The growth of digital payment providers has been greatly aided by the growing appeal of freelance work.
Platforms such as Payoneer, Skrill, and PayPal have made it easier for freelancers to get paid and have provided new opportunities for businesses to access talent from the global market.
Today, most freelancers in Kenya either have a Payoneer, PayPal, or Skrill account. Many, however, prefer Payoneer for its lower fees and features that are more inclusive for users in developing countries.
The one feature that freelancers in Kenya covet though is the ability to directly transfer money from their Payoneer digital wallet to their M-Pesa mobile wallet. While PayPal has the feature, Payoneer does not.
This is why some end up searching for Payoneer alternatives in Kenya.
This article is a guide on Payoneer. We will discuss all you need to know about this digital wallet and payment processor. You will also learn why we feel that IntaSend is the best Payoneer alternative in Kenya.
Let's dive right in.
Payoneer is a leading digital payment platform that allows businesses and individuals to send and receive payments in more than 150 countries.
The Payoneer company was founded in 2005 and is headquartered in New York, with offices in Israel, Ukraine, Ireland, and the Philippines.
Payoneer's platform enables businesses to easily send and receive payments from partners and customers around the world, while providing a range of financial services, including cross-border payments, currency conversion, and fraud prevention.
One of the key features of Payoneer's platform is its ability to facilitate cross-border payments, which are transactions that involve parties in different countries.
Cross-border payments are especially useful for businesses that operate in multiple countries, as it eliminates the need for them to open bank accounts in each country where they operate.
Another of Payoneer's coveted features is its ability to support a wide range of currencies. The platform allows businesses to convert between more than 150 currencies, which makes it easier to transact with partners and customers in different countries.
Pioneer has experienced rapid growth since its founding. According to a report by Business Wire, Payoneer reported $317.8 million in revenue in 2019 and $345.6 million in 2020. The company's growth is driven by the increasing demand for digital payments and cross-border transactions, as well as strategic partnerships with companies like Amazon, Airbnb, and Upwork.
Payoneer is available in Kenya and most countries that are shunned by competitors like PayPal, which is why it is so popular with freelancers in developing countries.
Payoneer has played a significant role in democratizing access to global commerce. It allows small businesses and freelancers in developing countries to easily transact with partners and customers in different countries, thereby facilitating global trade and commerce.
Payoneer has received several awards and recognition for its innovative platform and its impact on global commerce. In 2020, Payoneer was named to the Forbes Fintech 50 list, which recognizes the most innovative fintech companies in the world.
The company has also received numerous awards for its commitment to customer service, innovation, and corporate responsibility.
Setting up a Payoneer account is easy. Follow these steps to open your own account :
Go to the Payoneer website and click on the "Sign Up" button.
Fill the sign-up form with your personal information, including your name, email address, and phone number. Your email address is what identifies you and what clients will use to pay you, so you want to use your best email.
You will also be asked to create a password for your account.
You will then be asked to agree to the terms and conditions. Check the provided field and click on the "Continue" button.
To verify your email, you have to click a link that Payoneer will send to the email address you register your account with.
Financial regulations require Payoneer to verify the identity and source of its account holders.
To complete the verification process you must provide your personal identification and address information.
You will have to upload a government-issued ID, such as a passport or national ID card.
The ID should be valid and should show your name, photograph, and address.
Once Payoneer has approved your verification documents, they will ask you to complete a brief questionnaire about your business. This is to help Payoneer understand how you plan to use the platform and to ensure compliance with regulatory requirements.
After you complete the questionnaire, Payoneer will review your account. This process typically takes a few days, but it can take up to a week.
After your account has been approved, you will be able to access your account dashboard and start using Payoneer's services.
Payoneer is available in more than 150 countries, but some countries have limitations in terms of the services that are available.
For example, in some countries, you may not be able to withdraw funds to your local bank account or you may be required to provide additional documentation.
To check if Payoneer is available in your country and what services are available, you can visit Payoneer's website and select your country from the list.
Payoneer's ability to facilitate cross-border payments and support a wide range of currencies, global reach, fraud prevention, compliance tools, customer service, flexibility, security, and partnerships are some of its most attractive benefits. Let's explore some of these benefits in detail below;
Payoneer makes it easy to make cross-border payments, which are transactions that involve parties in different countries.
Cross-border payments are especially useful for business. They eliminate the need to open bank accounts in each country where you operate.
Additionally, Payoneer's platform supports a wide range of currencies, allowing businesses to convert between more than 150 currencies, making it easier for them to transact with partners and customers in different countries.
What's more, Payoneer has the ability to facilitate payments between businesses, meaning that businesses can use their platform to make payments to vendors, suppliers, and other business partners.
Finally, Payoneer also offers low transaction fees, meaning businesses can save money on international payments. All in all, Payoneer is an ideal platform for businesses that operate in multiple countries.
