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Many Payoneer cardholders sell products on ecommerse marketplaces like Amazon.  While Amazon does offer bank transfer solutions to some Eurozone countries, there are still many locations in which a quick and efficient payment solution is not available. Payoneer’s US Payment Service allows you to receive USD payments from Amazon, directly to Payoneer. Withdraw your earnings to your local bank account or a Payoneer Prepaid Debit MasterCard® Card, available in over 200 countries!


The process is very simple.  If you’re already a Payoneer cardholder, simply contact to payoneer and request to apply for the US Payment Service.

If you haven’t applied for Payoneer yet, you can submit an application by clicking here. Once you’ve been approved for the US Payment Service, payoneer will send you your US account/routing number.  With your details in hand, head on over to the Amazon Seller Central
homepage, and sign in to your Amazon seller account:


Click on the “Settings” menu and select “Account Info









Under “Deposit Method” click on “Add” and fill out the details as shown below


Enter your US or EU Payment Service Information in the required fields, and click submit.  That’s it! Payments from Amazon will be sent directly to Payoneer and you can choose whether to withdraw your funds to a local bank account or utilize the Payoneer MasterCard card, which allows you to make purchases online, in stores, and at ATMs worldwide where MasterCard® is accepted!




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Hello guys, welcome to LondonClicks! Your presence is alyas my peace!

This Review is based on the Payoneer debit card and how it will benefit you. I use Payoneer myself and feel qualified to give my opinion regarding this payment processor. Okay so you are wondering what Payoneer is all about and how will you use it? The Prepaid Debit Card works like any other debit card and you can make purchases in stores, online and at ATM’s Worldwide where MasterCard is accepted. 

Payoneer was founded in 2005 and it is a leading global payment company that provides cost effective payment solutions for independent workers and affiliates in more than 200 countries worldwide. Cardholders will be able to receive funds immediately without hassles and they can withdraw money anywhere in the world where MasterCard is accepted. Unlike traditional payment methods – No credit or bank account history is required to apply.

Payment options include:

• Deposits to local banks worldwide

• Prepaid Debit cards

• Wire transfers

• Global and local e-wallets

• Local-currency paper checks.

Who will benefit?

Payoneer’s private label debit cards enable freelancers, vendors, affiliates and publishers to receive their payouts and commissions immediately. Affiliate commissions are usually paid out through checks, PayPal and international wire transfers. For these types of payments the recipient is required to have a bank account, and transfers can take anything from a few days up to weeks to complete. With Payoneer transfers are quick and usually payments are available within 24 hours.

If you are tired of waiting for days or even weeks to get your hard-earned money, then this payment processor will work for you.

The safe, efficient and cost-saving solution is an alternative for web-based businesses that require affiliate payments.

Who can apply?

An applicant that is over the age of 18 can apply. If you are an affiliate or vendor the Payoneer will work perfectly, but obviously, everyone who needs a safe online payment system is welcome to apply.

Why use Payoneer?

Secure – Payoneer is constantly improving their technology to ensure customer privacy and authentication. They comply with all applicable online payment regulations.

Safe – You will receive a replacement card and your balance will be transferred if your card had been lost.

Flexible – Payoneer offers scalable and customizable options for everyone. I allow others to load money onto your card and enable you to make fast bank transfers with the Global Bank Transfer Service.

Currency – No need to convert funds to your local currency. MasterCard automatically makes the conversion at competitive rates.

Easy to use – The Payoneer online banking platform is easy to use without too much technicalities.

Cost-effective – You will be able to avoid fees that are associated with sending money abroad. Payoneer have low monthly fees.

Financial Responsible – You will only spend the amount that is loaded on the card because it is a debit card, not a credit card. This will allow you to manage your budget responsibly.

Award-Winning – Payoneer had won the “Best business to employee payment” award at the Pay Before Awards 2010

How long does it take to receive the Card?

