How to Open a Payoneer Business Account?

Payoneer is a widely used international payment system trusted by over 5 million users across 190+ countries. It provides an easy and secure way for both individuals and businesses to carry out cross-border transactions in multiple currencies. With its growing popularity among entrepreneurs and freelancers, Payoneer has become a go-to solution for businesses looking to streamline their e-commerce activities, receive payments, and manage funds more efficiently.

In this guide, we’ll walk you through the steps to register a Payoneer business account, highlighting its benefits and how it can be a game-changer for your business. Whether you're looking to sell products online, offer freelance services, or simplify your international payments, this article will help you set up your account smoothly.

What Is a Payoneer business account?

A Payoneer business account is specifically designed to cater to the needs of companies and entrepreneurs. While both Personal and Business accounts are available, the business account provides a broader range of features to help manage financial activities for e-commerce and international business operations.

Difference between personal and business accounts

A personal account is meant for individual use, often for freelancers or those who need to receive payments occasionally. A business account, on the other hand, is tailored for companies, offering additional features such as invoicing, bulk payments, and enhanced financial management tools.

Benefits of a Payoneer business account

A business account on Payoneer offers u number of benefits. Here’re a few of them below:

Advanced features for businesses

Payoneer offers a range of tools for businesses, including billing services to send payment requests to clients, a simple way to convert currencies between balances, and payment collection capabilities to automatically receive funds from other Payoneer users.

Easy withdrawal of funds

Funds received in your Payoneer business account can be withdrawn in local currencies to a bank account of your choice. This simplifies the process of accessing your earnings and managing cash flow across borders.

Integration with marketplaces

One of the standout features of a Payoneer business account is its seamless integration with major marketplaces like Amazon, Walmart, and eBay. This makes it an ideal solution for e-commerce businesses that sell products globally.

Security and fraud prevention

Payoneer is dedicated to safeguarding your funds with innovative fraud prevention measures, compliance checks, and secure access controls to ensure your financial transactions are safe.

Full banking solution

Acting as a virtual global bank account, Payoneer provides access to banking details in multiple countries, including the US, UK, and EU. This allows you to receive payments as if you had a local bank account in these regions, making cross-border business easier and more efficient.

With these benefits, Payoneer stands as a comprehensive financial tool for businesses looking to expand their reach, handle payments effectively, and maintain secure transactions.

Step-by-step guide to registering a Payoneer business account

Creating a Payoneer business account is a straightforward process that will allow you to manage international transactions efficiently. Below, you'll find a detailed step-by-step guide to help you set up your account smoothly. Once completed, you'll be ready to start receiving payments from clients, marketplaces, or other business partners worldwide.

Step 1: Start registration on Payoneer website.
Head over to the Payoneer website, click the “Register” button, and start your account registration process.

Step 2: Choose your business type.
Select the category that best fits your business. Payoneer caters to multiple business types, such as freelancers, online sellers, or service/product-based companies. Pick the option that aligns with your business needs.

Step 3: Select the version of Payoneer that suits your needs.
Choose between receiving payments or using the account for broader financial services, like sending payments or holding multiple currencies.

Step 4: Fill in business details.
Under account type, choose “Company”. You'll need to provide important business information such as:

Legal name: the registered name of your company.
Business name: the name your business operates under, if different from the legal name.
Entity type: specify whether your company is a corporation, LLC, sole proprietorship, etc.
Website address: provide the link to your business’s official website.
Company representative’s details: enter the personal details of the person authorized to manage the account.

Step 5: Contact information and verification code.
Enter your company’s physical address and phone number. Afterward, Payoneer will send a verification code via SMS to the provided number. Use this code to verify your contact details.

Step 6: Create account security details.
To keep your account secure, create a username and password, choose a security question and answer, and specify the country that issued your ID. If applicable, provide your Employer Identification Number (EIN).

Step 7: Add banking information.
Connect your business bank account to Payoneer. Provide:

Country: where the bank account is located.
Currency: the currency in which your bank account operates.
Bank name: the full name of the bank.
Account owner details: name of the account holder (company or authorized representative).
Account type: choose whether it’s a business or personal account.

Step 8: Review and agree to terms.
Carefully review the terms of use, privacy policy, and applicable fees. If you agree, check the necessary boxes and hit Submit.

Step 9: Confirm email and provide additional information.
After submitting your application, check your email inbox. You’ll receive a verification email from Payoneer with a link to confirm your address. Follow any additional instructions provided to complete your account setup.

How to verify your Payoneer business account

Once you've completed your Payoneer registration, the next step is to verify your account. Verification ensures that the information you provided is accurate and aligns with Payoneer's requirements for secure transactions. The process is simple and usually takes just a few days to complete, after which your account will be fully operational.

Upload required documents.
You’ll need to provide digital copies of several documents to verify your business account details:

Address proof: documents like utility bills or lease agreements that confirm your company's registered address.
Bank account statement: a recent bank statement that matches the details of the bank account connected to your Payoneer account.
Business documents: legal documents such as the certificate of incorporation or articles of organization to verify your business entity.

Submit your documents for review.
Log in to your Payoneer account and navigate to the "Verification Center." Upload all the required documents, ensuring they are clear and up-to-date. Payoneer may also provide specific instructions for the type of documents accepted.
Wait for verification.
Payoneer's team will review your documents, and verification typically takes up to 3 business days. During this period, you will be notified of any additional information required or the status of your verification.