Payoneer has partnered with some of the largest companies in the world, such as Amazon, Airbnb, and Upwork. This allows businesses to easily connect and transact with these companies, thereby opening up new opportunities for growth and revenue.
With the help of Payoneer, businesses and users can receive payments from global marketplaces, access low-cost cross-border payments, and manage their finances with ease.
Payoneer takes compliance issues very seriously. Those who have gone through the now annual exercise of verifying identity and business documents will know all about it.
Businesses using the platform have no option but to operate in a compliant and legal manner. This includes compliance with anti-money laundering (AML) and know-your-customer (KYC) regulations, as well as other financial regulations.
Compliance with AML, KYC, GDPR, and other laws ensures that businesses prioritise the protection of users' sensitive data and personal information from fraudsters and other malicious actors.
By staying up to date with all the regulatory changes, Payoneer guarantees a secure platform for conducting their global payments.
Payoneer offers a flexible platform that can be tailored to meet the unique needs of businesses of all sizes, including the ability to customize account settings, create custom workflows, and access API integration.
Payoneer also provides a powerful suite of tools to help businesses optimize their payments and manage their finances from a single dashboard.
With Payoneer, businesses can easily track their income and expenses, analyze payment data, and access real-time reports. The platform has an intuitive and user-friendly design that makes it easy to manage finances quickly and efficiently.
Payoneer's platform allows businesses to easily send and receive payments from partners worldwide, enabling them to expand their reach globally.
This global reach is especially useful for small businesses and freelancers, who can access global markets and customers that would otherwise be out of reach.
With Payoneer, businesses can easily transfer funds and receive payments from over 200 countries and in over 150 currencies. This opens a larger customer base, driving growth and increasing their overall profits.
To be honest, withdrawing funds from Payoneer to MPesa might as well be the most difficult part of using Payoneer as a Kenyan freelancer or business owner.
There is no dedicated Payoneer to M-Pesa withdrawal service. This means you cannot directly withdraw from your Payoneer account to your M-Pesa mobile wallet.
However, there is a fairly convenient way to withdraw your earnings and other receipts from your Payoneer that will be a breeze once you get a hang of it.
Here is the process :
This process assumes you already have a Payoneer account. You will find the button to request a Payoneer Mastercard on your account dashboard.
Payoneer will provide information on how you can receive your Payoneer card at the address of your choice.
After you receive your card, you must activate it. To activate your card, visit www.payoneer.com and sign in to your account.
In the right-hand corner, you will see a pop-up with the instruction “activate card.” You have to enter your card number in the dialogue box provided.
After that, you’ll be asked to create a secure 4-digit pin that you will use to authorize transactions on your Payoneer card. Once you’re done, click the activate button.
Log into your Payoneer account and, on the menu, click on the option to send to another card. As you do that, you have to specify in the email section, the email provided, which is [email protected].
Enter the amount you wish to send as well as your e-pay account information, i.e. your username.
After you click Continue, you will receive an email confirming the transaction has been initiated and approved.
However, you may have to wait up to 20 minutes before the funds reflect in your e-pay account. Only then can you transfer the funds to your M-Pesa account.
Payoneer has several security measures to protect your account. One is two-factor authentication (2FA) which generates a code that it sends to your registered mobile number. You have to enter this code as well as your email and password when logging in.
Another security feature Payoneer has is SSL encryption, which protects your personal and financial information from interception by bots and malware as it is transmitted over the internet.
Payoneer also boasts advanced fraud detection systems that monitor suspicious activity on your account, email, and text message notifications for certain account activities.
Payoneer allows users to set security questions during the account registration process, which helps prevent unauthorized account access. It also limits access to people logging in from certain IP addresses.
Importantly, Payoneer has a restriction on the number of login attempts a user can make to access the account.
But even with all these security features, one can never be too secure. It is crucial to exercise care and keep your account information safe at all times. Keep your password and personal information secure, and be cautious of phishing scams, suspicious emails, or texts purporting to be from Payoneer.
Never share your card PIN and always log in to your account directly by typing the Payoneer URL in your browser.
Payoneer has grown into one of the most trusted digital payment providers. Freelancers who have been using it for a while swear by it.
But as good as it is, Payoneer lacks the expanded, country-specific features of a digital payments solution like IntaSend.
The best Payoneer alternative in Kenya and beyond, Intasend is specially designed for the unique needs of businesses and freelancers in Kenya and the East African region.
For example, Intasend offers a faster and more convenient way to withdraw funds to your MPesa mobile wallet.
Just like Payoneer, IntaSend allows you to generate and send no-code payment links, which is convenient for both the payee and the payer.
Through IntaSend, you can also apply for, get, and instantly activate a virtual Visa or Mastercard debit card that you can use to shop and make payments online.
IntaSend offers a lot more tools, not just for freelancers but for anyone who regularly makes and receives payments online, including a payment gateway for e-commerce brands.
Sign up for an IntaSend account today and enjoy safer, faster, and more convenient ways to pay and get paid online.