Payoneer is a trading service that allows users to send and receive payments without keeping track of multiple accounts. The company pays services similar to Venmo and PayPal.
What is Payoneer?
Payoneer is a platform for online money transfer. It is a private company. Payoneer is a quick and low-cost solution that enables users to get paid by international or national customers. The customers can be from companies or individuals. Whether working with global marketplaces or directly with international clients with the help of the Payoneer account, the payments are easily receivable. Users can access the funds no matter where in the world they use the platform.
Established in 2005, Payoneer is a financial administration brand. It is a platform for transferring cash online, computerized installments, and providing clients with working capital. Similarly, it is a Member Service Provider of Mastercard. Organizations like Airbnb, Google, and Fiverr use Payoneer.
Payoneer aims to become a powerful end-to-end payment platform. The company strives to pay attention and engage with its online clients. But the very first Payoneer vision was to provide open payment access to the world.
Company Profile
Given below is Payoneer’s company profile.
| Company Name | Payoneer |
| Website | payoneer.com/ |
| Founded in | 2005 |
| Founder | Yuval Tal |
| Key People | Yuval Tal (Founder), Scott Galit (CEO), Michael Levine (CFO), Keren Levy (COO), |
| Headquarters | New York, NY, United States |
| Business Model | Online payment system, digital money transferring platform |
| Revenue | 300 million USD |
| Competitors | PayPal, Square, Google Pay, Tipalti, Skrill, Remitly. |
How Does Payonner Work?
Payoneer is an online payment system that works as an outsourcing platform for both the buyer and seller. Its most significant benefit is that it can simplify the way the user gets paid. It helps increase the earning by reducing the payment fees. Moreover, Payoneer expands the business in the local and international marketplace and allows the user to get paid in different currencies. Also, it accommodates the users to convert the payment according to their region. The users can access their funds easily or can even withdraw the amount to the desired bank account.
It has 24/7 online access to users’ accounts, and 24/7 multilingual chat and telephone support to provide answers to customers’ queries. It also provides the Payoneer Mastercard that works likes other payment cards. The Payoneer charges on each transaction, and therefore, it is not a free source to use. However, it is easy to use, secure, and has a low cost for international banking.
What is Payoneer Business Model?
A company’s business model usually defines its profit-making plan. Its business model also identifies the products or services it sells, the target markets, and any planned costs. The business model of Payoneer is mainly commission-based. Payoneer, therefore, needs customers to use the platform and its features to generate revenue. It links with its goal of interacting with users.
Overall, Payoneer needs to rely on its users to interact with the platform because of its business model. One of the reasons Payoneer wants to expand into other countries is, in turn, to grow the overall interaction with the platform. The company uses targeted advertising to attract more users in each country.
Payoneer works on a cross-border installments stage that associates organizations, experts, nations, and monetary standards worldwide. Its product includes a Global Payment Service that gives the United States, Japan, and the European Union access to many receiving accounts. The products that enable customers to get money from synchronized mass payout parties include freelance, holiday rentals, the internet, and standard photography businesses, etc., as affiliates to their bank accounts.
The company also provides mass payments that enable various companies and organizations worldwide to transfer funds worldwide.Payoneer provides payment solutions in the form of international wire transfers, prepaid debit cards, Mobile Payments, Global and local e-wallets, Deposits to local banks worldwide, Local-currency paper checks, IT operations,s and maintenance, Customer assistance, Marketing, and sales.
Payoneer is a MasterCard-registered member, which includes two types of partnerships, namely, integrated and strategic. In integrated partnerships, different networks, platforms, and marketplaces are involved. In contrast, in a strategic partnership, business consultants and accountants of AVASK, IRobotBox, C2Corner, BixArk are involved.
Payoneer provides cross-border payment services to connect users with national and international clients. The company facilitates the payments on a large scale and offers several ways to get paid by clients. It also enables global payments and provides low-cost solutions to users and clients that need to make global payments.
Payoneer provides different services to customer segments. These include leading corporations, businesses, B2B marketplaces, SaaS providers, Freelancers, and even personal users. Payoneer is a payment platform, which provides a platform for users to interact. Payoneer deals in 150 currencies and provides support in more than 35 languages. For integration purposes, the company has a rich ecosystem and venture capital.
How Does Payoneer Make Money?
While Payoneer provides most of its services without charge to the user, there are some services for which users must pay. These include currency exchange rate, transfer fees, withdrawal of funds, debit card charges.
Currency exchange rate
When the users exchange the currencies through Payoneer, they have to settle up to 2% over the mid-market rate. Generally, the payee bears the exchange rate cost. Be that as it may, if the payee isn’t a Payoneer client, the payer must pay the platform. If a client doesn’t pay others but exchanges monetary forms inside their Payoneer wallet, they need to pay 0.5% of the transaction to Payoneer.
Transfer fees
Transfer fees charges on Payoneer depend on different factors. First, the transfer is from one account to another is free, only if the currency is in USD or EUR. For other currencies, the platform may charge its user 1% of the amount.
Users can get funds into the Payoneer account by requesting an installment. This feature is just like a billing feature that users can use to charge their clients. The platform imposes a 3% reduction when a transfer takes place through Mastercard. For eCheck transfers, the fee is 1%.
Payoneer additionally has combinations with advanced marketplaces and platforms. When the withdrawal of amount from these platforms into Payoneer completes, there may likewise be a charge included. Usually, these charges are negligible and rely upon the marketplace instead of Payoneer.
Withdrawal of funds
Payoneer has affiliations with different banks around the world. For these banks, Payoneer does not charge the users when for withdrawals from their accounts. Generally, the transfer to local banks is charge-free for the users. However, for bank accounts designated in USD, EUR, Payoneer charges its user 1.50 USD/ EUR.
Debit card charges
Payoneer provides users with a debit card for their convenience. The platform doesn’t charge the user for the card. However, whenever the user uses the card, they must pay a $3 charge per transaction. In the case of transaction cancellation, it charges the user $1. Similarly, the company charges $1 for ATM inquiries.
What are the Features of Payoneer?
The main features of Payoneer are:
- Single Payout
- Payouts of mass
- Receive Payments
- Funds Wavier
- Network of Partners
- Integrated Payments
- Support for several currencies
- Escrow Payments
What are the Benefits of Payoneer?
Payoneer is compatible with almost all ATMs worldwide because it provides Master Card Debit card facilities to customers. Payoneer offers payment solutions to companies around the world. Its flexibility is the most critical part of the system. Through its platform, users can transfer money effortlessly.
Through Payoneer, users can get payments from multiple affiliate networks. There is no need for them to have a bank account. The funds are available within few hours, and a person can use them online or in stores that accept MasterCard.
Conclusion
Payoneer is a financial services company with a global user base. The company gives priority to companies and professionals. The company’s vision, mission, and goals focus on empowering and listening and engaging with businesses worldwide. Its business model also depends on the interaction between users to generate income.
Payoneer’s best feature is that it has a perfect market fit. The company offers services that nobody else offers, making them the only provider in some countries. Over the years, the user experience has also elevated significantly. The mobile app and website interface have also improved over the years, but the department still has a lot to cover.
