One of the main things that all online sellers need to do from day one is to set up a fast, user-friendly method of accepting payments; Whether you’re selling physical products, being self-employed, or running a very active B2B business, this needs to be at the top of your list.
For online sellers, the checkout process should be fast and user-friendly, as delays and crashes when the user tries to confirm their order only increases cart abandonments.
For B2B businesses, providing a service that is pleasant to use but doesn’t take more administration time than necessary means customers tend to be happier and stay longer.
Likewise, if businesses have to spend too much time administering payments for their customers and clients, it reduces their ability to do paid work, which, after all, is what it is.
This is all important, but for businesses in Asia that sell to overseas customers, there is no point in having a great payment system that ends up costs a fortune in currency conversion fees.
This means that a business that wants to improve not only their sales but also their bottom line needs to find a modern and responsive payment processor.
What is Payoneer?
Payoneer is one of the biggest payment processors out there, and while you might not have heard of it, there’s a very good reason for it.
Unlike other companies like PayPal, Payoneer focuses on the needs of online sellers and B2B businesses. Payoneer is not a retail service, which means it may be less well known, but more suited to business users.
In fact, Payoneer is one of the oldest online payment processing services in the world, born in 2005.
Although set up as a payment processor in its early days, the service has grown over time and now offers a range of features including currencies, invoicing, and bill payments that make it ideally suited for. to the rapidly changing world of online sales and B2B transactions.
It’s like a local bank account
Asia-based businesses typically have global customers, which means they may need to accept payments in a wide variety of currencies, including Euro, US Dollar, GBP or AUD (and many more).
While all of this is possible with a standard bank account, it can cost a lot of money in terms of processing fees and currency conversion.
If you decide to only accept payments in USD, for example, it can mean extra work for the customer to convert the currency and then make the payment, and an extra admin means more time.
Payoneer scores high in that the receiving accounts it provides look like a local bank account for the customer.
This means that for all intents and purposes. they just make a standard payment the same way they pay their local suppliers. It’s quick and easy and certainly avoids those little annoyances that could cause your customers to look elsewhere.
Avoid currency conversion fees
One of the areas where the big banks have let their customers down is in currency conversion.
You often find that there are high fees if you want to make or receive payments in another currency and the conversion rate is not always the most competitive.
This means the big banks are making a lot of money with companies that maybe can’t always afford it.
Imagine a business that sells its services in USD and then purchases services in the same currency.
You can see that with a traditional payment processor there would be two sets of fees and currency conversions.
This is where Payoneer is completely different.
In our example, the business would collect payments in the local currency and then keep them in their Payoneer account until they needed them.
If they have USD in their account and need to pay a vendor in USD, they just pay them from their dollar balance. No conversion fees.
It’s fast, simple, and economical, and best of all, you have full control.
An ultra efficient bank account
It’s great to create cash balances, but if you can’t use them, what’s the point?
In many ways, Payoneer works like a very efficient bank account.
Businesses can use their balances to pay vendors and freelancers (or even their taxes), but at the same time, they have the option of transferring money to their regular bank account, using a convenient debit card, or even withdrawing money from a local ATM.
This is where Payoneer scores high compared to straightforward money transfer services like Wise because it is designed to work the way businesses need it.
One of the advantages of the Payoneer interface is that it shows all balances in different currencies at a glance and provides instant access to transaction records, which means reporting is lightning-fast and super-fast. simple.
Perhaps it is the user-friendliness of Payoneer that makes it a true business account and where the app ranks very well compared to more consumer-oriented vehicles like PayPal.
As businesses grow it is important to ensure that the solution you have adopted will grow with you and Payoneer is successful on this front as well.
While the solution is ideal for freelancers and microenterprises, the connectivity and open API allow large companies to develop the connection as a holistic part of their technology stack and the solution supports batch payment of 200 recipients. at a time.
Payoneer – a modern solution for connected businesses
For the modern online merchant, it’s important that apps work with the business, not against it.
Payoneer is a great all-in-one solution that provides payment collection, currency conversion, vendor payments, and even debit card services in one convenient package.
The fee structure is excellent, with no fees for transfers between Payoneer accounts, a simple withdrawal fee of $ 1.50 and very clear and transparent pricing.
Payoneer is definitely a solution for online sellers or freelancers of any size, so why not check it out and see how it can help your business grow?