If you plan on starting a business online, then you’ll need to use a payment method that allows you to transfer and receive funds online as well. While PayPal of course is one of the most popular methods for this, you still have alternatives. If you don’t like the stringent rules set by PayPal, you can then use Payoneer.
Payoneer is registered as an MSP (Member Service Provider) of MasterCard around the world. Its headquarters are in New York, and its research and development facilities are in Israel.
Here are the most important features of Payoneer:
• When you sign up on the Payoneer website, you will receive a MasterCard prepaid debit card. You will also get an online account that’s linked to your MasterCard. This allows you to manage your personal account details, and you can also monitor your balance and your transaction records.
• The cost for the card is $29.95 per year, which is automatically deducted from your balance. You don’t have to worry about monthly maintenance fees.
• With it, you can get paid by anyone anywhere in the world who uses a MasterCard or a Visa. The maximum payment for a single transaction is $1000, and there’s a small processing fee per payment transaction.
• If you sell items at US-based companies like Amazon, you can receive direct deposit payments via the US Payment Service. The transaction fee is just 1% of the total amount, which means you only have to pay $10 for a $1,000 payment. You then get the payment directly in your account. With this method, you don’t have to pay extravagant fees, nor do you need to twiddle your thumbs waiting for an international check to clear.
• If you’re dealing with Payoneer partner companies, you can receive your payments online in US dollars. For most of these partner companies, there’s no fee involved, and you get your payments in two days. But if you are willing to pay a minimal fee ($2.50) then you can speed up the process and get your money within an hour or so.
• With the GBT (Global Bank Transfer) Service offered by Payoneer, companies can send funds around the world through local bank transfers, wire transfers, and US ACH (Automated Clearing House). This works in more than 200 countries and in over 90 different currencies.
• When you receive your money in your account, you can then withdraw it from any ATM in the world where you can see the MasterCard logo. There are at least a million of these ATMS globally. However, it will cost you $3 per transaction.
• You’re not limited to using Payoneer online. You can also use it to pay for your purchases in retail shops. It works just like any other debit card, so you can’t spend more money than what you have in your account. When you use your Payoneer card this way, there’s no additional charge added to your purchase.
And that’s Payoneer in a nutshell: maximum convenience for your online transactions at reasonable costs.