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Indian market is going to change like nothing else, thanks to GST. GST as we all now stands for Goods and Service Tax which will be implemented in India from 1st July 2017. It is a huge step taken by the Indian Government as GST will put an end to all the indirect taxes which are levied on Indian consumers. For online transactions, the Government is increasing the tax by one percent which means online transactions will also be affected marginally by the introduction of GST.
Table of Contents
- 1 What is Payoneer?
- 2 Why should you join Payoneer?
- 3 How well Payoneer stands against PayPal?
- 4 conclusion
When it comes to online transactions, transactions from abroad are what get taxed the most. And when you are a content writer, you know the pain of the taxes and the conversion charges that are being deducted from your hard-earned money. PayPal is one of the most trustworthy options which allow users to transfer money across the country. PayPal was founded by Elon Musk who today is known as the founder of Tesla Motors, makes PayPal one of the oldest money transferring service on the planet. PayPal has enjoyed its monopoly over the years, but as the time went past, it has now started to receive serious competition from other players, more specifically, Payoneer.
Payoneer is an online money transfer financial service provider which not only excels in money transfers from other countries but also provides e-commerce payment services. Payoneer was founded by Yuval Tal in the year 2005 with the core motive of transferring money with the minimum possible overhead charges possible. It looks like Payoneer has managed to do so as it is now in toe to toe competition with the world-famous PayPal. Payoneer is one of the most widely used online money transfer services available right now as it is being used in more than 200 countries. This is not a lengthy list as compared to its clients as Payoneer has tied up with major firms like Google, Amazon, Airbnb, Fiverr and many more. From Freelancing to eCommerce, Payoneer is everywhere, and you will be especially glad to know that Payoneer also supports a wide range of affiliate marketplaces.
Payoneer entered the Indian market again, and that is great news for all the people who have been using PayPal for all the money transfers from outside of India.
The answer is pretty simple, because of the less costly method of money transfer across countries. Well, that is not the only benefit Payoneer offers, so let’s have a look at Payoneer’s best features that you will be getting your hands on if you join Payoneer.
When it comes to money transfers, the most annoying thing about them is the fee that is being imposed by the service providers like PayPal. Well, Payoneer is not an NGO which means they also have to impose some fee in order to survive but what they have done is that they impose fee much lower than the rival PayPal. Users can save up to $5 on each transaction which means about 300 INR per transaction. This is huge when you have multiple transactions coming to you in a month. So, for example, if you have 10 payments coming to you for your work, you can save about 300 rupees on each transaction which means Rs.3000 in total. Payoneer charges $2 for every $100 transaction received which is still better than other competitors.
One of the best things about Payoneer is that they do the bank transfers on regular basis, daily to be precise. This sets them apart as Payoneer doesn’t hold or charge any transfer fee unlike PayPal or any other service. This means that users will only be bearing the charges that will be imposed by the banks as the transfer fee.
Typically, we see that most payments received by businesses and freelancers are in USD, EUR or GBP. Payoneer provides local collection accounts for receiving payments in these currencies and transferred to the local bank account in INR at a much lower cost.
Gone are the days when Payoneer was a new player in the market, and most of the firms did not offer them as a payout option. Payoneer is now one of the widely used payment platform enabling global companies and marketplaces to transfer funds, and are working with many of the big firms and brands. Payoneer is being offered as a payment option by marketplaces like Amazon, Groupon, eBay, Elance, GettyImages, Infolinks, Fiverr, Airbnb and many more. This means that getting money transfers from these clients and other supported clients is just a matter of time.
What Payoneer does the best is allow the sellers to have a sense of security when it comes to their payment. Leading eCommerce platforms like Amazon, Wish, Shopee trust Payoneer to enable their sellers to receive payments at low cost instantly. The payments once received are automatically transferred to the local account without charging a single penny which means that sellers will only have to bear the fee imposed by their local bank.
Payoneer’s new offering is their billing service. Through this service, Payoneer users can now bill their customers directly from the Payoneer platform. The user can simply send a payment request, and clients can pay safely and securely using their bank account, direct debit or credit card. This provides flexibility to the client to pay and the ability to the user to track the payments and keep the cash flowing in.
|$2 for every $100 transfer|
|Around $7 – $8 for transactions of the same amount|
Users can save up to $5 in transactions which means saving up to Rs.300 per transaction which is insane. Payoneer’s transaction fee is very negligible as you will be paying $2 for every $100 payment received.
|Receive $50 referral bonus when your referred person signs up||There is no such thing|
In this, all you need to do is refer another person, and when your referred person signs up to Payoneer and receives a payment of $100 through Payoneer, you will receive a $50 referral bonus in your account. Similarly, when you receive payments worth of $100, Payoneer will also give additional $25 as a reward.
The best things about Payoneer is that it allows freelancers to save more money which was earlier being taken by the transfer fee. As we have established earlier, Payoneer is much cheaper to operate than PayPal; this implies that freelancers will save money and put it to better use than just getting it deducted in the transaction fee. This comes in handy as Payoneer is supported by most of the major firms like Amazon, eBay, Wish, Shopee etc. which means eCommerce sellers can be assured about their earning from these eCommerce websites. On the other hand, freelancers also do not have to worry as Payoneer is also supported by many major freelancing companies like Freelancer.com, Fiverr, Upwork, Envato and many more. Affiliate marketing has also shown growth in the past few years, and Payoneer has seen the potential in that industry which means Payoneer also allows users and firms to transfer money hassle-free. Payoneer is also working with many Affiliate Marketplaces like Dailymotion, Tradedoubler, ad4game, ClickBank, Taboola, etc.
Though I have been comparing Payoneer throughout the article with PayPal and showing how Payoneer is the better option for you, PayPal isn’t bad at all. In fact, they still have a bigger reach than Payoneer, and you find most of the clients are still comfortable paying via PayPal, but when you use Payoneer, you are charged a lesser fee. And USD to INR or other currency conversion rate is better too that help you save more money while receiving the payment from your client.
So, if you and your client both use Payoneer, make sure you get payment through it to save some extra bucks.
I Hope I said it all, if you have any question, do write back in the comments.