International payments are an important topic for many Amazon sellers. However, these are often associated with high costs. With the right payment service provider, Amazon sellers can save considerably! Therefore, we would like to introduce Payoneer to you in this article. In doing so, we will go into the most important services and show you where you can particularly benefit from Payoneer. Finally, we also share the Payoneer experiences that Amazon sellers have had with the service provider.
To start with, some general info about Payoneer: The company was founded in New York City in 2005 and specializes in digital payment services. Payoneer also provides customers with capital. Since then, Payoneer has established itself in more than 200 countries and offers transactions in 150 currencies. There are now more than 4 million customers worldwide, who benefit from Payoneer's round-the-clock customer service.
Payoneer offers Amazon sellers many useful services. First and foremost, it's about international payments. If you yourself have items manufactured abroad or work with suppliers in other countries, these transactions are very important. Payoneer helps you avoid unnecessary costs and as a result maintain good business relationships with your international partners. Through Payoneer you can save the Amazon currency conversion fee, which otherwise ranges from 2 to 4 percent. Converting back to euros is also available at half the price. The company offers the lowest overall cost for Amazon Sellers. Moreover, you can get credit without a credit check. More about that later!
To receive payments, Payoneer lets you set up local receiving accounts. Accordingly, you can receive transfers in all major currencies. Consequently, you save costs on foreign transfers and expand more easily. In addition, Payoneer can significantly increase your customer satisfaction, as they can easily pay in the currency that suits them best.
Besides local accounts, Payoneer also allows you to issue invoices easily. A payment request will only cost you a few seconds and your customers can choose the payment method. Moreover, you have the possibility to monitor the path of your money at any moment.
With Payoneer you can open up international Amazon marketplaces. With the own Store Manager you can monitor the payments for all countries. You can then either debit the money received from your Payoneer account or pay your business or sales tax directly.
The most important service Payoneer offers for Amazon Sellers is probably Capital Advance. This is the market leading financing product for Amazon FBA sellers. It is difficult for sellers to obtain capital from banks in the conventional way and it is also very expensive. Payoneer, on the other hand, offers very favorable terms and rates. Accordingly, there are two different Capital Advance offers:
Payoneer becomes important for Amazon sellers at the latest with the Amazon payment service provider program. This means that you as a seller must have a payment service provider that is registered for the program. Payoneer is the most popular solution for sellers in the United Kingdom and the European Union. Since March, it has already been impossible to add payment service providers that are not part of the program. Then in May, longer holdback periods of up to 3 weeks were added. It is also important to note that on July 15, 2021, payouts will stop completely if you use a non-participating payment service provider.
So, if you are still looking for a suitable payment service provider, we can highly recommend Payoneer. Payoneer has been part of the payment service provider program from the beginning and holds the largest market share in this area. You can find more information here.*
Now you are definitely interested in how much the fees are at Payoneer. Overall, the services turn out to be very affordable: Payments from other Payoneer customers are completely free. Credit card payments from your customers incur a 3 percent fee. Payments to local beneficiary accounts are also available for free in most countries. In addition, wire transfers always have a fixed fee, which is $1.50 for USD-to-USD transfers, €1.50 for EUR-to-EUR transfers and £1.50 for GBP-to-GBP transfers. Bank account transfer fees are also up to 2 percent above the market rate. For transfers between different Payoneer balances, you pay 0.5% of the amount to be transferred. There is also an annual fee for an unbeatable $29.95.
Payoneer is extremely popular with many Amazon Sellers and other online merchants. On Trustpilot, the company has an average rating of 4.4/5 with more than 29,000 reviews. The most convincing features are the favorable offers for international payments and the availability of a credit for Amazon Sellers. Moreover, Payoneer is a reliable partner for the Amazon payment processor program. Accordingly, we can highly recommend Payoneer!*
That was our contribution to Payoneer, the service provider with which you can save on international payments as an Amazon Seller. Do you have any further questions about the various services or need help with Amazon optimization? Then feel free to get in touch with us. We are always ready to help you with words and deeds. Feel free to send us a message - without any obligation, of course.
We look forward to hearing from you.