Accepting Cross Border Online Payments with Payoneer
There are many ways an MSME can accept payments online. However, once you have an international client who pays regularly either direct or through marketplaces, the foreign exchange conversion loss becomes a concern.
In this webinar discussion, Miguel Warren, country head of Payoneer, discussed Payoneer as an alternative. Some of my notes from the presentation are:
- Allowing a person to have their own USD, GBP, Euro bank account to accept payments from clients in these countries.
- Lower foreign exchange conversion spread from various fees charged at about 2%.
- Transfer of funds to your bank account requires at least having USD$200 in your balance. However, if you have a Payoneer Card, there is no minimum necessary.
- You can use Payoneer to transfer your existing funds to another person.
- You can use Payoneer to bill a company or person and get paid through credit card.
To encourage sign-ups, Payoneer is also giving a USD$25 incentive when an invited friend was able to receive at least USD$100 as payout from 3rd party sites or through credit card.
To sign-up for a Payoneer account, click here.
(If you signed-up using the above link but your account was not activated, please send Janette Toral a private message with your email address and will help follow-up.)