This morning, I received an email from Dan.com announcing a required update to my payment settings: “Action required! Update your payout settings | Dan.com” The email was sent to customers to notify them that Payoneer will be handling the company’s bank payouts. A second email that followed clarified that an update is not required for customers who do not wish to work with Payoneer.

I reached out to Dan CEO Reza Sardeha, and he told me there are two reasons for why Dan implemented Payoneer as an additional payment option:

1: To decrease the time funds require to land in your bank account as Dan sends international wires while Payoneer sends local wires

2: Eliminate intermediary bank fees

I am not very familiar with Payoneer, but you may recall Payoneer once (briefly) offered an escrow service for domain name sales. Customers who receive payouts to their banks can choose to connect an existing Payoneer account or create a new Payoneer account via their onboarding program if they want to take advantage of the new partnership.

The subsequent email clarified that customers who want to continue to be paid via bank wire the way they have been paid may opt to not update anything. Since I have not worked with Payoneer before, with the exception of their escrow service several years ago, I intend to keep the status quo for my bank wire payout information. If I learn of an advantage to using Payoneer, I may change my mind.

Here’s the initial email announcement from Dan.com: