Do you want to create a single account with everything you need to invest in your business’s expansion? Payoneer made it possible to pay your suppliers and receive payments from your foreign customers and worldwide e-commerce platforms.
With 5 million plus customers, Payoneer is a huge platform to earn their living by providing services or freelancing. People don’t need to involve a third party to receive payments while using Payoneer. Besides, they get an ATM debit Mastercard after registering. Further, they can use this card at any ATM accepting Mastercard.
Here we will discuss
Moreover, receiving payments from anywhere worldwide has never been so easy. Payoneer made it easy to get your online payments most securely. So, let’s just explore how you can connect with the huge marketplaces in the world using Payoneer.
How to Login to Payoneer
- To sign up for a Payoneer account, go to www.payoneer.com.
- Add relevant information in the next step.
- Next, you need to add National Identification details. Moreover, you can add information regarding driver’s licenses or government-issued passports.
- It involves a few working days to complete the process of signing in till receiving an ATM debit card. Once you receive your ATM debit card, you can activate it to do the transaction from anywhere around the world.
Payoneer Account – How Does it Work?
Businesses approach their clients directly for online payments via Payoneer. Payoneer does not allow you to charge your clients directly. Therefore, the clients make online transactions with a credit card or through the bank.
The client completes a transaction in the business’s Payoneer account. Further, they can transfer this amount to their bank accounts. They can also use it directly via a Payoneer ATM debit card.
When your client makes a payment, the money is transferred to your account immediately. However, it may take two to five days for the money to appear in your bank account. The Payoneer account differs from usual bank accounts as it has no system developed to keep your funds. However, the Payoneer Mastercard can help you withdraw your amount instantly.
Payoneer account holders can make free-of-charge transactions among themselves. Moreover, Payoneer can send money to the business through a bank transfer if it doesn’t have a Payoneer account. However, it would cost them more per transaction.
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Features of Payoneer
- Payoneer offers a free set-up for its consumers. Just a simple sign-in process can lead you to make your online payments smoothly.
- The Payoneer mobile app makes it quite simple and easy to process online payments.
- Payoneer offers a debit Mastercard which enable you to make transaction globally without paying hefty charges.
- There are more than 150 currency exchanges available for you at Payoneer.
- You can receive your online payments within two to five working days via a Payoneer account.
- Payoneer doesn’t charge you any annual fees if you stay active on your account. However, you have to pay a $29.95 cost for each year of inactivity.
Pros and Cons of Using Payoneer
Pros
- Advanced solutions for international payments
- Bulk payments
- Straightforward local accounts integration
- Competitive and reasonable currency rates
- Simple and easy request payments
- A wide range of currencies to make transactions online
- The minimum cost for E-checks and local bank transfers
Cons
- Slow payment processing solutions on the website
- Unnecessary withdrawal options delay
- Slower processing speed
- The difficult and drawn-out procedure of account verification
- Unsatisfactory customer service system
Payoneer Pricing and Fees
A few marketplaces, including Upwork, Airbnb, and others, are part of Payoneer’s integration network. Although payments through these marketplaces might involve some banking charges, these usually offer free-of-cost services. Here we pen down Payoneer’s pricing plans and fees.
- When transferring and receiving payments from non-Payoneer clients, Payoneer applies a 3% credit card fee and a 1% e-check fee.
- Transferring money from Payoneer to a local bank account costs $1.50 for domestic and 2% for international transfers.
- Payoneer charges a 0.5% fee per transfer when transferring funds between multiple currencies.
- Payoneer will charge you $29.95 per 12 months if your account has been inactive over the previous 12 months.
Payoneer VS Paypal: Which Platform is Better?
The answer to this question depends on what you are doing with the account. PayPal can be your best choice if you own an average—sized business with a modest number of transactions. However, you are more likely to save money using Payoneer as your business grows.
That’s because Payoneer costs only a percentage, whereas PayPal fees include a percentage of the transaction and a set rate. It explains that the bigger the number of transactions you make using PayPal, the higher the fixed rate you will pay.
Payoneer, therefore, comes out on top. It has higher exchange rates for foreign payments, but it could still be the superior option if you conduct a huge volume of transactions.
Summing Up
Payoneer is one the most advanced and easy solutions to get payments for online services. It is also a reliable and secure method for online payments without involving any third party worldwide.
Payoneer greatly impacts your business cash flow when it comes to online payments. It enables businesses to handle transactions directly regarding clients, international marketplaces, or freelancers.
The services provided by Payoneer are a solid solution for large-scale payments and international money transfers. Therefore, you must conduct thorough research to ensure that Payoneer will drive your business growth and result in future prospects. Additionally, in the comments section below, let us know how fantastic you find Payoneer to boost your business.
FAQs
How Long Does it Take to Recieve Money from Payoneer?
Once the client makes his payment through the Payoneer account, you get the confirmation email. The amount typically arrives in your bank account within 2 to 5 business days afterward.
Is it Safe to Keep Money in Payoneer?
Payoneer has a track record of compliance. It is a globally acknowledged platform that keeps regulating payment procedures most securely. Also, it works on a worldwide scale. Therefore, its security system regarding your payments is never questionable.
How can I avoid the Payoneer fees?
A Payoneer debit card works as a debit Mastercard globally. So, using this card for transactions directly is a terrific way to avoid those annoying ATM fees.