For many users worldwide, Payoneer is the leading choice when it comes to processing online payments. Payoneer is a company established in 2005 that provides users with different online payment solutions.
The company is one of the top competitors of PayPal. The platform serves over 4 million users around the globe in over 200 countries and territories. Payoneer has many great features that its users can use. First of all, it provides users with many features such as an e-wallet, Payoneer card, bank transfers, etc.
The platform is also the top choice among freelancers as almost all major freelancing platforms, such as Fiverr, Upwork, Freelancer, support Payoneer payouts. The platform also offers users well-appreciated customer support in over 70 different languages. Unlike some of its competitors, Payoneer also allows free transfers for accounts within the network.
As an online payment platform, Payoneer focuses more on businesses, professionals, bloggers, digital markets, freelancers, etc. However, users from all fields can use its services without any hassles.
It’s also a prominent option for small businesses looking for an all-in-one solution for online transactions. Overall, the platform is great for sending mass payouts to payees across the globe.
The platform works straightforwardly. First of all, users need to create an account to use it. Once they do so, they can use the platform to receive funds from different sources. With funds in their online wallet, users can then make payments to other Payoneer users or other parties. They can also withdraw the money from their account to their bank accounts.
The detailed process of how Payoneer works is below.
1) Creating an account
As mentioned above, the first step in using Payoneer is to create an account. Users can create a Payoneer account by heading over to its website and clicking the ‘Register’ button. Existing users can use the ‘Sign In’ button instead.
The signup process is straightforward. First of all, users need to provide their personal details, including their name, email address, date of birth, phone number, and mailing address. The email users provide also becomes their username on the platform.
After entering their personal information, users can select a password and choose a security question and answer. That is a standard security procedure for any platform. Once users fill out the application and submit it, they will receive a confirmation email. The confirmation email will include a link they need to click on to confirm their registered email.
Payoneer will also require users to provide them with proof of identity and proof of address. Users need to provide them with the necessary documents to avoid any problems in the future. Once the user provides all the information, Payoneer will need to approve the provided proof.
It may take a while, depending on the customer care department of Payoneer. According to their website, it takes up to 5-7 working days to approve an account. Most of the time, though, it gets resolved within 24-48 hours.
Once users get their accounts approved, they can start using their Payoneer account without any further requirements. It means they can receive funds and make payments to others.
2) Receiving funds
Payoneer allows its users to receive funds from different sources. Usually, there are two ways in which users can receive funds on their Payoneer account. Firstly, they get to receive funds from clients or other businesses by sending them a payment request.
When a user requests a payment request from another party, Payoneer sends the requestee an email about the request and an option to pay the user. Once the party pays the user, Payoneer will process the payment and add it to the account within a few days.
The second way to receive funds is from mass-payout companies or bank transfers. These companies include those that have integrations with the platform. For example, freelancing platforms, digital marketing companies, marketplaces, etc., all come in this category. For these payments, Payoneer provides users with receiving accounts. Payments made in their receiving accounts get directly deposited into their e-wallet.
3) Making payments
Payoneer users can also use the platform to make payments. For transfers within two different Payoneer accounts, there are no charges.
Users of the platform can pay each other without having to pay any fees to Payoneer. For payments to parties outside Payoneer, users need to add the payee’s bank account to their Payoneer account. From there, they can make payments to the payee directly.
4) Withdrawing funds
Users can also add their personal bank accounts to their Payoneer account and withdraw their funds to their bank accounts directly.
Usually, it takes the platform 5-7 working days to process the payment and for the bank to clear it. Payoneer works with several banks around the world to shorten the process. For supported banks, the process can take only a few hours.
Payoneer is a platform that facilitates online receipts and payments, serving over 4 million users worldwide. Payoneer works straightforwardly.
First of all, users need to create an account on Payoneer. Once they get approved, they can receive funds, make payments, and withdraw funds to their bank accounts.