Payoneer is a low-cost solution for receiving payments from international clients. You can easily receive payments and access your funds worldwide. The services are available for both individuals and companies. Payoneer simplifies the way you get paid. It enables transactions in multiple currencies. It increases your income by reducing the payment fees by about 71%. It facilitates expansion with marketplaces and networks that pay with Payoneer.
You can either withdraw funds from your local bank account or through the Mastercard issued by Payoneer on signing up for the services. This financial platform has made cross-border funds transfer seamless and hassle-free.
To utilise Payoneer services, sign up to create an account and provide basic info like address, contact details, and bank info including IFSC code. Set security questions and select a purpose code as per RBI rules for transaction clarity. Account approval arrives via email, followed by security question setup. Then, you can receive payments from clients across the world. The verification process takes a few days.
You have several options to get paid through a Payoneer account. They are:
This is how the option works:
- On signing up you will get details of your Payoneer receiving account.
- These details have to be provided to the company.
- The company sends a local bank transfer using these details.
- You will receive payments in your Payoneer account.
To check the details of your receiving account:s
- Payoneer login is the first step
- Click on the ‘Get Paid’ tab and choose the receiving account
- Filter by currencies to see the appropriate receiving account. You can see the details of the account by tapping on the receiving account chosen.
- Details of receiving accounts in different currencies will be on display.
- You can either submit these details through any online platform you work with or email them to the contact person in the company.
Through this option, you can bill your client directly for the services rendered or goods delivered and receive payments. This is how this option works
- Create a Payment Request in your Payoneer Account
- The payment request will reach your client through email with a link to the online payment application.
- The client will send the payment online or through their bank.
- The amount will be credited to your Payoneer Account.
To raise a Payment Request, follow the procedure given below:
- Begin with Payoneer log in
- Click on the ‘Receive’ option and choose ‘Request a Payment’ option
- Complete payment details and submit.
If the company you are associated with uses Payoneer for the payment you can get paid as follows:
- Choose Payoneer as the payment option in your account with the company you are dealing with. Visit the website of the company and select Payoneer as your payment option.
- Select ‘Already have a Payoneer Account’ if you have registered for Payoneer or created a Payment Account.
- Link your account with your platform to your Payoneer Account. Enter the username of your Payoneer account along with the password and follow the onscreen instructions to link your account.
- The payment sent by the company will be credited to Payoneer Account
For business-related transactions, you can transfer funds between Payoneer Accounts. Follow the steps given below to transfer funds from one Payoneer Account to another.
Step 1: Initiate Payoneer login
Step 2: Select ‘Pay’ from the main menu.
Step 3: Under ‘Pay’, select ‘Pay to a recipient’s account’
Step 4: Choose the payment option through which you prefer to transfer the funds.
Step 5: Enter the amount and the purpose of payment.
Step 6: Complete the payment by following the instructions on the screen.
Step 7: Key in the email address linked to your Payoneer Account and the payment amount.
Step 8: The amount will land in the Payoneer Account of the recipient (you)
The payment for a project will be sent to the team leader’s account of a developer team. If you are a part of the team, the team leader can send the amount to your Payoneer account by following the instructions mentioned above.
