Payoneer is a US-based payment system used worldwide. Following the ban of PayPal's usage in Turkey, sellers involved in e-export have started to prefer it as an alternative payment system. It is the preferred choice of many sellers, especially those making international sales over the internet.
Thanks to this virtual payment system, you can open up to the whole world, create a wider market area for yourself, and thus earn more by increasing your sales. There are a few points you need to know and pay attention to before you start. Let's examine these together!
What is Payoneer?
In a globalized world where sellers' preference for online marketplace areas has increased, Payoneer is a system that allows you to receive international payments. This virtual payment system, preferred worldwide, is an innovative platform that facilitates e-export across countries and currencies.
Thanks to this platform used by thousands of companies, you can sell and receive payments to the other side of the world. Today, it is used in many regions, around 200 countries, and supports more than 150 currencies.
How Does Payoneer Work?
Payoneer sets up a receiving account in the currency designated for you. To perform a money transfer, you share the details of this receiving account with the company or marketplace you work with. This shared info is used to send you a bank transfer, and thus you receive the payment into your account. Once payments arrive in this account, you can withdraw or transfer the money whenever you wish.
Performing fundamental money transfer transactions, Payoneer is also widely used in Turkey. It provides money transfer capabilities both domestically and internationally, including financial payment services, direct withdrawal with a debit card, and local bank transfers. The aim of this virtual payment platform is to enable companies to establish a fast connection with customers for e-commerce and online payments. Businesses can then create and send invoices to their customers, who have the option of online payment.
How to Use Payoneer? (Opening a Payoneer Account)
Since it offers lower transfer fees and is more reliable, you should not delay opening a Payoneer account. The main steps to follow when opening an account are as follows:
• Initial Selections
• Entering Account Requirements
• Contact Details
• Security Details
• Payment Method Preferences
• Review Process
• Submitting Documents
First of all, you should go to the website and click on the "Register" button. Then, choose the option that fits your work situation, such as "online seller" or "freelancer". Next, select the monthly earnings status that suits you and proceed by clicking the "register" button again.
To register, you will arrive at the "sign up" section. At this stage, you must choose whether you are opening an account as an individual or a company and enter your Payoneer registration details. At this point, your full name, address, date of birth, and bank account details are requested from you.
After entering the requested information, you are expected to verify your contact information. Finally, you need to enter your bank details here in order to withdraw your money. At this stage, you are asked to enter information such as your bank account type, currency, bank name, account name, and bank account number, and you will receive a verification email within 3 business days. You must send the required documents to complete the verification process.
To upload the required documents, you must log in to Payoneer using your email address and password. Once logged in, go to Settings > Verification Center. At this stage, before sending the documents, you should check the validity of the requested documents from the notification you received and upload them.
After ensuring the accuracy of the documents, click the "Submit" button to send them. Within a few business days, you may receive an email stating that your account has been successfully verified. One of the advantages of this virtual payment system is that the company offers you a free MasterCard. You can use this card to withdraw cash from different ATMs.
How to Get a Payoneer Card?
To get a Payoneer card, you must click on the "Prepaid MasterCard" option as the card you will use when registering. After logging into your account, follow the steps below:
• Select Banks & cards > Payoneer cards
• Click on the Order a card option
• Choose the type of card you want to use, physical or virtual
• Select your desired currency
• Follow the instructions
If you are ordering your first physical card and have sufficient balance in your account, you have the option to order your card via express shipping. In addition, for the card to be sent to your registered address within 15 days, you must have a residence document, and your address must match the details on your ID. No Payoneer card fee is requested to activate your card. You are only asked to pay for card replacement and an annual account maintenance fee.
How to Receive Payment with Payoneer?
To receive payments with Payoneer, you must share your account information with the company or marketplace eligible for this transaction. Thanks to the account details you share, a bank transfer can be sent to you, and thus you receive the payment into your account. For example, Amazon, Etsy, and eBay are among the marketplaces that support this virtual payment system platform.
How to Send Money with Payoneer?
