What is payoneer Card?
Payoneer is the worldwide popular payment service. Payment service is a gateway through which money can be transferred. As such, banks are a kind of payment gateway, but Payoneer is different from others here.
In order to open bank accounts such as personal information, it is necessary to open Payoneer’s account in the same way, but this information is required, but you can make money transactions through Payoneer’s accounts worldwide.
Payoneer bank as one but it can be called virtual.It started its operation since 2005 and can be called one of PayPal’s most prudentists.
It can send payment requests or invoices directly to customers who can pay online using a bank account or credit card. The funds are then transferred to the company’s Payoneer account, and the company can choose to deposit the funds into their bank account or use the funds with a Payoneer debit card.
One of the advantages of this card is its ability to manage international payments and currency conversion, allowing you to send and receive payments in 150 different currencies around the world via bank transfer. The card allows you to accept these payments via local bank transfer in the US, UK, Japan, China, Mexico, Canada, Australia and Singapore, reducing international fees.
However, unlike POS systems, Payoneer does not allow you to charge customers directly. Instead, the business will need to request a payment through the platform and wait for the customer to initiate the payment. Payoneer is also not your typical merchant account because it is not opened with a bank and does not hold funds. Instead, the money is transferred directly to your company’s Payoneer account, and you must transfer it to your bank.
What is the relation of Payoneer with Freelancing?
Those who are working online know about Peonia, who do not know this article is for them.
With Payoneer, you can easily earn money from various freelancing marketplaces. That means that freelancing marketplaces consider Payoneer as a payment gateway.
Unfortunately, there are millions of freelancers in Bangladesh, but no Bangladeshi bank as a payment gateway does not count these freelancing marketplaces. So to be a freelancer, you must have an acceptable payment gateway.Since Payoneer’s accounts can be opened from India, today we will discuss with Payoneer’s various pieces as payment gateway.
- International Payment Gateway
- 200 countries
- 150 currency
- Direct bank transfer
- Prepaid Master Card
- Global and local e-walts
- Multilingual customer support
- Mass Pay-out
- Payment request
- Payment History
- Full Transaction History
- Third party payment
- Possibilities :You can create an account directly from the website in minutes. There is no need to talk to the seller or bargain over the price because a Payoneer account is completely free to open. Once your account has been created, you will have access to the following features:
- Send and receive payments worldwide: It uses several third-party partners to directly receive local bank transfers from businesses and markets in the US, UK, EU, Japan, Canada, Australia, Mexico, Hong Kong, and Singapore to your account. If you would like to receive payment (both domestically and internationally), submit the order to the customer.
- The card can simplify payments via bank transfer in countries where it is impossible to create local accounts. Most domestic bank transfers are free, but a 1% fee may apply for transfers in some countries. Please note that It may facilitate ACH transfers for an additional cost but does not control fees associated with wire transfers.
- After the customer has made the payment, the money will be deposited into your account, after which you can transfer it to your bank account in local currency. Funds from fees are instantly available in Payoneer; However, after you request a withdrawal, it may take 2-5 days for the funds to be credited to your bank account. Instant ATM withdrawals are available with Payoneer Mastercard.
- The card also integrates directly with many significant marketplaces, making it quick and easy to receive payments. Notable marketplaces that It integrates with include Airbnb, Upwork, Amazon, Walmart, eBay, Fiverr, and many more. All of these platforms offer the option to use Payoneer when choosing your preferred payment method.
- Make a payment : In addition to sending payment requests and receiving payments from your customers, It has a Make Payment feature that allows you to send payments to other Payoneer account holders for free. If the person does not have a Payoneer account, they will receive an email asking them to create an account to receive payment. If they prefer to use bank transfer rather than make an account, It can do that too, but be prepared to pay up to 2% of the transaction amount in fees plus an additional flat fee for USD, EUR and GBP currencies.
It doesn’t offer invoicing on its platform, but it does integrate with Free Invoice Generator, so you can create professional invoices to send to customers. Each online invoice created can be customized to the specific customer you send it to. Contact details, company details, and payments for recurring bills can also be saved. You can add your logo, add sender information (or set default sender in settings), add customer information, and add tax information.
- Prepaid Debit Card
All Payoneer account holders have the option to receive a MasterCard debit card that you can use to make payments with funds in your account. This debit card can also work at ATMs, although there are fees for withdrawing funds in USD, EUR and GBP. Please note that there is an annual fee of $29.95 for this card.
- Developer Tools
It provides users with an API that allows them to automatically debit an agreed Payoneer user balance, facilitating recurring payments. Please note that the customer must agree to debit their account. The card will only debit the account if the required funds are available, thus eliminating the possibility of refunds.
- Mobile Application
It offers a mobile app for iOS and Android where users can see their account balances, view transactions, make payments and withdraw funds.
- Tax administration
When creating a Payoneer account, you must fill out the appropriate tax forms as part of the indicative workflow. Payoneer-supported personal and corporate tax forms include W-9, W-8BEN, and W-8ECI. It will provide users with detailed reports of aggregate tax data and incomplete structures. The collection of tax reports from beneficiaries with automated accounting through Payoneer.
- Cash advance to the seller
It offers Walmart and Amazon merchants a service called Payoneer Capital Advance. With Payoneer Capital Advance, The card will provide the funds you need and then collect 35% of your payments until the debt is paid. The card offers advances of up to $750,000 and commissions of 1.5%. The amount of working capital provided to the sellers depends on the historical sales in the relevant market and the expected future sales.
The card ensures on its website that “all payments to beneficiaries are made through a fully compliant, secure, and rigorously audited payment platform that is recognized and valued by financial regulators worldwide.” Additionally, The card is PCI compliant for credit card data protection and anti-money laundering regulations. It also provides fraud detection to all clients.
- Customer service
The card offers phone, live chat, and email support during regular business hours, Monday through Friday. Help is available in different countries. On the website, The card says it will try to resolve issues within three business days, regardless of the connection method.
- There is also a help centre with a lot of documentation on using this card. Other customer support features include video tutorials, a community forum, blog, and social media accounts where you can ask Payoneer questions. See our customer support page for more information about Payoneer customer service policy.
- Another unique perk offered to Payoneer customers is the opportunity to join the Payoneer Ambassador Program. By becoming a member, you will have access to important meetings, conferences, and local events. The Ambassador program is currently available to merchants in 12 countries.
Payoneer’s payment options are:
- Prepaid debit / master card
- Wire Transfer
- World Bank Local Bank Deposits
- Paper checks
Information required for Acquisition
- Local bank account
- Bank name
- Account name
- Account number
- Passport, National ID or Driver’s License