A Payoneer account for IBC: A strategic choice for global transactions

Why choose a Payoneer Account for IBC ?

International Business Companies are a type of offshore structure typically formed for the ease of global trade. They operate across multiple jurisdictions which asks for a financial account to send and receive payments across borders. But in the present day, bank account opening has become harder than ever. The regulatory complexities of these institutes are surging rapidly and the account opening process is taking forever. Hence having a digitalised payment account like Payoneer can be a strategic choice for doing international business without worrying much about legal risks and wire transfer complexities. Your company can now focus fully on operations rather than dealing with old payment complexities. Another good news is this multi-currency account has collaboration with giant marketplaces like Airbnb, Upwork, eBay, etc. which provides better trade opportunities for your business.

For better understanding let us explore the fundamentals of a Payoneer account and how it works best for an IBC structure.

Unique characteristics of a Payoneer Account

The unique characteristics of Payoneer makes it an attractive option for global businesses and individual users. Mentioning the most significant ones below:

• Payoneer is a global payment platform built for the ease of cross border financial management.
• It provides an e-wallet, SWIFT/BIC code and a unique IBAN number for fund transactions.
• They have collaboration with more than 2000+ marketplaces for enabling fast B2B payments across these channels.
• Equipped with advanced security features like RSA authentication, multi-layered verification and 24/7 customer support.
• Payoneer to payoneer transfers are not charged.

Types of Payoneer Account

Payoneer has mainly two types of accounts each unique in its features and benefits. Let us explore more from the following tabular description:

Benefits of obtaining a Payoneer account for IBC?

Securing a payoneer account for IBC can be a strategic choice because of the numerous benefits it offers. Some of the most significant ones are listed below:

1. International payment gateway: With a Payoneer account, your IBC can conduct transactions in multiple currencies by using your debit and credit cards across more than 190 nations facilitating your company to have access to a global market with minimum currency exchange risks.
2. Fast service: A payoneer account provides fast and easy payment services globally that too within a minimum time span of 2 business days with the availability to withdraw from your local bank account.
3. Attractive global transfer rates: Your company can also conduct transfer wires at a lower cost than other financial services, which is a major advantage of having a Payoneer account.
4. Provides security: A payoneer account for IBC is certified as a PCI DSS level 1 platform and is inbuilt with multiple security features such as CAPTCHA technology, RSA adaptive authentication and fraud detection monitors providing a safe space for funds allocation and distribution.
5. Get a Payoneer Mastercard: A Payoneer Mastercard allows an IBC to withdraw funds directly from the Payoneer account balance along with added benefits like global purchases, less currency conversion fees and high spending limits.

What limitations should your IBC consider before opening a payoneer account?

There are certain limitations that need to be evaluated before deciding to open a payoneer business account. They are as follows:

• It is not an actual bank: Remember that Payoneer is not a bank and does not provide a bank account. It is a licensed digital financial platform which provides a virtual account number for global payment services.
• No in-cash payment facility: A payoneer account only offers virtual payment services which means your business cannot settle transactions with physical cash or notes.
• Restricted for high-risk businesses: A virtual payoneer business account is restricted to businesses that are risky in nature like gambling industry, illegal ventures and the ones that have violated the payoneer policies.
• Only for business transactions: A payoneer account must be solely used for business oriented transactions. That means you cannot use it to pay to your friends; it is built for B2B transactions only.

How to create payoneer account for IBC: Step by step guide

Opening a payoneer account for an International Business Company involves following some vital steps. Let us take a look at them:

Step 1: Visit the Payoneer website

The first step is to visit the official site of Payoneer and click the “open your account” option. Now decide whether you want to register for a freelancer or a business account.

Step 2: Provide your IBC details

The next step is to enter some important details of your registered IBC in the registration form. This includes:

• A valid company name
• Legal business structure
• Basic information of the company representative

Step 3: Upload all the necessary documents

Another important step is to obtain and submit all the necessary documents for fast approval and verification of the account.

Step 4: Provide the bank account details

Submit the account details of your local bank account for withdrawing funds from your Payoneer balance.

Step 5: Click for final submission

After entering all the necessary information including the document, the last step is to submit the registration form and wait for Payoneer verification and approval. An email will be sent by the Payoneer team once your Payoneer account is verified.

Bottom line

Opening a payoneer account for your International Business company is the best alternative for escaping from the never ending payment issues and high maintenance expenses faced with other financial services. But just securing this digital account is not enough; your company must be aware about the pros and cons of this digital service, the opening procedures and cost requirements attached with it. To conclude, if your IBC is looking for ease in doing global payments and expanding their market across multiple nations, a Payoneer business account is the best choice.

As we are partners with Payoneer, our team can provide assistance in opening a payoneer account for your business. So contact us today at Gryffin Capitalist to start with your payoneer account opening journey!