Payment for services provided and items purchased is now simpler than it was a few years ago. With the emergence of various forms of e-commerce financial service providers, merchants, and online banks, anyone who manages an e-commerce store or provides a service online can go to the bank from anywhere in the globe.
Although there are many additional options to consider, it is advisable that you conduct considerable research in order to find the best fit for you and your business operations.
Payoneer is a financial service platform that allows for seamless payment of products and services. It is safe and easy to do transactions with respected multinationals, industries, and e-commerce sites all around the world. Because of its extensive list of services, most freelancers and online dealers recommend this platform.
Payoneer, like any other financial services provider, has a set of prerequisites that must be met before an individual or business can use their comprehensive set of services. So, depending on whether you’re using your Payoneer account to receive or send funds as an individual or a company, there are specific steps you should take and documents you should provide to Payoneer as proof of your genuity so they can better serve you while keeping your account safe and helping you avoid future issues like account blocking in the event of fraudulent activity.
Which Documents Needed to Verify a Payoneer Account Fastly?
Payoneer has marked its presence in over 200 countries globally and it accepts payments in over 100 currencies so it suffices to say that the documents needed to verify a Payoneer account being operated by an individual or a registered company quickly have to be globally accepted also. Regardless of where you come from, these verification processes are the same as long as your country is listed on the payoneer platform.
For individuals, the documents required include:
- A valid government-issued Identification card e.g National ID, Passport, or a driver’s license. It is believed that as long as you are from a country, you ought to have one of those.
- Proof of address e.g a utility bill, bank statement, or rental agreement but it is good to note that this may differ for countries.
- A bank verification number or document.
For a payoneer account registered as a company the following documents are needed for verification:
- Certificate of Registration of the company.
- Certificate of Incorporation if the company.
- Tax document
- IRS document including EIN
- Business license
- Proof of company activity(also called a certificate of formation)
All of these documents are required by Payoneer in order to expedite the verification process and allow you to begin receiving and sending payments. However, Payoneer may request more information as a precaution in circumstances when funds are transferred from an unknown source and the amount exceeds $500, or in cases where an account has not been used in a long time (dormant).
The Average Time to Verify Payoneer Account
As Payoneer’s service allows you to accept payments directly from overseas companies and clients, the process of documenting and validating an account begins almost immediately.
The approval process starts from the moment when the Payoneer account is set up. In this period the accounts are under review and it takes about 3-6 days. But most times after the account has been reviewed, verification of the account is required to enable the user to withdraw funds from their account as soon as possible. Depending on when the account’s owner provides the required documents, the verification process takes about 25-60 days. Although the account after being reviewed can start receiving payments from clients, funds can not be removed from the account unless it has successfully been verified. Once reviewed, an email would be sent to you with further details or instructions.
Although there are situations where account verification is needed urgently, you can reach out to Payoneer’s customer support and talk to an agent via live chat providing the reference number with which your document was sent.
Why Is My Payoneer Account Taking Too Long Time to Verify?
There are numerous reasons why your Payooner account is taking longer than normal to get verified. It is important to note that Payoneer works with various banks and their rules and countries with different international laws. Over the years, Payoneer as a financial service provider platform has garnered more popularity.
There has been an increase in the number of accounts opened daily thereby increasing the number of accounts to be reviewed. So if after 25-60 days an account is still under review or has not been verified after submitting the required documents, it is important to check through the submitted documents to be sure all conditions are met. But in cases where all the requirements for account verification are met and the account is still been reviewed, the following things should be noted:
- The image quality of photos on the identification document is of poor quality or it was not captured.
- The Names on the documents are not tallying especially with the local bank details provided.
- The documents presented are not what was required.
- Submission of Expired or invalid documents.
- The user already has an existing Payoneer account because Payoneer services do not support multiple accounts.
- Country restrictions. Even though Payoneer is recognized in over 200 countries, there are still countries where Payoneer services are restricted.
There may be other reasons why your payoneer account has not been verified yet, but the reasons listed above are some of the major reasons why account verifications are delayed.
But If you have provided all of the above-mentioned documents ranging from your utility bills to a valid government-issued identification card and problems with verification still abound, you can contact the support Center of Payoneer or Buy Payoneer Account.
Although there are many reasons why some individuals may be skeptical about giving out their personal information there is a need to trust your financial service provider as they have taken stringent measures to avoid any kind of breach on their part. Payoneer’s system has undergone lots of upgrades especially in terms of security over the years to guarantee and ensure their customer’s safety and reliability on their part. For individuals or companies who already own a Payoneer account, it is advisable to make sure it gets verified so you can be allowed access to the many features this platform offers especially if you are a freelancer in need of a platform that as access to a long list of currencies whose presence has already been established in various countries. Needless to say that individuals or companies with an already verified Payoneer account may experience some glitches during an account upgrade like requesting a payoneer credit card. In such scenarios, an email will be sent to the account owner via Payoneer support with details of any other necessary information that may be asked to be submitted.