If your business needs to send or receive online payments – either domestically or internationally – Payoneer’s payment services may come in very handy.

Payoneer is a quick and easy solution to receiving payments worldwide. It’s a new and alternative way of getting paid for performing services or freelance work. Payoneer also gives you an alternative way to pay people directly without ever going through a third-party payment service just to get the payment sent from across the globe. Some of the companies that use Payoneer include Google, Airbnb, Stock, and Fiverr.

Payoneer users will get an ATM Debit card that has the Mastercard logo and they can withdraw the funds at any ATM machine that accepts Mastercard.

While companies like PayPal offer similar capabilities, Payoneer has a stronger focus on international transactions and claims to offer lower overall costs than its competitors.

Let’s be clear from the start the company is neither a merchant account provider nor a payment service provider (PSP) like square or stripe. Payoneer’s core service facilitates the transfer of funds from one party to another, and it doesn’t provide much else in the way of traditional merchant services.

How to register for staff

1. Go to https://www.payoneer.com/ to begin the sign-up process.
2. Fill out the required details and attach a government-issued ID such as a Passport, Driver’s license, or a National ID.
3. As soon as the application is approved, you’ll receive confirmation that your card will be delivered. The entire application process, from signing up online to receiving the card, generally only takes a few business days.

Once you’ve received the card, activate it and start receiving payment from anywhere around the world!

How to register for companies

If you have over 5 workers that you send money to you can register for a company account here. This will give you access to an account where you can fund the account with one ACH and then easily send multiple transfers to your workers.

If you have less than 5 workers then you can attempt to load funds manually onto a Payoneer card (See the section below on “Loading a Payoneer card manually”). However, this method will only work for sending money to a Payoneer card and will not work for sending money via local bank transfer to the recipient.

Once you’ve successfully loaded the card, the funds will be available in 2 hours or less. Then your contractor will be able to withdraw the funds via the ATM Machine or use the card itself to make purchases.

How to Withdraw Funds

There are 2 ways to withdraw funds:

via Prepaid Mastercard

Users will receive a prepaid Mastercard in the mail a few business days after the application has been approved. This method doesn’t require you to have a bank account. Once your employer sends you your money, you’ll be able to withdraw the funds within 2 hours.

Local Bank transfer

For this method, you’ll need to enter your bank account details and link it to your Payoneer account. Same as with the Mastercard method: funds will be available within 2 hours. Once this has been set up, you can now withdraw funds in your local currency with minimal cost / low fees.

Payoneer offers three different payment services.

• Mass Payout Services. Payoneer helps marketplaces like Upwork and Airbnb send payments to freelancers and contractors.
• Billing Service. If you’re a business owner or a freelancer, you can request payment from your clients.
• Make a Payment. Send money to any other Payoneer account. You need to actively receive payments before you can access Make a Payment. Fees & Rates

Fees & Rates

Opening a Payoneer account is free, and Payoneer offers different ways to send and receive money.

Receiving money

Make a Payment
Make a Payment, making and receiving payments as a Payoneer customer is free.

Global Payment Service
If you’re enrolled in the Global Payment Service, Payoneer will give you receiving accounts for U.S. dollars (USD), euros (EUR), British pounds (GBP) and Japanese yens (JPY). This way, you can receive different currencies.

• For EUR, GBP, and JPY: Free to receive money
• For USD: 1% fee

Receive payments from customers
When you use the Billing Service to receive payments, you’ll pay different fees for payment by credit card or eCheck.

• Via credit card (all currencies): 3% fee
• Via eCheck (USD): 1% fee

Marketplaces and networks
Marketplaces like Fiverr, Upwork, and Airbnb set their own fees for withdrawing payments. Find rates on the platform you work with.

Withdrawing money

You’ll pay a different fee depending on whether you’re withdrawing the funds in the same currency or a different currency.

• Withdrawing money from your Payoneer account to a bank account in a different currency will cost you up to 2% above the mid-market rate.
• If you’re moving money into your bank account in the same currency you’ll pay $1.50 for the transaction.

If you are a high earner, you may have lower fees.

Types of transfers offered by Payoneer

Payoneer allows for bank transfers and ATM withdrawals through the Payoneer Mastercard.  For you to withdraw to your local bank, you have to first add the bank as the payment method. Payoneer normally indicates that it takes up to 3 business days to review the added payment method but typically approvals take about 30 minutes.

For the ATM withdrawal, you must have the Payoneer Mastercard. You can still use the account without the card. Ordering the card is free and it may take about 3 weeks to be delivered.