What is it all about?
Payoneer transforms global commerce. Our fast, flexible, secure and low-cost solutions ensure you can pay and get paid globally, as easily as you do locally. With Payoneer you can accept payment from companies worldwide, make payments to team members, subcontractors, suppliers, etc. and easily access your funds via the Payoneer Prepaid MasterCard® or by withdrawing funds to your local bank.
Typically used for:
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Who is it for?
• Get paid from companies in the US, UK and Europe as if you had a local bank account! • Offer clients/customers more ways to pay you online (credit card, eCheck, local wire transfer). • Instantly connect with 2000+ partners (Upwork, Amazon, Clickbank, etc.) that pay via Payoneer. • Pay team members, subcontractors, suppliers and more! • Make purchases or ATM withdrawals using your Payoneer Prepaid MasterCard®, OR withdraw funds to your local bank account in local currency.
• Lower Fees: Keep more of your earnings with better rates • Faster Payment: Receive your payments within minutes • Greater Flexibility: Choose how you want to receive, pay or access funds
Payment Processing leading tools
Payoneer – The Best Way to Accept International Payments
When International companies think about hiring freelancers, they usually look to India and the Philippines. And why not! Both countries boast hard-working freelancers who speak English. Companies in the US, Europe, and other high-wage regions can hire young, energetic people (often with advanced degrees) for a fraction of what they would pay for local talent.
As as result, India has the second highest number of freelancers in the world, after only the United States. And in the Philippines, freelancers were working an average of 34+ hours a week back in 2015. By working as a freelancer, you have the opportunity to get ahead financially while working with leading companies from around the world. But how do you get paid?
If you are going to work directly with international companies, you are going to need some way to receive money. Traditional ways to transfer money internationally have significant limitations and risk factors. While there are a few possible solutions to these problems, we think your best bet is Payoneer.
Payoneer is an global payment service that solves the problems of traditional approaches. It is easy to use and supported in more than 200 countries using more than 100 currencies. These countries include the Philippines, and India, where Payoneer is once again available after a shutdown.
In the rest of this article, we will discuss the reasons why you should use Payoneer to accept international payments.
Why should you use Payoneer to accept international payments? There are lots of reasons. Most of them come under the heading of convenience.
Convenience for You
Payoneer allows you to receive payments from businesses in many countries, including the USA, Europe, and the United Kingdom.
Your Payoneer Account Screen
When you sign up with Payoneer, you create an account within the service that can receive funds. Once money arrives in your account, you have multiple options for withdrawing it. These are:
- Transfers to your local bank account. Once you set this up, you will be able to transfer money from your Payoneer account to your regular bank account, in your own currency with just a click of the mouse. In India payments will go directly to your local bank account instead of appearing in your Payoneer account.
- Withdrawals through your Payoneer Prepaid Mastercard. Within minutes of money hitting your Payoneer account, you can withdraw it from any ATM that accepts MasterCard, anywhere on Earth. You can also use the card to pay for products or services, in stores, or online.
You can use the Request a Payment feature (the Payoneer Billing Service) to bill clients directly from Payoneer. This makes it easier to get paid and gives you an easy way to track outstanding payments.
Convenience for Them
Payoneer is also convenient for people who need to send you money. The service works in over 200 countries and supports the most common payment methods, including:
- The US ACH (Automated Clearing House) system
- Europe's SEPA system
- The UK's BACS
- Japan's Zengin system
This means clients in the biggest economies in the world can send you money using their standard local payment systems. Payoneer handles currency conversions for you, so regardless of the payment system or currency your clients use, you get paid in your local currency.
If you are finding work through freelancing websites, you should know that many of the most popular websites offer Payoneer's Mass Payout system as a payment option. With this system, you can have payments go directly into your Payoneer account.
If you choose to bill your clients using the Payoneer Billing Service, they can easily respond to the billing email by transferring money from their bank account or debit/credit card.
Here are a few of the big name freelancing services and marketplaces that use Mass Payout:
What if you have a client who doesn't use any of the above systems? In this case they can pay you with International Wire Transfers. With Payoneer, you won't have to worry about losing out on a contract because it is too much of a headache for the potential client to pay you.
Do you have subcontractors or team members you need to pay? Just as your clients can use Payoneer to pay you, you can use the service to pay the people doing work for you. In this case, you'll want to click the Services link at the top of every Payoneer page. There you will find information about how the service helps you run your business and comply with all the rules and standards.
