Today’s world is made small by the internet. Online freelancers, SME’s and other businesses can now communicate with the clients within seconds, and in real time. Getting and sending international payments can also be done in few clicks now. I have seen a lot of my friends and relatives getting businesses from global clients. However, an issue that all of them have been facing in international money transfers is the payment fees in cross-border transactions. Everyone complaints that a significant percentage of their earnings is taken away by the wire company. This let me to dig this problem in detail and my study has let me to discover Payoneer – an online money transfer and e-commerce payment services company.

 

My study was based on the Whitepaper drafted by LTP and I suggest all of you to go through it as well. I summarize few key points of this whitepaper here for you all that will make you understand the benefits of Payoneer:

  • Focuses exclusively on covering solutions for Indian businesses or professional service providers that need to get paid by their international clients (the US, the EU and the UK) or freelance marketplaces expecting payment for their services from abroad.
  • Two scenarios were evaluated by them:
    • Working with an international client directly, i.e., where an Indian company bills a US based company directly
    • Working on a freelance marketplace (Upwork)
  • Players involved in their comparison were Payoneer, PayPal and banks
  • The study reveals Payoneer offers the lowest payment fees, reducing costs by up to 71%

 

Moreover, it is impressive to learn that Payoneer has over 3 Million Users in 200+ Countries dealing with 150+ Currencies. Also, they have 25,000+ Twitter followers and 500,000+ Facebook Likes. Joining Payoneer is quite easy and convenient, all one has to do is Sign Up on their portal. Portals and marketplaces like Fiverr, Odesk, Getty Images, AirBnB, Amazon etc. also have a payout service of Payoneer and one can put it as a Payment option there. Also for those working with Direct Clients can log in to Payoneer, click ‘Receive’ from the menu and then ‘Global Payment Service’. Post this, you can send your client the details of your “Receiving” account and then the funds will be transferred to your Indian bank account in INR! Moreover, Payoneer has its own App which makes all of this possible at your convenience.

 

I told about this to my friends and relatives and they were very much impressed by the simple, fast and cost-effective approach of Payoneer and I suggest all of you to use it as well! #PynrBlogathon

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