Both Payoneer and Paypal are online platforms for sending and receiving payments. The key differences between the two are:
|Fund transfers take 2 to 5 working days. For funds transfers within the US may take 2 to 3 working days||With the instant transfer facility, the funds transfer takes only a few minutes. For standard transfers, it takes 1 to 3 working days for receiving the payment into your account.|
|The cyber security standards are tested and verified by external industry-leading auditors. It is secured by SSL online enrollment.||The security features are PCI compliant. Paypal holds a host of regulatory certifications. It has end-to-end encryption and two-step authentication. It adopts fraud prevention technology to secure your account|
|Payoneer business cards can be utilised for transactions where Mastercard is accepted. It allows the withdrawal of cash at ATMs worldwide. The debit card is available in both virtual and physical forms.||Paypal business cards can be utilised wherever Mastercard is accepted. You have the option to procure the card in physical form as well as in a digital format.|
|You can receive or send a maximum of Rs. 5.00 lacs in a day and Rs. 25.00 lacs per month||Personal accounts– The maximum amount that you can send or receive in a single transaction is USD 10000 and the maximum for a week is USD 60000. Business accounts– The maximum amount that you can send or receive in a single transaction is USD 60000. The maximum for a week is USD 250,000|
|Batch payments are allowed for transactions within the US and with your bank details. Allows 200 payments in one batch||Allows 15000 payments in a batch. Payment can be made in 24 different currencies and across 156 countries|
|Has a dedicated online customer support centre. Customer support can be reached through phone, email, and post||Has its own customer help centre to resolve issues related to transactions and accounts. Can reach customer support through online chat, phone, or email|
The Payoneer Fees and pricing are as given below:
For Getting Paid
|From one Payoneer Account to another||Free|
|Payments from clients through credit cards for a payment request||3%|
|Payments from clients through ACH Bank debit-( United States) for a payment request||1%|
|By USD, GBP, or EURO receiving account||Free|
For Withdrawing Funds to Your Local Bank Account from Payoneer Account
|From a different currency to a local currency||2% of the transaction plus currency conversion fee|
|Transfer of currencies between your own Payoneer balance||5% of the amount plus the currency conversion fee|
|If the account is active but not been operated for a year||$ 29.95|
Local Indian Banks may also charge a fee.
The Payoneer-supported countries are:
- United Kingdom
- United States
Payoneer has a designated customer support centre that operates round-the-clock on all 7 days. Pioneer offers a timely resolution for customer grievances. You can contact the customer support centre through phone, email, chat, fax, or letters. You can also use the ‘Contact Us’ form available on their website.
Here is how you complain about Payoneer’s service through the Customer Support Centre. The various Payoneer Customer Care Numbers are given below:
International: Contact 1-646-658-3113
Australia: Contact +61 28 379 8090
UK: Contact +44 203 608 0610
USA: Contact 1 888 290 3990 (toll-free number)
Ireland: Contact + 353 190 39793
For Webform: Access payoneer.custhelp.com/app/ask/
Write a letter with full details of your complaint and send it to the following address:
150 West 30th Street
Suite 600, New York
The following are required for Payoneer sign up:
- Full name
- Photo Identity Card
- Email address
- Date of birth (as available in the ID card)
- Residential Address (as mentioned in the ID card)
- The phone number for verification purposes
- Bank Account (The name in the bank account should be the same as on the ID card)
Follow the steps given below for Payoneer sign up:
- Access the Payoneer website www.payoneer.com
- Click on the “Sign up’ option
- Fill in the details like name, contact address, telephone number, email address, date of birth, bank account details, etc.
- Attach a Government Photo ID like an Aadhar card, Driving Licence, Passport etc.
- You will receive an intimation that your application is approved and the card will be dispatched.
- On receiving the card you can activate it and start receiving payment from anywhere across the world.
You can download the Payoneer Mobile App from Google Play Store or App Store. With the Payoneer Mobile App, you can access your entire transaction details as well as transaction history. The details are available in 18 languages. All the activities you conduct on the Payoneer website can be conducted in the mobile app as well. This app is advantageous for people who travel constantly. They can manage their Payoneer account on the go.
The activities that can be conducted through Payoneer Mobile App are:
- Request a payment
- Withdraw funds to a bank account
- Track payment request status
- Make payments to another Payoneer account
- Manage Currencies
- Check recent transactions or transaction history
- View your billing address
Benefits of Using Payoneer
The following are the benefits of Payoneer:
- Can receive payments from clients in 200 countries
- Lower transaction fees
- Provides multiple currency options for transactions
- Disputes are resolved faster
- The Payoneer Account set-up is simple
- It is a secure platform
Can I receive payment from a Company using US and EU payment services?
How can the payments received into a Payoneer account be transferred into my bank account?
Can all the activities conducted on the Payoneer website be conducted on the Payoneer Mobile App?
Where can I view my receiving account details?
● Start with Payoneer login
● Choose ‘Receiving Accounts’ under the ‘Get Paid’ tab
● Filter by currencies to choose your receiving account.
● By tapping on the receiving account you can view the details.