What is Payoneer?

Payoneer is an international payment distribution solution. It allows business establishments to pay a large number of people directly to their Prepaid MasterCard cards. It is used worldwide and is a very efficient and secure method of payment.

Payoneer History

Payoneer was founded in Tel-Aviv in 2005. It now has its headquarters in New York. It employs a team of 55 experienced financial and technological professionals. It also has R&D offices in Tel-Aviv. Payoneer is backed by private and venture capital investors including Greylock Partners, Carmel Ventures, and Crossbar Capital and is a registered MSP with MasterCard.

How Payoneer is Useful?

In today’s times internet is accessible to everybody and there are major improvements in collaborative work tools. This has made it easier for the employer to outsource his work. On the other hand payment for it becomes difficult, especially if the employees are in different countries.

The employer can use wire transfers or services like Western Union, MoneyGram or PayPal for payments. However, it is not economical and the process is also not simple. Printed cheques are also not feasible as the process to issue cheques to many people is a time consuming, costly and tedious process.

Payoneer allows business organizations to pay a large number of people directly to their Prepaid MasterCard cards. It thus avoids delays and surcharges of the above mentioned methods.

The Benefits of using Payoneer

Payoneer issues Prepaid MasterCard® cards and is an ACH (e-check) facilitator. Thus their clients can pay online directly to the recipients' co-branded debit cards or (US-only) bank accounts.

Some of the other benefits are

• Economical - The method does not include any major bank fees, delay or hassles. Thus it is very economical especially for international recipients.
• Fast - The solution becomes fully operational within 2 working days and it requires minimum effort on your part.
• No age limit - It can be used by anyone over 18. No bank account necessary.
• Easy to use - The web interface provided is very easy to use.
• Secure - It has safe technology and very strict rules for customer privacy, authentication and identity verification.
• Controls spending - Since it creates and manages the debit cards, employees cannot spend more than the funds allocated.
• Strengthens brand name - This can be done by having company's name or logo imprinted on it.
• Customer support - Full back office functions and customer support is provided.
• Control - A complete report of payments is given.
• Full compliance - Payoneer complies with the required KYC (Know Your Customer), BSA (Bank Secrecy Act), AML (Anti-Money Laundering) procedures and OFAC (Office of Foreign Assets)

Payoneer is a complete solution for mass payment around the globe. It is convenient, safe and very cost effective.