 
As soon as your application is approved, you will receive a confirmation e-mail that includes the estimated arrival date. I received my card about 2 weeks after approval, but I think that it depends all on where you are located. Cards are shipped with the standard international mail service – free of charge.


What are the costs?

A full list of fees and pricing will be displayed during your card application process. You do not need to maintain a minimum balance on your card and it can be cancelled at any time.

• Balance inquiry fee - $1

• Withdrawal fees from ATM’s - $3.15

Which Companies will I be able to receive funds from?

The list is huge but I will mention some of the most popular companies that work with Payoneer:

• 2Checkout.com Inc. 
• Amazon.com 
• Amway Corporation 
• Elance 
• Facebook 
• GoDaddy.com 
• Google Inc
•  Keynetics Inc. (Click Bank) 
• Linkshare
•  oDesk
•  Microsoft Corporation 
•  ShareASale.com
•  Fiverr

• PayPal Inc. (Important Note: Transfers from PayPal to Payoneer are allowed, but transfers from the US Payment Service to PayPal are automatically declined)

Highlights

• You will be able to reach countries that other payment services do not cover.

• Get payments from multiple affiliate networks that offer Payoneer as a payment processor.

• No bank account is required

• Your account is held in US Dollars and will convert automatically when purchases are made in another currency.

• Verify Moneybookers, Payza and PayPal with the Payoneer Card

• Payments are available within 2 – 6 hours

• You will have access to your account page and will be able to check balances and transactions at any time

• Telephone, email and live chat support.

• $25 will be added to your Payoneer account when you receive or transfer over $100 in earnings to your card.

Visit Payoneer

Getting paid and making  payments internationally can suck. I should know, because that’s how I’m always getting paid! There are lots of options that vary in cost, timing, security, and ease of use. Here are some of the solutions I’ve recently looked at when exploring international payments:

• Your bank (wire transfers)
• PayPal
• Transfermate
• Payoneer
• Merchant processors (credit card)
• Bitcoin

Today I’ll be talking about Payoneer. Here are the two main features they provide:

1. Global mass payments for online marketplaces: They allow you to pay a bunch of people online. Think companies like iStock, Eleance, 99 designs, AirBNB that need to pay their freelancers/contractors. The draw of the Payoneer service is that these companies can pay lots of people internationally for apparently no cost (I say apparently because I haven’t dug into this area deeply).
2. International money transfers for SMBs & Professionals: You can get US and EUR collection bank accounts (even if you’re not in those countries) so that you can get paid as if you lived in them. It’s also the second part of the equation to the global mass payments solution, since payment receivers will need a Payoneer account to collect their funds.

I won’t be delving into the global mass payments for online marketplaces, but instead will be talking about the international money transfer solution. I’m here to dig into the nitty gritty and show you what it takes up to get set up with Payoneer, how it works, and how it compares against other payment solutions.
At a quick glance, the solution seems great. Payoneer provides you with a virtual US (US account and routing number) and/or EUR (European BIC and IBAN number) account, so that you can get paid as if you were a local. You can withdraw the funds via a Mastercard debit card or to your local bank. It’s also supposed to be more affordable than PayPal.

Getting Set Up

To start with Payoneer, you’ll need to put down a $29.95 annual fee. It’s not really that much money, but it may be a bit of a stumbling block for businesses that are used to going with online providers like PayPal, Stripe, or Square, where no upfront (or ongoing) fees are required.
When I signed up, I received the Payoneer Mastercard debit card in the mail, and then I used the Payoneer website to activate my card. The process was a bit confusing for me, as I thought the site was asking for my local bank account information, rather than the details on the Payoneer Mastercard debit card that I had just received.
The card acts like a credit card, except that you need to have funds on the card for it to work. In other words, you need to have funds in your Payoneer account to use it. When you receive funds into your Payoneer account, you’ll be able to access them by using this card.