If you want to send money to a different Payoneer account, you must go to the "make a payment" section in your account. Here, you can complete the transaction using only the recipient's email address. After typing the email address, you can easily complete your money transfer by entering the currency and amount as well.
What are Payoneer Transaction Fees and Commission Rates?
For transfer transactions, a Payoneer commission of 2% is requested. A 1% commission is charged for receiving payments, and a 0.50% commission is charged for receiving payments using system balance. No commission is charged for making payments. When you check your balance at ATMs, a transaction fee of 1 dollar is deducted.
How Can You Offer Multiple Payment Methods with Payoneer?
Thanks to Payoneer, it is possible for companies to choose from various global payment methods, including ACH bank debit, local bank transfer, and credit/debit card payments.
What Are the Advantages and Disadvantages of Payoneer?
Payoneer is highly advantageous because it is a platform that has proven itself worldwide and has thousands of users. Payments are completed within two hours, and you can use it in physical shops where you can shop, online stores that support this payment system, and ATMs.
Its cost and the commission fees it requests are quite low. You can use it on major online marketplaces like Amazon, Etsy, and eBay. You can collect payments from multiple stores in your single account. You can also easily perform money transfers with any bank in Turkey.
As a disadvantage, it can be mentioned that Payoneer requests commissions for transactions like receiving payments depending on your account type. The exchange rate is lower compared to PayPal's rate. When you want to get support, it can sometimes take a few days for your question to be answered. You can receive high payments, but there is a limit of 1000 USD to send privately at any time.
Is Payoneer Safe?
Used worldwide and as one of the best alternatives to PayPal, Payoneer is a highly reliable platform and allows you to perform your transactions securely.
How to Convert Currency with Payoneer?
First, log in to your Payoneer session and go to Activity > Manage Currencies. Enter the amount you want to exchange and its currency. Then, you need to select the currency you want to convert to. Afterwards, you can complete your transaction by verifying the fees and the amount you will receive.
Is Payoneer Compatible with International Marketplaces?
Payoneer is compatible with many international marketplaces. Important and large marketplaces like Amazon, Etsy, and eBay also use it as a payment method system alternative.
Why is Payoneer Important for Sellers in Turkey?
Following the ban of PayPal's usage in Turkey, Payoneer has been one of the best alternatives for those involved in e-export to receive payments from many parts of the world. Both the widespread use and the reliability of this alternative payment system are important reasons for preference.
Its low costs, its usage by many online marketplaces, its easy adaptability, and Turkish customer support also make it stand out. It does not force you to pay money to intermediary banks. Also, specifically for first-time account openers, if you make 25 thousand USD sales within 6 months, 250 USD is refunded to you.
How to Close a Payoneer Account?
You can create an account closure request through communication channels. You can also close your Payoneer account by logging into your account. After logging in, click on the Banks & cards option from the main menu. First, select your bank account to withdraw your money. Then, choose the bank account you wish to delete. When the bank account details open, select Delete Account in the lower right corner. You can also contact customer service for this transaction.
Frequently Asked Questions About Payoneer
Below, we have compiled the most frequently asked questions and answers for users researching Payoneer; you can contact us directly via the comments for any additional questions. :)
Does Payoneer Work in Turkey?
Yes, Payoneer is actively serving in Turkey. Many freelancers, business owners, and professionals in Turkey use Payoneer to receive and send payments in foreign currencies. Money can be easily transferred to local bank accounts in Turkey, and the Payoneer card can be used at many ATMs and businesses in Turkey.
Which Bank Does Payoneer Work With?
As an international payment platform, Payoneer collaborates with many different banks and financial institutions. In Turkey, it generally works compatibly with major banks; however, Payoneer does not provide detailed information about specific banks on its own website. What matters is that Payoneer is able to transfer money to local bank accounts in Turkey.
What is a Payoneer Account Used For?
A Payoneer account is a financial service designed to facilitate international payments. It is highly practical for freelancers, small business owners, and online sellers. With Payoneer, you can receive payments in different currencies, send money all over the world, and even shop with a Payoneer card. It is used by a vast number of businesses and individuals in Turkey and globally.
