3 ways your global customers can pay you directly

IMPORTANT UPDATE: Maximum transaction limits have increased. Your clients can now pay you up to $10,000 per transaction when paying via credit/debit card or eCheck!

Did you know that when you send customers a payment request via your Payoneer account, they can choose how they want to pay?

Depending on where your customers are located, the Payoneer platform will give them up to 3 options to choose from – eCheck, local bank transfer and credit or debit card. In this post, we outline everything you need to know about these 3 payment methods.

1. What is an eCheck?

An eCheck is an electronic version of a paper check. It combines the speed, processing efficiency and security of internet transactions with the well-established legal and business processes associated with paper checks.

Like a real check, an eCheck draws funds from a checking account in the amount written on the check. In the US, eChecks are considered the ‘next generation’ payment method and are widely used by businesses to make their online payments.

Echecks are processed through an Automated Clearing House (ACH) Network, making the transaction fast and highly secure. While eChecks do not offer chargeback or dispute resolution, they still can be recalled.

The benefits using eCheck:

  • Reduced processing costs: eChecks don’t have any deposit or transaction fees, so they are cheaper to process than paper checks or credit card payments.
  • Fast Delivery: eCheck payments arrive twice as fast as traditional checks.
  • Reliable: eChecks are processed on the ACH Network, which is the same system that processes direct deposits.

Getting paid with eCheck at Payoneer

Your customers in the United States* can pay you via eCheck.
* Cannot be used in Nevada (US).

In which currencies can I get paid with eCheck? USD ($)
What are the payment limits per transaction? Minimum amount: 20 USD
Maximum amount: 10,000 USD
How long does it take to receive payment? 5 business days
What is the fee? 0% – 1%

 Customers can complete an eCheck payment in 3 easy steps:

  1. Your customer clicks the ‘Pay Now’ button in the payment request email they received from you.
  2. They choose ‘eCheck’ from the list of available payment methods.
  3. They enter the payment amount, checking account number, check number, and routing number on their paper check:

Request a payment ≫

2. What is Local Bank Transfer?

A local bank transfer is the electronic transfer of funds from one bank account to another bank account in the same country.

You might be wondering why we offer local bank transfers when our specialty is cross-border payments.

At Payoneer, we can open receiving accounts for you in the US, UK and EU so that you can accept payments in these countries like a local. This makes it very convenient for your international customers to pay you. No currency conversions or money wiring hassles for them. And you’ll finally be able to compete on the same playing field as local businesses, since it’s just as easy to pay you now too.

The benefits of local bank transfers:

  • Low cost: With local bank transfer, you dodge the currency conversion fees you would normally pay for international wire transfers.
  • Fast processing: Funds arrive in just 1-3 business days.
  • No third-party banks: Funds do not have to be transferred to an intermediary bankbefore they reach your bank account, like with international wire transfers.

Getting paid by local bank transfer at Payoneer:

Your customers, who are registered as companies in the US, EU and UK can pay you via local bank transfer.

Local Bank Transfer
In which currencies can I get paid with local bank transfer? USD ($)
EUR (€)
GBP (£)
What are the payment limits per transaction? Minimum amount: None
Maximum amount: 100,000 USD/EUR/GBP
How long does it take to receive payment? 1 – 3 business days
What is the fee? Free for EUR, GBP
1% for USD

Customers can complete a local bank transfer payment in 3 steps:

  1. You provide your customer with your local receiving account details located in your Payoneer account.
  2. Your customer makes a local bank transfer to your receiving account.
  3. We automatically transfer the payment to your Payoneer account.

Request a payment ≫

3. What is a Credit or Debit Card?

Credit cards are one of the easiest and safest international payment methods. Every business owner has at least one credit card and they come with chargeback protection, which is an added plus.
At Payoneer, we accept credit and debit card payments in USD, EUR and GBP. This offers a huge advantage to your global customers. For example, your customers in the UK can pay you with a credit or debit card in GBP instead of having to convert their funds into USD. This saves them conversion fees and you can easily withdraw the funds in your local currency.

The benefits of using a credit card:

  • Multi-currency: Payoneer accepts credit card and debit card payments in USD, EUR and GBP.
  • Tracking: Use your monthly statement to stay on top of your spending.
  • Get Rewards: Many credit cards offer rewards for your spending.
  • Safety: Payment gateways like Visa and Mastercard have added password protection when you use credit cards online.

Getting paid with credit or debit card at Payoneer

Your customers worldwide* can pay you via credit or debit card. And because of the ease of use and chargeback protection, it’s a very attractive option.
*Cannot be used for domestic payments in India. Cannot be used in Nevada (US) and the Dominican Republic

Credit/Debit Card
In which currencies can I get paid via credit/debit card? USD ($)
EUR (€)
GBP (£)
Which credit/debit card companies handle the processing? Visa® and Mastercard®
What are the payment limits per transaction? Minimum amount: 20 USD/EUR/GBP
Maximum amount: 10,000 USD/EUR/GBP*
How long does it take to receive payment? 2 – 4 business days
What is the fee? 3%

*Credit card transactions above $2,000 may require payers to present their ID or Certificate of Incorporation (if representing a company).

Customers can complete a credit card payment in 3 steps:

  1. Your customer clicks the ‘Pay Now’ button in the payment request email they received from you.
  2. They choose ‘Credit Card’ from the list of payment methods in the Payoneer platform.
  3. They enter the payment amount, credit card number, card expiry date and CVV number.

Request a payment ≫

So which payment method is the best for your customer?

The answer depends on where your customer is located in the world. Make sure that you always request a payment in the currency that is the most convenient for your customer. This is crucial for obtaining the best rate for their transaction.

If you have customers in the United States who are paying you in USD, eCheck seems to be the most cost effective option. However, if they are paying you more than 5,000 USD, local bank transfer is the better choice.

For your customers who are registered companies in the UK and EU countries, local bank transfer is ideal since it’s already one of the most popular payment methods in the region and there is no fee or payment limit per transaction. One thing to remember, local bank transfers are only possible if you request payments from your customers in their local currency. So for example, if you’re sending a payment request to a company in the UK, make sure that you request GBP and not in USD.

Making it as easy as possible for your customers to pay you is vital for growing your business. This is why offering a wide variety of payment methods is so critical. Try out Payoneer’s Billing Service and you’ll not only increase sales, you’ll give your clients an enjoyable experience that they will be happy to come back to.

To read more about how you can bill clients directly from Payoneer, read this post about how to request a payment.

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