How is Payoneer redefining cross border transactions ?

1. Introduction

Payoneer is a popular payment platform that enables individuals and businesses around the world to send and receive money easily and securely. With its powerful mobile app, Payoneer makes it easy for users to manage their account and stay on top of their finances no matter where they are. In this blog review, we’ll take a deep dive into the Payoneer app and see what makes it such a compelling option for anyone who needs to manage their finances on the go.

The app was founded in 2005 by Yuval Tal with a seed funding of $ 2 million. He was also the CEO the company during the initial days. He strongly believes that startups should have a high probability of success and is working towards that.

Other investors include 83North (Greylock Israel), Viola Ventures, Crossbar Capital, Ping An, Wellington Management, Susquehanna Growth Equity, Naftali Bennett , Nyca Partners and others. The company has raised $ 570 million.

The company is headquartered in New York and operates out of 24 offices worldwide with 2000 employees.

2. First Impressions

The first thing you notice when you open the Payoneer app is its sleek and intuitive interface. The app is designed with simplicity in mind, and it’s easy to navigate and use, even if you’re not familiar with payment platforms.

The app’s home screen displays your account balance, recent transactions, and other important information at a glance, so you can quickly see how your account is doing.

3. Setting Up Your Account

You can also receive payments from Payoneer’s many partners, which include some of the world’s largest marketplaces, freelance platforms, and affiliate networks. The company mentions that it serves 9 out of the top 20 most valuable companies of the world.

Once your account is set up, you can start using the app right away. The app supports a range of payment methods, including bank transfers, credit card payments, and e-wallets like PayPal.

Getting started with Payoneer is easy. You can sign up for an account directly from the app, or you can use your existing Payoneer account if you already have one.

Once you’ve created your account, you’ll need to verify your identity, which involves providing some basic personal information and uploading a government-issued ID. This process is straightforward, and it helps ensure the security of your account.

Below are the steps.

a. Selecting a business category

The platform supports different businesses includes individual freelancers, digital service providers to manufacturers. This makes the service unique as it caters to different business requirements in terms of compliances and remittances.

b. Selecting the quantum of international payments

During the registration process Payoneer will request for the international payment estimates. The estimated amounts can also be higher than 100,000 USD and may involve additional documentation.

c. Payoneer signup

The signup page will ask for the contact and security details to set up the account. These will include names, email address, unique tax number, bank account details and security question.

4. Sending and Receiving Payments

One of the biggest advantages of the Payoneer app is that it makes it easy to send and receive payments globally. Whether you need to pay a supplier in another country or receive payments from clients around the world, Payoneer’s app makes it a breeze.

You can send payments in 70 currencies and a growing customer base of more than 5 million clients, which means you can pay suppliers in their local currency without worrying about exchange rates or conversion fees.

To send a payment, simply enter the recipient’s email address or Payoneer ID, choose the payment method, and enter the amount you want to send. The app will display the fees associated with the payment, so you know exactly how much it will cost. You can also add a note to the payment to help the recipient identify it.

Receiving payments is just as easy and free when someone pays from their Payoneer balance. You can receive payments from clients and customers around the world, and the money will be credited to your Payoneer account. You can then withdraw the funds to your bank account or use them to pay other suppliers or vendors.

5. Payoneer solving pain points

The company is solving the transaction pain points in the journey of a Small and medium business (SMB). Most of them face issues in managing fluctuation during currency conversion, compliances like Anti money laundering ( AML ) and KYC and having a reliable banking infrastructure, specially in developing countries.

It is making transactions cheaper 90% cheaper than competitors by providing free collection service, low currency conversion fee and real-time money transfer facilities.

a. Fluctuations during currency conversion

Any entrepreneur will fear the currency conversion and fluctuations that comes with international transactions. This is taken care by providing access to multiple currency for payments. With Payoneer’s technology, local money changers cannot dupe an honest person anymore.

Also, there is no longer a need to visit banks multiple times to for different currency payments in multiple countries.

b. Regulation and compliances

Payoneer knows how to solve the SMB pain points. Obtaining Foreign Inward Remittance Certificate (FIRC) can be a daunting task. However, the FIRC digital certificates are provided free of cost on the platform.

The platform also facilitates payment of VAT in EU and UK with GBP and EUR funds for free.

c. Reliable banking infrastructure

It helps the SMBs to have local receiving accounts in the United States (US), United Kingdom (UK), European Union (EU), AU, HK and many more countries. Thus a person sitting in India can have access to reliable banking infrastructure in the western countries.

d. Multiple payment options

The service makes the money transfers easier by having multiple options like Credit card, bank transfer, wire transfer and more. Entrepreneurs can thus choose the cheapest and fastest option.

6. Managing Your Account

The Payoneer app makes it easy to manage your account and stay on top of your finances. You can view your account balance, recent transactions, and other important information from the app’s home screen. You can also view your transaction history, which shows all of the payments you’ve sent and received, as well as any fees associated with them.

The app also offers real-time notifications, which can be customized to alert you of incoming payments or other account activity. This feature is especially useful if you rely on Payoneer for your business, as it ensures you never miss an important payment.

7. Security Features

One of the most important aspects of any payment platform is security, and Payoneer takes this seriously. The app uses advanced encryption and security protocols to ensure that users’ data and transactions are safe and secure.

Payoneer also offers two-factor authentication, which adds an extra layer of security to your account. With two-factor authentication, you’ll need to enter a code sent to your phone or email in addition to your password to access your account.

8. Conclusion

Someone once said that the world is a small place. Payoneer is making a reality out of it. Now country borders don’t pose a challenge to international commerce. The future of payments is interconnected at a global level thus facilitating healthy competition and increased earning potential for the entrepreneurial dreamers.

Now, a SMB entrepreneur does not have to worry about currency fluctuations or complex international compliances anymore. It is a sigh of relief as the bottlenecks in international payments also led to local tax issues.

The future looks promising for the entrepreneur and new innovations open the doors of the world.