What is Payoneer?
With
booming Internet access and major improvements to collaborative work
tools, employers around the world are finding it much easier to
outsource work than it used to be a few years back. However, payment,
particularly for firms whose workers live in many different countries,
remains a complex task.
Businesses typically use wire transfers or services like Western Union, MoneyGram or PayPal to issue payments, all of which can result in fees and/or complications. Printed checks aren’t a better solution as they require postage and a significant snail-mail delay time… As a matter of fact, these services were initially designed to be used on a person-to-person or person-to-business basis, and are inefficient when used for business-to-person payments.
Payoneer offers a convenient solution to this issue by allowing organizations to pay large numbers of workers around the world, efficiently and securely directly to their Prepaid MasterCard® cards, which avoids them the delays and heavy surcharges of more traditional methods mentioned above.
Payoneer is a privately-held start-up of Israeli origin founded in 2005. It now has its headquartered in New York and employs 55 people, including a team of experienced financial and technology professionals. Payoneer is backed by private and venture capital investors including Greylock Partners, Carmel Ventures, and Crossbar Capital and is a registered MSP with MasterCard.
As it is meant to offer businesses a better way to pay their workers, Payoneer cards are co-branded with the company’s name and logo. This means that depending on the company that you apply through; your card’s look will differ as Payoneer offers customized cards.
The Payoneer’s MasterCard Prepaid Reloadable Debit Card can be use to buy goods and services or withdraw money anywhere in the world where MasterCard Debit cards are accepted, this includes websites, ATMs and shops. As you can see, the cards offered by Payoneer are not credit cards as you cannot spend more than what you already have on your card.
Businesses typically use wire transfers or services like Western Union, MoneyGram or PayPal to issue payments, all of which can result in fees and/or complications. Printed checks aren’t a better solution as they require postage and a significant snail-mail delay time… As a matter of fact, these services were initially designed to be used on a person-to-person or person-to-business basis, and are inefficient when used for business-to-person payments.
Payoneer offers a convenient solution to this issue by allowing organizations to pay large numbers of workers around the world, efficiently and securely directly to their Prepaid MasterCard® cards, which avoids them the delays and heavy surcharges of more traditional methods mentioned above.
Payoneer is a privately-held start-up of Israeli origin founded in 2005. It now has its headquartered in New York and employs 55 people, including a team of experienced financial and technology professionals. Payoneer is backed by private and venture capital investors including Greylock Partners, Carmel Ventures, and Crossbar Capital and is a registered MSP with MasterCard.
As it is meant to offer businesses a better way to pay their workers, Payoneer cards are co-branded with the company’s name and logo. This means that depending on the company that you apply through; your card’s look will differ as Payoneer offers customized cards.
The Payoneer’s MasterCard Prepaid Reloadable Debit Card can be use to buy goods and services or withdraw money anywhere in the world where MasterCard Debit cards are accepted, this includes websites, ATMs and shops. As you can see, the cards offered by Payoneer are not credit cards as you cannot spend more than what you already have on your card.
How to get your Payoneer card
The most important thing to keep in mind about Payoneer, is that you can’t apply for a card on your own.
The fact is, if you browse the Payoneer website you won’t find an
application form anywhere. This is because they do not interact with
“individuals”.
To be able to access the application form, you need to be referred by a Payoneer partner, a sort of endorsement if you want.
Payoneer has partnered with many online businesses to offer them the possibility to make mass payouts easier, faster and more convenient for them and those who will receive them. If you are not already making money from one of Payoneer’s many partners, you will have to start by signing up with one of them.
We provide a complete list of Payoneer partners for you to choose from but we advise you to use the ones we recommend in our step by step Payoneer card application tutorial.
Once you have managed to apply for your card, you will have to wait for your application to be reviewed and accepted (or rejected). The review process usually takes no more than a week and you should receive an email informing you that you application has been approved both from Payoneer and the partner you went through to apply. The email will also inform you that your card has been sent to you by regular mail.
Depending on where you live on the globe, you might have to wait for your card to arrive for several weeks. Of course if you live in the US, it will be much faster.
Once you receive your card, the next steps are to activate the card and load money on it before you can start using it.
To be able to access the application form, you need to be referred by a Payoneer partner, a sort of endorsement if you want.
Payoneer has partnered with many online businesses to offer them the possibility to make mass payouts easier, faster and more convenient for them and those who will receive them. If you are not already making money from one of Payoneer’s many partners, you will have to start by signing up with one of them.
We provide a complete list of Payoneer partners for you to choose from but we advise you to use the ones we recommend in our step by step Payoneer card application tutorial.
Once you have managed to apply for your card, you will have to wait for your application to be reviewed and accepted (or rejected). The review process usually takes no more than a week and you should receive an email informing you that you application has been approved both from Payoneer and the partner you went through to apply. The email will also inform you that your card has been sent to you by regular mail.
Depending on where you live on the globe, you might have to wait for your card to arrive for several weeks. Of course if you live in the US, it will be much faster.
Once you receive your card, the next steps are to activate the card and load money on it before you can start using it.
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