer to the above question is yes. Euro and Pound Payoneer Payment requests will also now have to be over 50. That is; the minimum amount for a Payoneer Payment request that is made in Euros is now 50 Euros. Along the same vein, the minimum amount for a Payoneer Payment request that is made in pounds is now 50 pounds.