A lot of different people, including freelancers, use payment platforms to pay for their services. Villagers, you can’t do without them now. Payoneer occupies a very special place among them. Yes, it is not the only payment platform, but it has such advantages that make it exceptional, unique among other options. For example, the ability to access a Mastercard debit card regardless of your country of origin. How do you like that?
How the platform works
Payoneer (PAYO) is a payment platform that allows you to send and receive money anywhere in the world. It allows you to have an account on the financial markets anywhere, in the country that suits your heart. Anyone can open one and receive transfers as a salary from home. This makes it a great option for freelancers and independent workers who want to expand their services and products beyond their home countries. It currently works with 150 currencies, and makes money transfers in USD, EUR, GBP, CAD, AUD, JPY and CNH.
In 2005, Yuval Tal founded Payoneer. His idea was simple but bold: to create a platform for instant and secure international payments. This is not just a business model, but a revolution in the way people work and get paid, regardless of borders. Since its founding, the company has focused on the possibilities of implementing the idea. Freelancers working with foreign customers and small business owners entering the international market have received PAYO as a tool to achieve their goals. New features have been gradually added: receiving transfers to a card, converting at favorable rates.
Over the years, the service has become not only a resource for payments, but also a community. Its history is the story of thousands of customers who have realized their dreams thanks to technology. For example, a programmer from Dnipro who collaborates with clients all over the world, or an artist from a small village in the Odessa region who sold his works in the USA.
How the platform works
Essentially, it is a digital wallet that allows you to receive money online from anywhere in the world, transfer it to a bank account, make payments in stores, and withdraw funds from ATMs using a debit card. After registration, you are provided with bank account numbers in different currencies to receive transfers.
Many users have praised the fast and reliable customer service. Service is often seen as a point of differentiation. The drawbacks, in fact, relate exclusively to the verification process and the lack of an integrated chatbot.
Advantages and limitations:
- Receiving company payments.
- Acceptance of payments from individuals and legal entities.
- Payment to suppliers.
- Transfers.
- Using a prepaid card.
- Conversion directly on the platform.
- Buying cryptocurrency.
Limitation:
- Prohibition of transfers to third-party bank accounts (except suppliers).
- Lack of ability to add payment buttons to the site.
- Inability to set up regular automatic transfers.
- Prohibition of gambling-related transactions.
- Using the account for P2P transactions is not supported.
Getting started
The process begins with opening an account. To do this, you need:
- Be of age.
- Bank account.
- Documents to confirm identity (bills, bank statement, etc.).
- Required data: email, phone, address.
Later, you can link up to three bank accounts to your account. It is convenient when you have accounts in two, three or more currencies. The service will check the data before approval and send a confirmation email after activation. After the account is approved, you can receive affiliate payments and registered companies. For payments by individuals, you need to carefully read the terms and conditions. Now you can order a PAYO card.
Getting a card
The card is required to use the account balance. It is a Mastercard debit card, it can: withdraw money from ATMs, pay at retail outlets, pay for purchases online, etc. When there is no money in the account, it is impossible to use it. A virtual card for online payments is also offered. You can get it if you work through a company.
In order to apply for it, you must meet the following requirements: receive payments to your account in the amount of at least 100 USD. Transfers between accounts and payments from electronic wallets are not taken into account. The money must come from one of the service partners or a legally registered company. When you order a card for the first time, 30$ will be charged. The annual service fee does not change. It is possible to order a card for each active currency in the account. When working with euros, dollars and pounds, you can order three of each.
There are two options for replenishing the account: to replenish the card automatically or not. Please note: the maximum balance is 10,000 USD. It is used to pay for goods and services both online and in physical stores when they accept Mastercard. When paying in stores (or withdrawing money from an ATM), you will be asked for a PIN code.
Withdrawing cash at an ATM, bank or merchant
The fastest way to withdraw cash from your account is through an ATM. Again, using ATMs is the most expensive, least recommended option. If you have an emergency and need to get cash quickly, then this is a viable option. Otherwise, avoid it.
Withdrawing funds
There are two options: by card or by bank transfer. The first is the easiest, cheapest way to enjoy your well-deserved dollars, euros, or any other currency provided by the service. It is possible:
- Pay for goods and services online
- Buying goods and services offline
- Bank and ATM withdrawals
But you will have to pay:
- PAYO Commission: 3.15$
- Banking: 1.5% of the amount (not available in Ukraine until 31.12.2024.)
- For conversion
There is no fixed rule to know how much you should pay for withdrawing money. Without a doubt, this is the most expensive option.
Another way is to transfer the balance to a bank account. You can link up to 3 accounts, each with its own currency. Please note: small commissions are charged for conversion. Remember: there must always be commercial transactions! The resource may request more detailed information about the recipient's account when it believes that it belongs to an individual, not a supplier.
Withdrawal amount:
- For bank transfers, ATM cash withdrawals, and transfers between accounts, the minimum amount is 50$.
- The daily limit on the card is 5000$, and purchases (online or in person) are only available for an amount up to 2500$.
The maximum amount you can withdraw from a single ATM depends on the ATM. It is important to remember that the fee is fixed, so it is always advisable to withdraw as much money as possible. The ATM will issue money in the currency of the country you are in, with some exceptions.
Does it suit you?
Many people like this product, it covers most needs. It is convenient to use when you:
- Freelancers who have clients mainly in the US, UK, and European countries that use the euro.
- Digital nomads and travelers who want to use their card anywhere in the world without worrying about bank fees.
- Want to have access to funds without having to go through a bank?
- People who need an account in different countries.
Do not use when:
- Money is needed, mostly in cash.
- You only work with local clients.
Conclusion
Payoneer is an excellent global merchant account provider for international payments. As the platform has proven itself, the combination of services offered is truly excellent. Few services combine card payment acceptance with local bank accounts in different countries, a full-featured Mastercard debit card, and cost-effective international money transfers. Therefore, PAYO as a business account for freelancers, online stores, and global SMEs of all types becomes a rather interesting tool.
Remember that apart from the fees and features of each platform, there is always one requirement that stands above all others: that it be easy for customers to use it. The harder it is for a customer to put money in their pocket, the more hassle you will encounter when receiving payment.
