Payoneer is an Internet-based financial services business that allows users to transfer money and receive payments through re-loadable prepaid MasterCard debit cards. The company focuses on specific payment solutions, primarily affiliate, mass payments, Local Electronic Funds Transfer (EFT), merchant accounts, and payout programs in countries with underdeveloped banking systems.
Payoneer is a registered Member Service Provider (MSP) of MasterCard worldwide. The Company is headquartered in New York City with R&D offices in Petah Tikva, Israel. Payoneer has received venture funding from Greylock Partners, Carmel Ventures, and Crossbar Capital.[1][2]

[edit]Business model

Many card issuing banks issue prepaid Visa Inc. or MasterCard debit cards either directly or through Member Service Providers (MSPs). In order to compete, many of these organizations target specific markets, where they can differentiate their products. Payoneer pursues a number of markets by providing salary and commission payout solutions for industries like affiliate marketing,[3] summer camps,[4] freelancers,[5] direct selling[6] and clinical trials.[7]
Techcrunch described Payoneer as a competitor to paypai, having an "advantage over paypai in the micro-payments arena" because "it makes international payments easier by not requiring a bank account for verification."[1] According to The New York Observer, a large share of the traffic to Payoneer's web site comes from Russia and Central Asian countries like Kyrgyzstan, Uzbekistan and Kazakhstan.[8] Payoneer has a partnership with the freelance-marketplace firm Guru.com; 85% of Guru.com pay card holders are from outside USA.[9]
The New York Observer reports that Payoneer uses MetaBank and Belize’s Choice Bank Limited for some of its services, after it has used the First Bank of Delaware in the past.[8] This information can also be obtained when you activate their cards with their partners - in small print on a website visible for 30 seconds.
[edit]Services

Payoneer provides several electronic payment services. [10]
[edit]Online Payment Services
Debit MasterCard; A prepaid debit card accepted in 210 countries.
Virtual Card; Virtual card is a non-physical card that allows payments online or mail order.
Local Bank Transfer; This service allows users to transfer funds to bank accounts in local currency.
International Checks; Payoneer provides services for international checks in local currency.
Local e-Wallets

[edit]Payment Services for Travelers
The Payoneer Travel Prepaid MasterCard is a prepaid card accepted in multiple locations worldwide, where debit MasterCard is accepted. Travelers can use the card at a point of sale location to make purchases and at an ATM to withdraw cash. [11] The Payoneer Prepaid MasterCard can be used for online transactions whenever a debit MasterCard is an acceptable form of payment.
[edit]US Payment Service
The US Payment Service was designed to allow payees world-wide to receive payments from US corporations initiated through the ACH network (Automated Clearing House). These funds are loaded onto Payoneer prepaid debit cards and can be withdrawn at ATMs and used at merchants accepting MasterCard. The service allows non-US residents to be paid by “accredited” American companies as if they actually lived in the United States. The system is supported by a security-centric platform that assures adherence to international regulations, as well as the authentication of participants and transactions. [12]

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