The Industries link at the top of each page covers some of the most common marketplaces and networks that can use Payoneer. It shows how Payoneer can help you pay your affiliates, content creators, and other people.
Lower Costs and Faster Service
The cost of transactions with Payoneer is usually less than for services like PayPal. Likewise, the exchange rate Payoneer charges to convert between currencies tends to be lower. When it comes to actually transferring funds, Payoneer transactions are usually processed faster. Your funds are typically available in less than an hour.
How Does it Work?
While we could spend some time walking through the steps needed to join and use Payoneer, that doesn't make sense. The company has posted a set of "How-To" videos that show you through everything you need to know and do to get started. And the "How to" section of the Blog contains articles and videos that take you through using all the advanced features.
All those videos are available even if you don't have a Payoneer account. I suggest you view those if you want to see all the details.
Payoneer How-To Videos
The How-To videos page is one place where you can find videos explaining how to use the service. At the time of this review (May, 2016) there were only four videos here. However as you'll see from the titles that follow, these videos explain how to use the core features of Payoneer.
- How to Use the Withdrawal to Bank Service
- How to Activate Your Payoneer Card
- How to Reset Your Payoneer Account Password
- How to View Your Account Transaction and Load History
For more advanced or newer features, you can usually find how-to videos and articles in the "How to" section of the Payoneer Blog.
The Payoneer Blog
The Payoneer Blog is the place to go for the latest information related to the service. The blog is divided into six searchable sections.
The Payoneer Blog
- The latest on Payoneer itself, along with news and information about people and businesses that use Payoneer.
- Industry Tips. Stories about freelancing and how Payoneer fits into the scene. One example is this March 6, 2016 story on the booming freelance economy in India.
- How to. Articles and videos on how to do all sorts of things related to Payoneer. Covers everything from how to refer a friend to the service through step-by-step instructions on signing up for the Global Payment Service.
- Customer Stories. Learn how other freelancers and businesses are using Payoneer to find international business success.
- Payoneer hosts and participates in many activities around the world. Here you can learn about the events they participate in, such as the Daghang Salalmat Cebu – Payoneer Forum help last October.
- Posts related to Payoneer Corporate activities.
The Resource Center
This part of the Payoneer web site is a bit misleading. While it looks like there is nothing of consequence there, it actually links you to some very useful information. Near the bottom of the page you will find three grey blocks. Each of those is actually a link to a downloadable report:
- Freelancer Income Survey: Benchmark Your Rates
- Marketplace Seller's Guide
- Navigating the World of Cross-Border Payments
Just above these blocks is a link called, "Watch Webinar." Clicking on this link takes you to the Payoneer YouTube channel. As of May 18, 2016 there were 12 videos in this channel, with the most recent update done only ten days earlier. That means there's a good chance that you will find even more videos if you visit the channel today.
Payoneer is a web-based, global payment service that serves India, the Philippines, and over 200 other countries. Over 2,000 companies offer its Mass Payout system to provide international payment services to Payoneer's 2,000,000+ users. Many of the top freelancing web sites offer payments through Payoneer, as do online marketplaces and even Internet giants like Amazon.com and Google.
And there is more to Payoneer than just widespread access across companies, nations, languages (35 at last count) and currencies (over 100 supported). The service offers fast processing, low transaction fees, low currency conversion fees, and multiple ways for clients to pay you and for you to withdraw your money. Many users prefer it to alternative payment systems like PayPal.
But what should you do if you are already using PayPal or some other payment service? That depends on you. If you are sure that you will always be able to handle your international financial transactions with the service you are already using, there's no need to do anything.
That said, one can make a strong case for having multiple ways for people to send you money. Setting up a Payoneer account is easy. And you never know when you will want or need to use it.
If you are a freelancer, you will likely work with numerous clients in numerous countries. Being able to offer the payment system that is most convenient for any client could make the difference between getting the gig or not.
Likewise, if the client gives you the option, you should be able to choose the payment service that is most convenient for you. There are many circumstances where Payoneer could be the best choice for you. One example might be the way Payoneer will deposit money directly into your local Indian bank account without you having to do a thing.
To set up a Payoneer account that lets you receive money from thousands of businesses in hundreds of countries around the world, simply click here.