4 Ways Your Global Customers can Pay you Directly

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 you are located, you will have several different payment methods to choose from to pay the payment request, including: ACH bank debit, local bank transfer, credit/debit card and your Payoneer account balance. In this post, we outline everything you need to know about these four payment methods.

1. What is an ACH bank debit?

An ACH bank debit is an electronic payment that debits funds directly from your client’s bank account. It’s processed through an Automated Clearing House (ACH) Network, making the transaction fast and highly secure.

The benefits of using ACH bank debit:

• Low cost: Pricing is a lot more affordable than the fees associated with paper checks, wire transfers and credit card processing.
• Faster Delivery: ACH bank debit payments arrive twice as fast as traditional checks.
• Reliable: ACH bank debits are processed on the ACH Network, which is the same system that processes direct deposits.

Getting paid with ACH bank debit at Payoneer

Your customers in the United States can pay you via ACH bank debit.

 Customers can complete an ACH bank debit 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 ‘ACH bank debit’ from the list of available payment methods.
3. Enter your checking account details.

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, EU and AU 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.
• No third-party banks: Funds do not have to be transferred to an intermediary bank before 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, UK and AU can pay you via local bank transfer.

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: A monthly statement helps your customers stay on top of their spending.

Getting paid with credit or debit card at Payoneer

Your customers worldwide* can pay you via credit or debit card and the ease of use and chargeback protection makes it a very attractive option.

*Cannot be used for domestic payments in India. Cannot be used in the Dominican Republic

*The minimum amount can vary between 20-50 USD/EUR/GBP

**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

4. What is a Payoneer Balance?

Payoneer account holders may have an existing balance in their account. This balance is the result of funds received from marketplaces or payments made by clients. If your client is a Payoneer account holder, they can fulfill your payment request using their Payoneer balance.

The benefits of paying directly from a Payoneer account:

• It’s FREE: Payoneer account holders can make payments to other Payoneer account holders, free of fees on either side.
• Fastest way to get funds: Once the payer initiates a payment, it is usually received within 2 hours.
• Flexible: Payoneer account holders can transfer funds to one another 24/7/365 from any place in the world.

Getting paid from a Payoneer account

Any Payoneer account holder (individual or company) with sufficient funds in their Payoneer account balance can pay other Payoneer account holders. This is a beneficial method for both parties.

*Payoneer balance transaction limits for payments made via Payment Request.
**In rare cases, transactions can take up to 2 business days.

Customers can complete a Payoneer balance payment in 5 steps:

1. Your customer clicks the ‘Pay Now’ button in the payment request email they received from you.
2. They choose ‘Payoneer balance’ from the list of payment methods in the Payoneer platform.
3. They are redirected to sign in to their Payoneer account.
4. Once signed in, they are presented with the payment details in a Make a Payment window.
5. Your customer clicks ‘Pay Now’ to complete payment.

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, ACH bank debit 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 Request a Payment 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.

To read more about the service and requirements for eligibility, please see our full FAQs. Some transactions, such as selling goods directly to a consumer, are prohibited. Please see our Terms & Conditions for the full list of prohibited services.

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