What is Payoneer? A Beginners Guide to Using the Online Payment System

So, you are looking for your next payment platform? And Payoneer is one of the choices on your list but you are not sure whether its right for you or not. Well, don’t you worry, in this article I will discuss everything you need to know about Payoneer. At the end of this article, you will know how to get started with this payment platform, how to receive and withdraw money, and so forth.

So, let me first give you a brief intro to Payoneer.

What is Payoneer?

One of the leading payment processing companies, Payoneer provides cross-border transactions in over 200 countries and territories. Many consider it to be one of the best alternatives to PayPal. 

Founded in 2005, the company is headquartered in New York City and (as of 2019) employees over 1000 people and serves over four million customers in fourteen offices around the globe. In 2019, the company was valued at over $1 billion. As a result of its rapid growth, it was named CNBC’s 40th and 13th most disruptive companies, in 2017 and 2018 respectively.

Payoneer offers a Prepaid card to its customers. From withdrawing money to making payment, and from booking hotels to purchasing things online, you can do just about anything with this card (provided that it has money of course).

Now that we are done with the introduction, let’s find out how to get started with this payment platform.

Getting Started With Payoneer

It is very easy and simple to create an account with Payoneer, I bet it wouldn’t take you more than 15 minutes. You can create an account directly by clicking here or you can create it through an affiliate link, the benefit with the latter is that you will get a $50 bonus once you receive $1000 in your account.

Once you have completed the signup process, you can apply for the prepaid card. If everything is okay, your request will be approved, and the card will be shipped to your mailing address. You’ll have to activate the card once you receive it. The card will come with step-by-step instructions about the activation process, it’s pretty simple and wouldn’t take you more than 5 minutes.

These cards are valid for three years, three months before the card’s expiry date you’ll receive a reminder from Payoneer to order a new card. You will receive the new card without any extra charge.

One of the primary reasons why most people use Payoneer is to collect payments from all sorts of different sources. Therefore, it makes sense to discuss that feature next.

Receiving Payments

There is more than one way to receive payments in your Payoneer account. Let’s check out all the available options.

Global Payment

Payoneer allows you to receive local bank transfers from customers in the US, UK, EU, Japan, and so on, directly to your Payoneer account. The global payment service will provide you with your local receiving accounts. Send your customers, affiliate networks, advertisers, etc the details of these receiving accounts, they can then transfer your payments into these receiving accounts. Once the funds are processed, you will get the money into your Payoneer account.

Mass Payout Companies

Mass payout is a pretty interesting and unique feature of this platform. This feature makes it very easy to get payment from an unlimited number of integrated companies including the leading freelance marketplaces, vacation rental sites, and e-commerce sites. Currently supported companies include Amazon affiliate, HomeAway, Fiverr, Tradedoubler, ClickBank, Lazada, Airbnb, Getty Images, 99designs, Cdiscount, PeoplePerHour, and lots of other renowned brands.

Billing Service

In case you need to send an invoice to get the payment, this payment platform has got that covered too. The “Request a Payment” feature enables you to provide all the details including the amount, description, due date, and attachments for the bill. Your customers will be able to pay you safely and securely using their bank account, direct debit or card. Moreover, you can save the client details, if you have to bill the same client more than once.

Withdrawing Money

There are several ways to withdraw money from your Payoneer account. Now that we’ve been through the options for receiving payments, let’s go through the available withdrawal options.

Local Bank Withdrawal

This is the quickest, easiest and low-cost way to withdraw money from your Payoneer account. Local bank withdrawal enables you to transfer funds from your Payoneer account, directly to your local bank account in over 150 countries and currencies. 

Payoneer MasterCard

As mentioned above, Payoneer offers a Prepaid card to its customers. It works just like any other MasterCard and gives you total freedom in withdrawing money from your Payoneer account. You can use it to withdraw money in more than 150 currencies in over 200 countries.

Making Payments

There is more than one way to pay with Payoneer. Let’s check out some of the options that you can use to make payments.

Make A Payment

You can use this method to pay your suppliers, contractors, and business partners who have a Payoneer account. Making this payment is free of charge and it’s fast (received within minutes). If they don’t have an account, you can either ask them to sign up or simply pay them anyway. Payoneer allows you to send mass payments to 200+ countries in more than 150 currencies. 

Prepaid MasterCard

As mentioned above, you can use the Prepaid MasterCard both online and in physical stores. 

So, use it to buy web hosting/domain name, buy courses from Udemy, purchase services from freelancing sites like Upwork and so forth.​

Fees

Payoneer is not completely free (and you shouldn’t expect it to be), they do apply some charges. However, creating the account is free. And as mentioned above, if you sign up by using an affiliate link, you will get a nice $50 bonus too.

Receiving payments from other Payoneer customers is always free. There is a 1% fee when using local bank accounts in USD, while the other local bank accounts don’t involve any charges.

There is a 3% fee if you are getting paid through a credit card. Moreover, when receiving money from Wish, Fiverr, or any of the thousands of companies that pay via Payoneer, the rate depends according to the source. So, please check their website for precise rates.

The fee will be up to 2% if you are withdrawing the money to your bank account in local currency. And if you are withdrawing the money in USD, EUR, or GBP, the fee will be a flat 1.50 for all of these currencies.

There are some other fees related to the Payoneer Card. First of all, ATM withdrawals will cost you $3.15 per transaction. There are $1 fees in case of ATM decline, or ATM balance inquiry. The annual charge is $29.95, and you can get a replacement card for $12.95.

Thank you for reading!