When the tend of freelancing came into existence, the third-party payment came into trend. In that way, Paytm, PayPal, etc have all gained its importance. In this line, Payoneer is getting its place. This is also because it is one of the fastest payment methods. The life of a freelancer will be complete the task within a deadline. Some of the freelancers are paid on an hourly basis. Some of them are paid daily.
For all these transactions to go smooth and hassle-free the online payment applications have helped a lot. PayPal has helped the freelancers to do their virtual internships oversees. Hence people have started to use more of these tools. Now with the updated version of Payoneer, the work is becoming even simpler.
What is Payoneer?
Payoneer is a financial service supported by technology to make the payment done online. Bloggers, freelancers, affiliates, influencers, YouTubers are the people who are highly benefitted by this application. This has been more advantageous than Payment is that a person can make the payment to another person even if the receiver does not possess a Payoneer account. This makes it easier in the transaction.
The Payoneer has a Global Payment Service system. This allows the client to pay his employees with the local currencies by having an account in a local bank. This is highly helpful for both people because it does not involve high forex charges. Also, the remittance charges will be very low when compared to the payment down in a foreign currency. Not all countries across the world are allowing people to have a Payoneer account to make transactions. So if an employer has his/her account in any of the following countries, then he/she can make the payment through Payoneer. The countries that possess Payoneer accounts are:
So if a person is seeking an internship in any of the above countries he/she will be paid as if he/she was paid by a local employer.
How does it work?
The person will be using an international account this International account will be provided by Payoneer. This account can be used globally to receive funds from the marketplaces and companies. As soon as the company or the marketplace deposits the amount to this International Payoneer account, the amount will be automatically transferred to the local currency that the freelancer or a blogger or an affiliate is receiving as payment.
To receive the amount the person has to share his US or UK payment service details of Payoneer to his client. these details will be available in the Payoneer account. There was from a freelancer stating that he was able to save about $5 as he used in Payoneer. This has happened because in Payoneer her there are no Forex charges or remittances as it is in PayPal. This had helped him to save some amount over PayPal.
Are there fees that are to be paid to get the Payoneer account?
Yes, there is some amount to be deposited while opening a Payoneer account. Apart from this the account holders should pay some amount as fees to the Payoneer through a receiver need not pay any amount whole he/she is receiving any fund through Payoneer.
When the money is transferred there will be an amount in charge. This charge will be about 2% of the withdrawal amount.
There will be forex charges for the conversion of the amount to the local currency.
There will be a charge of 3% when the payment is done through a credit card or debit card.
Does Payoneer give a Card to the account holder?
Payoneer provides virtual cards to every account holder. It also provides a physical master card. The account holder can acquire the master-card by paying some amount. In this, the master-card is a prepaid card. But the Indian account holders are not happy with this feature. Because this feature does not apply to the Indian account holders. The regulatory issues of our country forbid this feature to the Indian customers.
The major disadvantage that the Indian cardholders face is that they had to choose the company which is in the whitelist of the Payoneer. So this means we Indians will not have access to many companies that we want to work. So this makes some people to research for the companies that are in the whitelist of the Payoneer and then apply for it if they already have a Payoneer account and want to enjoy the benefits from it.
Pros and Cons of Payoneer
Many people consider Payoneer to be safe for the transaction because it has been watched by many countries in the world. Also, the companies that have Payoneer accounts are reputed organizations that make people have strong trust in Payoneer. People tend to give 5 out of 5 ratings as it is cheaper and faster. In this instant world, people go to the ones that make their works simpler and faster. The bonus of $50 is credited to the account when a transaction of $500 is made.
Though many features please the customers, various other things annoy them. Some of the customers feel that the customer support provided by Payoneer to be terrible. Because the grievance or any queries that are being posted from the customer side takes about a week to be cleared by them. Also if the customer tries to use the chatbot, he/she would get the reply only after an hour. If it’s by calling, it is costlier as they have to talk with the US or UK clients or companies.
Despite having positive and negative reviews people tend to show their interest in Payoneer as the pros overcome the cons. Some feel that they have got an account in International countries which they seem to add perks to their status. Overall the versatility and the security provided by this virtual wallet, which people seem to like it rather than the annoying support system.