What is Payoneer (P Card)

Payoneer (P card) is an institution authorized by the MasterCard organization to issue cards. It is a payment channel for mainstream e-commerce platforms. It also provides sellers with multiple ways to withdraw funds, such as withdrawing funds to banks, MasterCard physical cards, payment logistics, ERP and other service providers, and VAT payment.

Overview

1. Payoneer was founded in 2005 and is headquartered in New York, USA;

2. There are 4 million users worldwide, more than 100,000 Chinese e-commerce sellers using Payoneer, more than 5 billion yuan in funds issued, more than 3,500 cooperative platforms, and covering more than 200 countries and regions.

Function

1. Support multi-currency payment, including USD, GBP, EUR, JPY, CAD, AUD, and provide KYC documents;

2. Request payment via email. Send payment requests to customers, easily urge and track payment. Customers can choose to pay by electronic check, bank transfer or credit card, which is convenient and safe.

3. Withdraw to bank, RMB to mainland China or HKD, original currency to Hong Kong, the fastest arrival time is 1 working day;

4. Payment service providers support logistics providers, ERP recharge, and VAT payment to avoid double exchange losses, and payment can be confirmed immediately;

5. Free transfer to other Payoneer users, support ATM withdrawals, physical stores or online purchases.

P card classification

The nature of the P card is divided into a physical card + a virtual account. The physical card is a prepaid MasterCard physical card with cash withdrawal and consumption functions; the virtual account is used to receive funds and has the function of collecting payments. The virtual account of the P card has been opened for receiving payments in US dollars, British pounds, euros, Japanese yen, Canadian dollars, and Australian dollars, and can receive funds from American companies, European companies, and Japanese companies online.

cost

1. Annual Fee

Card account: Only for individual applicants, annual fee is $29.95;

Cardless accounts: Applicable to both enterprises and individuals, without a physical P card, users only need to activate their Payoneer account online, and there is no annual fee. However, since there is no physical P card, you cannot shop on domestic and foreign websites, nor can you withdraw cash or swipe your card.

2. Payment Fee Standards

Receive money from other Payoneer users for free;

Get free local payment accounts in USD, EUR, GBP, JPY, CAD and AUD through Global Payment Service;

Through the Billing Service, you can initiate payment requests from your account and receive payments directly. The fee rate is 3% for credit cards (all currencies supported) and 1% for eChecks (only USD supported).

· Receive payments from more than 3,500 platforms that use Payoneer to send funds, including Wish, Fiveer, Upwork, Airbnb, etc., with accurate rates on the corresponding platforms;

·Currency conversion fee: 0.5%;

A 1.2% fee is charged for withdrawing funds from a Payoneer account to a local bank account.

Supported cross-border e-commerce platforms

Funds from popular domestic and foreign cross-border e-commerce platforms such as Amazon, Lazada, Wish, CDiscount, Newegg, Shopee, Tophatter, Linio, Jumia, Priceminister, Bellabuy, Mobuy, Ensogo, and JD.com. Almost all platforms that attract investment in China, except AliExpress and eBay, can use Payoneer to receive payments.

Safety and security

Payoneer holds an MSB (Money Service Business) license issued by the U.S. FinCEN (Financial Crimes Enforcement Agency), and needs to apply for and obtain a Money Transmitter license in all 50 states of the United States. Payoneer is also an E-Money Issuer (Electronic Money Service) registered by the European FAC (Financial Conduct Authority). In addition, Payoneer also holds a Hong Kong MSO license and a cross-border trade pilot license (partner) from the State Administration of Foreign Exchange of China.

Every inflow and outflow of funds must comply with MSB/FAC requirements (OFAC List, AML Policy, Electronic Money Regulations 2011) and be subject to random audits and regular internal/external risk control department reviews.

Development History

-In October 2014, Payoneer and Wish officially confirmed their partnership.

-On July 1, 2015, Lazada and Payoneer officially cooperated.

-Starting from August 2015, Payoneer became the only partner of Amazon for third-party payment collection.

-In September 2015, the US financial services company Payoneer and Newegg officially reached a cooperation agreement, becoming the official channel for the latter to lend money to cross-border sellers.

-On October 23, 2015, Payoneer officially launched the British pound account.

-In April 2016, Payoneer officially launched the Japanese Yen account.

-In September 2017, Payoneer officially launched the Canadian dollar account.

-Starting from November 2017, Payoneer will gradually open Australian dollar payment accounts to users.

FAQ

Q: How to apply for a Payoneer account?

A: To apply for a Payoneer account, simply log in to the Payoneer bulk payment company online account, select Payoneer as the payment method, and you will be directed to the application page. If your funding source company does not currently provide Payoneer services, please contact P card customer service for more help.

If you don't already have an account with Payoneer and would like to receive payments via the Global Payment Service, you can apply for an account directly from the Payoneer website.

Please note: You should register only if you wish to receive payments through an official bulk payment company or the Global Payment Service. All applicants must be over 18 years of age.

Q: Can I apply for multiple Payoneer prepaid debit cards?

A: Payoneer allows account holders to have one active card per currency. If a seller wishes to receive payments in the same currency from multiple Payoneer bulk payment companies, they can be linked to the same Payoneer debit card.

For more frequently asked questions, please visit Payoneer's official website .