Before knowing why people, particularly those who love to engage in online transactions, should use Payoneer, it is only fitting to know first what Payoneer is. Payoneer is similar to PayPal and Skrill in the sense that it is a payment processor used internationally. The service guarantees secure, safe, fast, and convenient online payment transactions for less. This service is a hit among international freelancers and even for local netizens who get their income online.
Click here to sign up for your Payoneer card and get your $25 referral bonus (after you reach $100 in received payments).
How does Payoneer work?
Payoneer account holders automatically get a prepaid MasterCard, which functions like any other prepaid debit card with the MasterCard branding. Moreover, an account holder also gets an online card account connected to the MasterCard. The online account can be used by account holders to view their account balance and the history of their transactions. They can also manage their account and personal details on the online account.
So, how can account holders use the Payoneer MasterCard debit card? They can receive payments from anyone who also has a Visa or MasterCard account, and that includes anyone from any part of the world. This service does come with a processing fee, though. This should not be surprising since other payment processors also charge fees for their services. With Payoneer, a single credit card payment has a maximum load amount of $1,000.
Payoneer and PayPal verification
Payoneer works as well for those who want to verify their PayPal accounts, but do not have a bank account or credit card. Since PayPal does not issue cards to users outside the US, but at the same time requires all account holders to verify their account, having a Payoneer account (with the MasterCard debit card) is a very convenient option.
ACH/Direct Deposits for commissions, royalties, and online payouts from US companies
Payoneer also provides convenience as account holders can receive direct deposit payments from companies like Amazon and PayPal. This has been made possible through the US Payment Service feature of Payoneer.
As with the other services, Payoneer charges a reasonable transfer fee of 1% of the total amount received. On the other hand, account holders can also get online payments from partners of Payoneer like oDesk and Elance. This transfer can be done for free and takes at most a couple of days to execute. Payoneer account holders who want to expedite the transfer and receive their money within three hours maximum after the request will be charged $2.50.
Spending and withdrawals with Payoneer
As for the Payoneer card, as great as it is for online transactions, it can also be used in brick-and-mortar shops that accept MasterCard. Cash withdrawals can be done anywhere and account holders can receive amounts in local currency through ATMs, with a $3 ATM cash withdrawal transaction fee.
The global acceptance of the Payoneer MasterCard card and the flexibility of the currency (either US dollar or local currency with automatic exchange) are plus points for Payoneer. Moreover, the convenience and security of transfers from PayPal and other major US partners make it a must-have for anyone earning money online.
Get your Payoneer card + free $25 signup bonus
Payoneer is offering new cardholders $25 added to their account for free when they sign up through the Refer-a-Friend promotion. Apply for your card via the link below to qualify for your bonus.
Useful information on Payoneer
- Payoneer Review: MasterCard Prepaid Debit Card - Scam or Legit?
In this Payoneer review I will be explaining how the Payoneer MasterCard Prepaid Debit Card works and how I know that Payoneer is most certainly not a scam, based on my own personal experience with Payoneer over the course of one year and counting.
- Payoneer Fees Versus Paypal Fees In Comparison
Payoneer's prepaid debit card has long been an alternative for PayPal for online payments, but how exactly do the fees compare? This article takes a brief look at the two options.
- Popular Companies That Use Payoneer - US Payment Service Whitelist
Payoneer's US Payment Service allows you to receive ACH / Direct Deposit payments from over 50 US corporations. Here are the most popular companies that use Payoneer via Direct Deposit.