Payoneer offers a number of international money transfer benefits for businesses, online sellers and freelancers from different countries.
Payoneer business account
- Online seller integration
- Payoneer virtual local currency bank accounts
- Accounting integration
- Payoneer mass payments
- Payoneer Mastercard debit card
- Payment requests
- Payoneer to Payoneer transfer
Online seller integration
Online sellers can get paid from top eCommerce marketplaces such as Amazon, Rakuten.com and Lazada through a single consolidated account. The Store Manager feature aims to simplify managing multiple stores and their payments.
Payoneer virtual local currency bank accounts
Get unique local bank account details from the USA, Canada, Mexico, the UK, European Union, Japan and Australia.
Use Payoneer's varied set of APIs to integrate its payment solutions with Xero and QuickBooks.
Payoneer mass payments
The Payoneer mass payment solution is called Global Payment. Payout options include transfers to local bank accounts, local eWallets, prepaid MasterCard cards and international checks. Global Payment is a great feature to reduce the time it takes to bulk pay overseas employees and suppliers.
Payoneer Mastercard debit card
The Payoneer Prepaid Mastercard is a physical or virtual card. You can link it to any currency balance in your Payoneer account, withdraw money from ATMs or pay for goods and services. This is especially beneficial if you receive funds and pay suppliers in the same foreign currency. This will reduce your currency conversion costs.
With a Payoneer account, receive payments by sending payment requests to your clients. They can make online payments to your business using accepted payment methods. It would be advisable to request payments via local bank transfer as debit / credit card payment methods by suppliers can cost you up to 3%.
Payoneer to Payoneer transfer
Payoneer customers can transfer money to the Payoneer accounts of other Payoneer users. In this case, you only need to provide the recipient's email address and the transfer amount. For example, if your foreign suppliers are also Payoneer customers, you can use existing foreign currency funds held within Payoneer to transfer funds to your supplier at a lower cost and without exchange rate fees.
What Payoneer doesn’t do
- Forward contracts and limit orders - No currency risk management tools.
- No dedicated account managers - On low volume transfers.
Payoneer scores above average in this section. It can improve their rating by providing forex hedging tools such as forward contracts and limit orders.