Completing the verification process is essential for fully activating your Payoneer business account. With your account verified, you'll gain access to all the features and benefits Payoneer offers for businesses.

How to connect Payoneer to a marketplace

One of the biggest advantages of a Payoneer business account is its seamless integration with major e-commerce platforms like Amazon. Connecting your Payoneer account to Amazon Seller Central allows you to receive payments from your sales directly into your Payoneer account, simplifying your business finances. Below we will describe how it’s done.

Find your receiving account details on Payoneer.
Log in to your Payoneer account and navigate to the “Receive” menu. Select "Receiving Accounts" to find the bank details for your Payoneer account, which will be used to receive payments from Amazon.
Link Payoneer to Amazon Seller Central via “deposit method”.
Log in to your Amazon Seller Central account. Go to the "Settings" menu, select "Deposit Method," and add a new deposit method. Here, you’ll enter the bank details of your Payoneer account as your payout bank.
Complete any required tax information.
If you are a non-US resident, Amazon may require you to submit tax information. Follow the on-screen prompts to fill out the tax interview form, indicating your non-US status to comply with Amazon’s tax policies.
Transfer funds from Amazon to Payoneer through Seller Central.
Once linked, Amazon will transfer your sales earnings to your Payoneer account based on your payout schedule. You can track and withdraw these funds easily through Payoneer.

Payoneer card for business accounts

The Payoneer card provides even greater flexibility for your business finances. Available as a plastic or virtual Mastercard, the Payoneer card allows you to access your Payoneer balance for ATM withdrawals, online shopping, and business payments.

Benefits of the Payoneer card include:

Instant access to your funds

Use the card for purchases or withdraw cash at ATMs worldwide.

Secure payments

The Mastercard is linked directly to your Payoneer balance, ensuring safe and easy transactions both online and offline.

Currency flexibility

Choose to link the card to your preferred currency balance, such as USD, EUR, or GBP.

To be eligible for a Payoneer card, your account must have received a minimum of $100 in payments within the last six months (excluding transfers from e-wallets like PayPal). Once eligible, you can proceed to order a card directly from your Payoneer account, be followingthese steps:

Choose plastic or virtual.
Decide whether you need a physical plastic card for in-store payments and cash withdrawals or a virtual card for online transactions only.
Select currency.
Choose the currency balance you wish to link the card to (e.g., USD, EUR).
Verify your address.
To receive a physical card, provide and verify your shipping address. For virtual cards, complete any additional verification steps required by Payoneer.

Once your card is approved, it will be issued within a few business days, and you can start using it to manage your business expenses and access your funds globally.

How to withdraw funds from Payoneer to a bank account?

Withdrawing funds from your Payoneer account to your local bank is a straightforward process. Payoneer enables you to access your money in local currency and manage it more easily by transferring to your preferred bank account.

Log in to your Payoneer account.
Access your account and go to the “Withdraw” menu.
Select “to bank account”.
Choose the option to withdraw your funds to your local bank account.
Choose the currency balance and account.
Select the currency balance from which you want to withdraw funds and the bank account you wish to transfer the money to.
Enter withdrawal amount and details.
Fill in the amount you want to withdraw and add a description for the transaction (if needed).
Confirm the withdrawal.
Review the details and confirm. Your funds will be transferred to your bank account, usually within 2-5 business days.

When withdrawing funds, it’s essential that the bank account is in the same name as the Payoneer account holder. Payoneer does not allow withdrawals to third-party bank accounts for security and compliance reasons.

Common challenges when using Payoneer and how to solve them

Like any payment platform, users may experience some challenges when using Payoneer. Below are common issues and solutions to help you navigate them efficiently.

Registration issues

Duplicate accounts: if you already have a Payoneer account, you may not be able to register a new one. Instead, update your existing account or contact support.
Restricted countries: Payoneer may not operate in certain countries. Ensure your country is eligible before registering.
Previously blocked accounts: if your account was blocked due to violations of terms, you may face difficulties re-registering. Contact Payoneer support for assistance.

Verification delays

Missing documents: ensure all required documents (e.g., ID proof, address verification) are uploaded in clear and correct format.
Incorrect details: double-check all information provided during registration, including business details and identification.

Bank account verification

If your bank account remains “pending approval,” this typically means additional documentation is required. Check your email or account dashboard for notifications, and provide the necessary information promptly to avoid delays.

Account blocks

Unauthorized transactions: Payoneer may block accounts with unusual or unauthorized activity. Ensure all transactions are legitimate and within Payoneer’s terms.
Multiple accounts: having more than one account per individual or business can lead to blocking. Stick to one account to avoid issues.
Suspicious activity: if Payoneer detects irregular account behavior (e.g., access from unknown locations), they may suspend access. Verify your identity and confirm your activities to reinstate your account.

By understanding these common challenges and how to resolve them, you can ensure a smoother experience while using Payoneer for your business needs.

Final thoughts

Setting up and using a Payoneer business account is a great way to streamline your international transactions. While there may be occasional challenges, following the right steps and being aware of Payoneer's policies will help you use your account effectively.

If you need any assistance with setting up your Payoneer business account, our team at SellerSail is here to help. We offer expert guidance and support to ensure you make the most of Payoneer for your business needs. Reach out to us, and we'll make your Payoneer journey smooth and hassle-free.