Getting Paid

There are two main ways to get paid:

1. Via your Payoneer account
2. Via US Payment Service (ACH) or EU Payment Service (SEPA)

The easiest and cheapest way to receive funds is from another Payoneer account holder. They can send a transfer to you near instantly and for free (funds are available within 2 hours of initiating the transfer). It works just like sending PayPal funds between friends (free and instant as well). There are limits on the amount you can transfer, however (minimum of $20, maximum of $1,000). The catch to this is that both parties need Payoneer accounts with money in them (I’ll talk about funding your Payoneer account shortly).

These limits seem rather low to me, and would cause some friction if used as a tool to transfer money in all but the smallest of businesses.
The second way is to get a payment via the US or EU Payment service (SEPA). I’ll just describe the US Payment process here. If you’ve ever paid someone via ACH (US direct deposit or US bank transfer), well, it’s the same thing. Payoneer gives you some bank credentials and you pass that along to the business that wants to pay you.

I’ve only tried this twice. The first time was unsuccessful (I can’t confirm whether this was user error on the payer side or an error with Payoneer) but the second time was successful, using Bill.com’s vendor payment functionality.
The unsuccessful first attempt may have had something to do with type of payments that can be made. Only ACH is accepted, wire transfers are not.

“Payments to the US Payment Service must be made from a US company and can only be made via ACH transfer. Wire transfers and payments from individuals are not supported.”

Getting paid via the US Payment Service (ACH) costs 1%, while via the EU Payment Service (SEPA) it is free.

Withdrawing Funds

There are two ways to get your sticky hands on your money:

1. Mastercard Debit Card
2. Local Bank Transfer

The Mastercard Debit Card works, as far as my tests have shown, like any Mastercard credit card would. That’s pretty convenient and doesn’t cost anything (provided you’re purchasing in USD).
I tested to see if I could access the Payoneer bank feed with a cloud accounting product such as Xero. It is possible to set up a bank feed in Xero with Payoneer as the bank account. That’s the good news.

I tried the same thing with QuickBooks Online (QBO) and it doesn’t have Payoneer as an option. Since Xero’s bank feed is provided by Yodlee, Payoneer should be available in most other cloud accounting software bank feeds as well (Yodlee is the main provider for bank feeds, with the notable exception of QBO).

Now, the caveat with the Mastercard debit card is that ATM withdrawals do cost money. It’s $3.15 per transaction (and the ATM may tack on an additional surcharge). Since it’s an ATM, I believe there are probably limits on the funds you can withdraw. One workaround to ATM fees that Payoneer suggests is to pay for items with your Mastercard debit card and ask for cash back (which apparently does not incur fees). For business accounting purposes this seems like a bad idea to me.

For local bank transfers, fees vary depending on your country. Unfortunately, you can’t learn about these fees until you have an account and have enough for the minimum withdrawal amount ($200 was the minimum for my Canadian and Japanese bank account tests).

The time it takes to verify your local bank account can vary. My Japanese bank account took a few days to verify, whereas my Canadian bank account only took a few hours.

The time it takes to transfer funds to your local bank funds can vary as well. It takes 1-3 business days for local bank transfers or an estimated 3-7 business days for wire transfers. If you tack on the fact that you need to wait some time to receive the funds initially via the US or EU Payment service, you’re probably looking at about a week until you get your funds. Of course, if you receive funds via someone with a Payoneer account and you spend it using your Mastercard debit card, you can be spending your cash within a matter of hours.

Both the Mastercard debit card and local bank transfer methods are also subject to a foreign exchange rate charge. I think this is where Payoneer is really making their bread and butter. They claim the rate varies between 2% and 2.75% above the official mid-market exchange rates. So, if you’re using this service because you’re not in the US, that’ll be a significant currency exchange hit. However, if you’re using this card within the US, or to pay for items in USD, this will be of no consequence to you.

