Do you own a business or are you an online freelancer? If yes, we believe that one of the most critical part of running a business is managing global monetary transactions. Well, Payoneer has come up with its services in India to resolve payment issues for small or large businesses. It thus provides payment solutions for diverse markets.
Let’s Talk payment, and international FinTech content and research firm, have recently published a white paper comparing different methods and costs involved in transferring B2B payments from the US to India. The research has led to an insight that Payoneer offers lowest payment fees reducing costs heavily.
Let’s have a sneak-peek into what the white paper talks about Payoneer.
What is Payoneer?Payoneer Services are for professionals who work with global clients. It aims at providing a safe, simple yet powerful platform to people who deal in global money transfer or get paid by international companies and marketplace. Payoneer services are quick and at a reduced cost where the cost of receiving payment is reduced by a hefty number of 71%.
Providing 24X7 customer support, catering to 2 million international users and transacting in 150+ currencies Payoneer has a global footprint as it is present in 200 countries.
How does it work?First and foremost is, one needs to be signed up with Payoneer which will make international payments easier. Also, one can get payments automatically credited to the bank account in INR.
For mass payments, the process starts by visiting the website of the preferred marketplace, for instance, Google or Amazon, in payment page select Payoneer as payment solution and follow the instructions. To get paid, go visit and log in your Payoneer account via its website and click ‘Receive’ followed by ‘Global Payment Service’. Make sure you send your client the details of receiving an account and get the funds transferred to your bank account in INR denominations.
How does it differentiate from other Services?The best part about Payoneer is, it saves a lot of money involved in forex conversions and transaction fees and as already mentioned it reduces the cost of receiving international payments by 71%.
Also, the service enables you to receive payments from companies across the globe as if you are a local employee of the company and have a local bank in those countries. If you want to provide your client a flexibility to carry out transactions you can simply “request a payment” directly from Payoneer and your client can pay at his own ease via credit card, local bank transfer or e-check.
To be specific, the currencies currently supported under Indian payment transfer are :
- United States (USD) / Transferred via ACH
- Europe (EUR) / Transferred via SEPA
- United Kingdom: England, Northern Ireland, Scotland, and Wales (GBP) / Transferred via BACS and FPS
- Japan (JPY) / Transferred via Zengin
Payoneer is thus a faster, safer, simpler and cost effective than most of the monetary transaction services out in the market. Not only individuals, but also giants including Airbnb, Amazon, Getty Images, Google, and Up work rely on Payoneer's mass payout services for their international transactions.
You can find the white paper at http://register.payoneer.com/lets-talk-payments-whitepaper-india/