How does Payoneer work?

Payoneer is the payment platform used by Playroll to ensure that contractors receive payment for their invoices in a timely manner. Contractors must first create their Payoneer account and link it to their Playroll profile before they can receive payments.

Advantages of Using Payoneer

• Automated Payments: Payoneer allows for seamless payment processing to contractors.
• Global Reach: Contractors can receive payments in multiple currencies and transfer funds from their Payoneer account to their local bank account. If they have a Payoneer Prepaid Mastercard, they can also withdraw funds from an ATM that accepts Mastercard.
• No Fees for Payoneer-to-Payoneer Transfers: if both
• Tax Administration: Payoneer supports various tax forms and automated record-keeping for easier compliance.

Disadvantages of Using Payoneer

• Fees: Contractors incur fees based on how they withdraw money. These fees can be up to 2% for currency conversion when withdrawing to a local bank account in a different currency (https://www.nerdwallet.com/reviews/small-business/payoneer, https://blog.payoneer.com/how-to/access-funds/payoneer-withdrawal-fees/)
• Account Maintenance Fee: Inactive accounts that receive less than $2,000 annually incur a $29.95 maintenance fee (https://www1.payoneer.com/in/about/fees/ )
• Exchange Rate Markups: When using the Payoneer Mastercard, a currency conversion fee of up to 3.5% applies (https://wise.com/us/blog/payoneer-vs-hyperwallet ).