Payoneer is an international payment system. This payment platform is used by thousands of businesses from more than 200 countries and it makes the cross-border payment more practical. The payment system that offers fast, flexible, reliable and low-cost solutions provides advantages for global marketplaces, networks, businesses and professionals. By enabling local payment at the global level, this system enables collecting payment from different countries with different currencies. Well, what is Payoneer, what are the commission rates?
What Is Payoneer?
Payoneer is an American-based financial service company. The platform that offers online money transfer and digital payment system has the mission to offer payment services beyond business’ borders and expectations. The platform facilitates global commerce for thousands of small businesses and marketplaces from 200 countries and regions. Payoneer that benefits from various technologies from new-generation technological algorithm compliance, operation and banking infrastructure offers service packages such as cross-border payment, business capital, tax solutions and risk management.
Payoneer payment system can discern more than 150 local currencies. The platform which is popular around the world has become the most preferred payment method in Turkey after PayPal ended the operations in Turkey. Account owners on this global payment platform that is considered faster and more advantageous than PayPal can send and receive money from and to bank accounts, Payoneer e-wallet or pre-paid debit cards that can be used online or in point of sales. The company is an expert in cross-border B2B payments. It enables cross-border transaction with cross-border bank wire, online payment and debit card service.
How to Register to Payoneer?
To create Payoneer account, you need to access the “Sign Up” page on the company website. You can translate the “Sign Up” page to Turkish for easier operation.
You need to register as a traditional website.
- Enter your name, surname and e-mail address.
- Enter your country, address and phone number.
- Set your username and password.
- Fill the bank information.
- Choose the currency.
- Click the “Send” button.
You need to complete this registration to collect payment from official collective payment companies or via Global Payment Service. You need to be above 18 years old for registration.
What Is Payoneer Card?
When registering to an online payment system, the card is selected as “Pre-Paid MasterCard”. You can register like this. Then, an account is opened in the US. Then, “Payoneer Card” MasterCard is sent. Payoneer Card is sent to the address on the system 15 days after the application. This card must be activated on the system. It is not mandatory to use the card after creating a membership. But this card offers certain advantages to users. Card owners can withdraw money from TEB ATMs without any restrictions and do other transactions. It is possible to use the card in shopping.
What Are Payoneer Commission Rates and Costs?
The certain commission is collected when payments collected around the world with Payoneer are transferred to the account on the platform. Money withdrawn from local ATMs is subjected to the commission. Payoneer costs and commission rates are as follows:
There is no cost for activating Payoneer Card. To change the card, 12.95 dollars per card is paid. 29.95 dollars is collected from the balance as an annual account maintenance fee. But 25 dollars is refunded in the first year. Thus, a total of 5 dollars account maintenance fee is collected for the first year.
If money withdrawing with Payoneer Card from ATM is declined, 1 dollar is collected. A balance sheet from ATM is 1 dollar. For withdrawing money with Payoneer Card from ATM, 3.15 dollar is collected.
Payment collection commission
1% commission is collected for all payment collections with “US Payment Service” via accounts on the platform. No fee is demanded “EU Payment Service” and “UK Payment Service”.
Payment collection with balance commission
0.50% of the payment collection with platform balance is collected as commission.
There is no fee for payment to global payment system accounts or payments inside the network.
Money transfer commission
It is possible to transfer money on the platform with reference numbers. With these numbers, the transaction can be safely completed. If the money is transferred to different banks, 2% commission is applied to the transferred amount.
It is possible to withdraw money with the platform card from local bank ATMs. The money can be withdrawn from the Turkish Economy Bank (TEB) in Turkey.
To collect payment from the user account on the platform, the firm must share Payoneer information and the firm must use the platform.
What Are Advantages Of Payoneer?
There are various advantages to choose global payment platforms. These can be listed as follows:
- Payoneer Card is secured by MasterCard.
- The commissions of the platform are low. Therefore, it is preferred more.
- It is a globally known payment system.
- Users can collect payment from multiple sources or firms.
- If a bank account is added to the system user, it is possible to transfer money from all banks in Turkey.
- The infrastructure is developed with new generation algorithm.
- Various giants companies such as largest marketplaces including Amazon and Google collect payment on this platform.
- When businesses reach 1000 dollar limit, a one-time 25 dollar gift is given.
- When the first account is created, 25 dollars of 29.95 dollars account maintenance fee is refunded.
- There is multiple language support including Turkish.
Things to Know About Payoneer
- Payoneer was found in 2005 in New York. Founders Yuval Tal and Ben Yaniv Chechik used 2 million dollar seed fund.
- The company got more than 265 million dollar investment from some investors.
- The company has 17 regional offices in the US, the UK, Latin America and Asia and more than 1.200 employees.
Companies such as Amazon, Google, Airbnb and Upwork use Payoneer to send global collective payments.
- E-commerce marketplaces such as Rakuten, Walmart and Wish and freelance marketplaces such as Fiverr and Envato choose Payoneer.
- Visual image providers such as Getty Images, iStock and Pond5 are integrated to Payoneer.
- The corporate payment system offers services in 150 different currencies, 70 languages to more than 4 million customers with 320 employees.
- When Payoneer is selected as Amazon account payment system, it is possible to collect payment on this system.
- Etsy has Payoneer option in “Other” when the payment method is selected. If “Payoneer” is selected when opening an Etsy account, it is possible to collect payment on this platform.
- The platform which is a virtual bank account cannot be used on PayPal.
- Payoneer is an advantageous payment system for freelancers.
- To make payments from payment system account, money from one of the payment partners or Payoneer Global Payment Service must be collected.
- If international transfers are not purchasing or invoicing, they cannot be transferred to another organisation.
- When you send money with Payoneer, you can choose a credit card, debit card, eCheck or local bank wire.