Adding Funds

As far as I can tell, you can’t really load funds into your Payoneer account yourself. This is unlike PayPal, which both lets you add funds to your account, and more importantly, pulls money from your account when you need to make purchases. This is something that PayPal can instantly do, which makes it easy to shop using PayPal. With Payoneer, however, you need to have funds in your account, received through the course of business activities.
That being said, they do have a load payment service that you can use (but you need to contact support to turn on this feature). This is mainly designed to allow you to accept credit card payments (there’s an ACH option as well, but I don’t see how this is different that then US Payment Service).
Accepting money via credit cards can incur a fee of up to 3.75% and takes 2-3 business days. The ACH bank transfer service costs 1% and takes 5-7 business days (and is only available for US accounts).
For either method, the loader decides who will pay the fee (loader or recipient).

While technically you’re probably able to self-load payments, you’ll be paying a fee and will need to wait a few days to get your funds.

Conclusion

While Payoneer may be suitable for online freelancers, I’m not too sure about Payoneer for regular businesses making and receiving international payments. I have a few concerns about the service.
Support worries me. For example, I sent in a request to turn on the load payment service and received this email in response:

Three business days! I haven’t seen a message like this in a long time.

For an online company, there are still lots of manual verifications to go through. Whether it’s sending in documents to set up the accounts or requesting access to additional features (which must be done through support tickets). I would have thought anything you need to do could be done via the single web interface. I had to sort through various areas and sites and hidden F.A.Qs to research this article. I don’t know if the average person would have the same tenacity that I do.

It was a challenge for me to gather all the information in this article and I’m still not sure it’s 100% right. There’s lots of documentation all over the place and it seems that pricing varies depending on how you signed up, how you receive your funds, and how you’ll withdraw your funds. I get that a global business can’t have a flat rate, but better transparency would be greatly appreciated, and perhaps some case studies or an online calculator that could help you figure out the costs as well. I’ve been researching PayPal, and I know their fee structures can also vary, but I think the core fee structure of PayPal is fairly straightforward to understand. Also, setting up and using a PayPal account can all be done without any manual processes.
Payoneer’s list of services overwhelms me:

• Withdraw to Bank Service
• Global Payment Service
• Card to Card Service
• Bank Transfer Service
• Credit Card Loading Service
• Mass Payout Service
• US/EURO Payment Service

When Payoneer told me about their services, they pitched it as a better value proposition than PayPal. Currency exchange is roughly the same as the standard rates that PayPal or banks would offer. So for withdrawing your money to a foreign currency, I don’t think Payoneer is any better.
For receiving funds, Payoneer may provide an advantage.

PayPal takes a big cut when receiving funds (1.9% to 2.9% plus $0.30), even if funded by a bank or PayPal balance, unless the funds are sent via a PayPal Business Payment. This is a program that is only available in the United States and allows the customer to pay an invoice via eCheck or their PayPal Balance. I’ve only seen this available in conjunction with online invoicing services like FreshBooks, Zoho Books, and Harvest. The cost is only $0.50 (which is great!). But the point I’m making about Payoneer is that you can receive funds outside of the US as if you were in it. If you were in the US, you would just get a US bank account and receive ACH payments directly, and you wouldn’t really need a service like Payoneer.
I should note that there is a PayPal friend/family transfer option where a customer sends the money to you as a friend/family, thereby waiving seller protection. The cost can range from a fee inside the US to 0.5% to 4% outside the US. You’re not allowed to do this as a business though, but I thought I’d mention it for those who may need to transfer money for non-business reasons.

If you recall, the fee to receive funds via ACH in the US is 1%. This is better than PayPal’s standard rate (1.9% to 2.9% + $0.30). So yes, Payoneer wins if a customer is willing to pay via ACH.
What gives me hesitation with Payoneer though, is that PayPal is the most popular online payment service and I think the majority of people trust it. Saying pay me via PayPal is easy, and the customer can pay via credit card, their bank balance, or their PayPal balance.
I can see situations where Payoneer would be a good choice, but I think you’d have to be a specific type of business for it to fit your needs.