The growth of digital payment providers has been greatly aided by the rise of freelancers. Platforms such as Payoneer, Skrill, and PayPal have made it easier for freelancers to receive payments for their work, and have also provided new opportunities for businesses to access a global workforce. Today, most freelancers have either a Payoneer account, PayPal, or Skrill, which highlights how important these digital payment providers are to the freelance market.
Freelancers have been key to the growth of these digital payment providers, as they provide a large customer base for these companies. Freelancers are often paid through digital means, as they may not have a traditional employer that can issue a paycheck. This has led to an increase in the use of digital payment providers, as freelancers look for reliable and secure ways to receive payment for their work.
Payoneer, in particular, has seen significant growth in recent years, thanks in part to its focus on serving freelancers and small businesses. The company offers a range of services, including online payments, global money transfers, and prepaid debit cards. These services make it easy for freelancers to receive payment from clients, regardless of where they are located.
What You Need to Know About Payoneer
Payoneer is a leading digital payment platform that allows businesses and individuals to send and receive payments in more than 150 countries. The company was founded in 2005 and is headquartered in New York, with offices in Israel, Ukraine, 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. This is 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 important feature of Payoneer 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 for them to transact with partners and customers in different countries.
In terms of revenue, 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 the company's strategic partnerships with companies like Amazon, Airbnb, and Upwork.
In terms of impact, Payoneer has played a significant role in democratizing access to global commerce. It allows small businesses and freelancers in developing countries to easily access global markets and customers. In addition, it has enabled businesses of all sizes 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. In addition, the company has received numerous awards for its commitment to customer service, innovation, and corporate responsibility.
Setting Up a Payoneer Account
Here is a detailed guide on how to set up a Payoneer account:
- Go to the Payoneer website and click on the "Sign Up" button.
- Fill out the registration form with your personal information, including your name, email address, and phone number. You will also be asked to create a password for your account.
- Agree to the terms and conditions and click on the "Continue" button.
- Verify your email address by clicking on the link sent to your email inbox.
- Complete the verification process by providing your personal identification and address information. You will be required to upload a government-issued ID, such as a passport or driver's license. The ID should be valid and should show your name, photograph, and address.
- Once your identity has been verified, you will be asked 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 completing the questionnaire, your account will be reviewed by Payoneer. This process typically takes a few days, but it can take up to a week.
- Once your account has been approved, you will be able to access your account dashboard and start using Payoneer's services.
Requirement
- A valid government-issued ID
Country Limitations
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.
Benefits of Using Payoneer
Payoneer is a leading digital payment platform that offers a wide range of benefits to businesses and individuals. Its ability to facilitate cross-border payments and support a wide range of currencies, global reach, fraud prevention, compliance, customer service, flexibility, security, and partnerships are some of the key features that make it an attractive option for businesses looking to expand their reach and revenue. Let's explore some of these benefits below;
Cross-border payments
One of the main benefits of using Payoneer is its ability to facilitate cross-border payments, which are transactions that involve parties in different countries. This is 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. 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. It allows them to make seamless cross-border payments, access a wide range of currencies, and take advantage of low transaction fees.
Partnerships
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.
Compliance
Payoneer is compliant with all relevant regulations and laws, ensuring that businesses using the platform are able 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. This compliance is critical to ensure that the sensitive data of businesses and users are properly safeguarded from any malicious actors. By staying up to date with all the regulatory changes, Payoneer is able to provide a secure platform for businesses conducting their global payments.
Flexibility
Payoneer offers a flexible platform that can be tailored to meet the unique needs of businesses of all sizes. This includes 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 is designed to be intuitive and user-friendly, making it easy for business owners to manage their finances quickly and efficiently.
Global reach
Payoneer's platform allows businesses to easily send and receive payments from partners and customers around the world, thereby enabling them to expand their reach globally. This is especially useful for small businesses and freelancers, as it allows them to 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 allows businesses to access a larger customer base, driving growth and increasing their overall profits.
Withdrawing Funds From Payoneer to MPesa
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. The process is quite tricky. However, once you get a hang of it, it’ll be straightforward and a breeze. Stay glued as we’ve simplified the whole process for you. To begin with, you need to;
Request a Payoneer card
We want to assume you already have a Payoneer account, which is why we’re moving to the next step, which is to request a Payoneer card. Payoneer will provide information on how you can receive your Payoneer card at the address of your choice.
Activate your card
Once you’ve received your card, the next thing is to activate the card. To activate your card, visit www.payoneer.com and sign in to your account. At the right-hand corner, you will see a pop-up, “activate card.” You will be required to enter your card number in a dialogue box provided, after which you’ll also be asked to create a secure 4-digit pin which will be used to authorize transactions on your Payoneer card. Once you’re done, click the activate button.
Send funds to your e-pay account
Once you’re logged on to your Payoneer account, click on the option to send to another card on the menu. While doing that, you’ll specify in the email section the email provided, which is [email protected] Input the amount you wish to send while also inputting your e-pay account information, i.e. your username. Continue and you will receive an email confirming the transaction has been initiated and approved. However, you may have to wait up to 20 minutes to have the funds deposited in your e-pay account, after which you can proceed to transfer it to your MPesa account.
Security Measures for Payoneer Accounts
Payoneer has several security measures in place to protect your account, such as Two-factor authentication (2FA) which requires a code sent to your registered mobile number in addition to your password when logging in, SSL encryption to protect your personal and financial information as it is transmitted over the internet, advanced fraud detection systems to monitor suspicious activity on your account, email and text message notifications for certain account activities, security questions during the account registration process, and limited access allowed only from certain IP addresses and a restriction on the number of attempts a user can make to access the account. But it is also important for you to keep your account information safe, keep your password and personal information secure, be cautious of phishing scams, suspicious emails, or texts purporting to be from Payoneer, and always log in to your account directly by typing the Payoneer URL in your browser.
Conclusion
Payoneer remains one of the biggest digital payment providers in the world today, particularly for freelancers who have been using it for a while. Kenyan freelancers will be pleased to know there’s a way to withdraw funds from their Payoneer accounts to MPesa taking some simple steps. Even better is the fact that Kenyans can use IntaSend as an alternative to Payoneer without going through the stress of withdrawing to their MPesa account to access their funds. We hope you have found this information useful, and if you wish to create an IntaSend account, which you can do in minutes, click here.
