How do you get paid if you join international affiliate programs? Part 2.
This post is to continue the part 1 of my post series "How do you get paid if you join international affiliate programs?". If you haven't read it, click the link here before you proceed:
How do you get paid if you join international affiliate programs? Part 1.
Now, I introduce you a new way to get your payment faster from your affiliate programs. It's called Payoneer.
Payoneer
Payoneer is a New-York based company which foundated in 2005. This financial business provides online fund transfer and electronic commerce payment solutions to internet marketers, eCommerce owners, freelancers and rental owners. Payoneer is also a registered member service provider of the MasterCard Inc.
What you can do with Payoneer
After you open an account at Payoneer, you can receive funds in a bank account, an e-wallet, or through the prepaid MasterCard issued by Payoneer. The currency conversion fee from Payoneer is lower than a typical bank charges. The company applies a 2% to 2.75% currency conversion charge on top of mid-market rates, while a typical bank charges a 3% or more.
Payoneer supports over 150 different currencies. You can open a virtual bank account for free in US dollars, Euros, British pounds and Japanese yen to receive your payments from international clients and affiliate programs. By doing this way, you can avoid unnecessary currencies conversions and save money from withdrawing funds into bank accounts of the same currencies.
Besides receiving money from your virtual bank account, you can spend your deposits from your Payoneer account through a prepaid MasterCard. This option is not offered from a typical international money transfer service. With your prepaid MasterCard, you can use it in-store, online or at ATM all at a better exchange rate than banks and PayPal offered.
How Payoneer benefits Canadian Clients
Although you cannot open your virtual account in Canadian dollars through Payoneer, you can receive funds in local receiving accounts using Payoneer's global payment service. There are 7 currencies via receiving accounts. They are US dollars, Euros, British Pounds, Japanese Yen, Canadian dollars, Australian dollars and Chinese Yen. According to Payoneer.com website, the receiving accounts service is like having local bank accounts in those 7 currencies. Notice that there is a 1% fee on the US dollars received through receiving accounts.
Money transfer between Payoneer customers
You can receive funds from other Payoneer customers for free through the Make a Payment service in those 4 currencies of Payoneer virtual bank accounts.
Fund receive from marketplaces & networks
There are thousands of companies that you can get paid via Payoneer. To name a few, Wish, Fiverr, Upwork, Airbnb, Amazon.com, Rakuten.com, CJ affiliate, Lazada Group, Tradedoubler, HomeAway, Cdiscount and Gettyimages, are on the list. Please note that additional fees would apply if the marketplace you received from is not associated with Payoneer.
Fund receive from prepaid cards & eChecks
You can receive payments from prepaid MasterCard and eChecks along with your receiving accounts. Payoneer charges 3% on all currencies for payment made using credit cards while it's a 1% if you use eCheck in US dollars.
Withdraw fund from Payoneer
Via virtual bank accounts
Payoneer will charge up to 2% above mid-market rate if you transfer funds in a different currency. To a bank account in the same currency, there will be $1.5 from Payoneer. Depending on the currency you withdraw, that $1.5 will be in the currency of withdrawal fund. For example, $1.5 will be in US dollar if you withdraw US dollar while $1.5 will be in Euros if you withdraw Euros. Notice that local bank fees may apply on top of Payoneer fees.
Via credit cards
Up to 2.5% on currency conversion if you use MasterCard in a non-listed currency
Conclusion & my opinion
Payoneer offers its users a prepaid MasterCard along with virtual bank accounts in US dollars, Euros, British Pounds and Japanese Yen. If you are a resident of US, EuroZone, UK and Japan, Payoneer will give you better offer than for the people from the rest of the world because you don't have to end up with converting currency for bill payments in your own country.
Arranging payment directly from your customers is also another attractive feature from Payoneer. If you own business overseas, Payoneer let you manage funds in one consolidated account which is very convenient for online business owners, freelancers and rental owners.
Chances are many WA members don't have business outside their own countries. Moreover, we don't have to use prepaid credit cards even though they are convenient to use. There are alternatives to Payoneer for those who need fund transfer without the need of credit cards. I will let you know in the third part of series. Stay tuned.
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