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Payoneer is a US-based payment system used worldwide. With the blocking of PayPal's use in Turkey, sellers interested in e-export have started to prefer it as an alternative payment system. It is the preference of many sellers who sell online, especially internationally.
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 starting. Let's examine them together!
What is Payoneer?
In this period where sellers' online market place preference has increased in the globalizing world, Payoneer is a system that allows you to receive international payments. Preferred by the whole world, this virtual payment system is an innovative platform that facilitates e-export across countries and currencies.
Thanks to this platform, which is 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 for you in your designated currency. To make money transfers, you share the details of this receiving account with the company or marketplace you work with. The information you share is used to send you a bank transfer, so you receive payment to your account. Once the payments arrive in this account, you can withdraw or transfer the money whenever you want.
Carrying out basic money transfer operations, Payoneer is also widely used in Turkey. Financial payment services allow for money transfers domestically and internationally, including direct withdrawals with a debit card and local bank transfers. The aim of this virtual payment platform is to enable businesses 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 Selection
• Entering Account Requirements
• Contact Details
• Security Details
• Payment Method Preferences
• Review Process
• Sending Documents
First of all, you should go to the website and click on the "Register" button. Then, choose the one that suits your own business status from the options that appear, such as "online seller" or "freelancer". Next, select the monthly earning status that suits you and proceed by clicking the "register" button again.
You will come to the "sign up" section to register. At this stage, you must choose whether you are opening an account as an individual or as a company and enter your Payoneer registration information. At this point, you will be asked for your full name, address, date of birth, and bank account details.
After entering the requested information, you are expected to verify your contact details. At the very end, you must enter your bank details in order to withdraw your money from here. 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 an email regarding verification within 3 business days. You must send the required documents to complete the verification process.
To upload the requested documents, you must log in to your Payoneer using your email address and password. Once logged into your account, 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 making sure of the accuracy of the documents, click the "Submit" button to send. Within a few business days, you may receive an email that your account was successfully approved. 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 in to your account, follow the steps below:
• Select Banks & cards > Payoneer cards
• Click on the Order a card option
• Choose the card type you want to use from the physical or virtual card options
• Choose your desired currency
• Follow the instructions
If you are ordering your first physical card and have a sufficient balance in your account, you have the option to order your card with 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 charged to activate your card. You are only asked to pay for card replacement and the annual account maintenance fee.
How to Receive Payment with Payoneer?
To receive payment with Payoneer, you must share your account information with the company or marketplace suitable for this transaction. Thanks to the account information you share, a bank transfer can be sent to you, so you receive payment in 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 on your account. Here, you can perform the transaction using only the recipient's email address. After writing the email address, you can easily complete your money sending transaction by entering the currency and amount.
What are Payoneer Transaction Fees and Commission Rates?
Payoneer commission is charged at a rate of 2% for money transfer transactions. A commission of 1% is charged for receiving payments, and 0.50% is charged for receiving payments using the system balance. No commission is charged for making payments. When you check your balance from 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 a variety of 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 as it is a platform that has proven itself worldwide and has thousands of users. Payments take place within two hours, and you can use it in stores where you can shop, in online stores that support this payment system, and at ATMs.
Its cost and the commission fees it demands are quite low. You can use it on big online marketplaces like Amazon, Etsy, eBay. You can collect payments for your multiple stores in your single account. You can also easily perform money transfers with any bank in Turkey.
As a disadvantage, it can be counted that Payoneer demands commission for transactions such as receiving payments depending on your account type. The exchange rate is lower than PayPal's exchange 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 Reliable?
Payoneer is a highly reliable platform used worldwide and as one of the best alternatives to PayPal, and it ensures that you carry out your transactions securely.
How to Convert Currency with Payoneer?
First, log in to Payoneer and go to Activity > Manage Currencies. Enter the fee amount you want to change and its currency. Then, you need to select the currency you want to convert it 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 big marketplaces such as Amazon, Etsy, eBay also use it as an alternative payment method system.
Why is Payoneer Important for Sellers in Turkey?
Upon the blocking of PayPal's use in Turkey, Payoneer has been one of the best alternatives for those engaged in e-export to receive payments from many parts of the world. The fact that this alternative payment system is both widely used and reliable is an important reason for preference.
Having low costs, being used by many online marketplaces, being easily adaptable, and Turkish customer support also make it stand out. It does not force you to pay money to intermediary banks. Also, specialized for first-time account openers, if you make a sale of 25 thousand USD 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 perform the Payoneer account closure process 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 select the bank account you want to delete. When the bank account details open, select Delete Account in the bottom right corner. You can also contact customer service for this process.
Frequently Asked Questions About Payoneer
Below, we have compiled the most asked questions and answers for users researching Payoneer, when you have any additional questions, you can contact us directly through the comments. :)
Does Payoneer Work in Turkey?
Yes, Payoneer actively serves in Turkey. Many freelancers, business owners, and professionals in Turkey use Payoneer to receive and send payments in foreign currencies. Money transfers can be easily made 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?
Since Payoneer is an international payment platform, it cooperates with many different banks and financial institutions. In Turkey, it generally works compatibly with large banks; however, Payoneer does not provide detailed information about specific banks on its website. The important thing is that Payoneer is capable of transferring 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 useful 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 widely used by numerous businesses and individuals in Turkey and around the world.
