What is Payoneer Payment Solutions and what are its Benefits?
Headquartered in New York City, Payoneer is a financial services company that offers quick and easy solutions in online money transfer worldwide. If you are into performing services and freelancing work, Payoneer comes in handy as it provides an alternative way of getting paid. If you have to pay international customers, you can pay them directly without the harassment of third-party payment services, and you can send money across the globe in a jiffy.
If you are an account holder, you can send and receive funds into your bank account, Payoneer e-wallet, or your re-loadable prepaid MasterCard debit card that can be used online or it can also be used at point-of-sale. Utilizing the global banking network to make local bank transfers, when it comes to cross-border currencies, the company has transactions in more than 150 local currencies.
Payoneer has a lot of renowned companies as clients like Airbnb, Amazon, Google, and Upwork to send out mass payments globally.
How does Payoneer work?
For both private and corporate companies that require a constant inflow of payments from around the world, Payoneer is a pioneer organization that provides an innovative solution to these companies. The way they operate is simple. Each client has a collection account. When a payment is deposited into an international account, it is converted into the local currency by the Payoneer client, and then it is transferred to his or her bank account. Alternatively, the money can also be withdrawn through any ATM with the help of the Payoneer MasterCard.
There are two ways to withdraw funds from Payoneer- using the prepaid MasterCard and local bank transfer.
In the first method, once your application has been approved, you will be receiving a prepaid MasterCard in your mail within a few business days after your application. You don’t need to have a bank account for using this method. You can withdraw your payment within two hours after your payment has been sent by your employer.
In the second method, that is, local bank transfers, you would require a bank account, and you would have to enter your bank account details while linking it to your Payoneer account. Once your employer sends you money, just like the previous method, you can only withdraw the amount after two hours. You can easily withdraw money in your local currency with a very minimal amount of fee.
Benefits of using Payoneer
When it comes to reaping the benefits of using this service, there are many.
- First of all, signing up to Payoneer is very simple. It’s an online process and has a very user-friendly interface.
- When it comes to international payments, Payoneer comes in very handy- it is the most simple and cost-effective solution. If you are an approved client of Payoneer, you will automatically receive access to all the available currencies in the whole wide world, and you will get the option of choosing and using any available bank account abroad.
- Payoneer has simplified the process of payment for the payer manifold. Payoneer’s services are being used by more than 200 renowned freelancer and e-commerce marketplaces (like Google, Amazon, Freelancer and Upwork).
- Processing of payment takes seconds and invoices are automatically generated through Payoneer.
- Payoneer is a huge plus for developing countries where banking systems are corrupt as clients can directly wire the money they have received in their Payoneer accounts to their local bank accounts or withdraw the cash amount by using the Payoneer MasterCard.
- The Payoneer MasterCard is versatile and can be accessed across the globe.