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3 ways your global customers can pay you directly

3 ways your global customers can pay you directly
By: Payoneer Posted On: October 22, 2018 View: 6

3 ways your global customers can pay you directly

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

Depending on where you or your client are located, several different payment methods will be available to choose from to pay the payment request, including: eChecklocal bank transfer, and credit or debit card . In this post, we outline everything you and your clients need to know about these payment methods.

What is an eCheck?

An eCheck is an electronic version of a paper check. It combines the 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:

  • Low cost: eChecks don’t have any deposit or transaction fees, so they are cheaper to process than paper checks or credit card payments.
  • Faster 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 using Payoneer

Your customers in the United States can pay you via eCheck.

eCheck

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? Between 3 to 5 business days
What is the fee? 0% transfer fee, 2% currency conversion fee

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

 Your clients can complete an eCheck payment in 3 easy steps:

  1. Your client 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 ≫

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, Europe, Canada and Australia so that you can receive payments in these countries like a local. This makes it very convenient for your international clients to pay you. No currency conversions or money wiring hassles for your clients, 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 using Payoneer:

Your clients, who are registered as companies in the US, UK, Europe. Canada and Australia can pay you via local bank transfer.

Local Bank Transfer

In which currencies can I get paid via local bank transfer? USD ($)
EUR (€)
GBP (£)
CAD ($)
AUD ($)
What are the payment limits per transaction? Minimum amount*: 20 USD/EUR/GBP/CAD/ AUD
Maximum amount: 100,000 USD/EUR/GBP/CAD/AUD
How long does it take to receive payment? Approximately 2 calendar days
What is the fee? 0% transfer fee, 2% currency conversion fee

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

Customers can complete a local bank transfer in 3 steps:

  1. You provide your client, who is paying you for services, with your local receiving account details located in your Payoneer account.
  2. Your client males a local bank transfer to your receiving account
  3. Payoneer automatically transfers the payment to your local bank account

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 using Payoneer

Your clients 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 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? Approximately 2 calendar days
What is the fee? 0% transfer fee, 2% currency conversion fee

*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).

Clients can complete a credit card payment in 3 steps:

  • Your client clicks the ‘Pay Now’ button in the payment request email they received from you.
  • They choose ‘Credit Card’ from the list of payment methods in the Payoneer platform.
  • 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 client 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 clients 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 clients 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 clients 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 clients 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.

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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There are plenty of online payment systems out there that you can use to conduct e-commerce activities. Top online payment systems for accepting payments on the Web.