Open a Business Card with Payoneer Commercial Mastercard® | Payoneer (2024)

FAQs

Can I open a business account with Payoneer? ›

The Payoneer Business Account is designed for sending and receiving cross-border payments. It's particularly good for ecommerce businesses. It offers a range of features, services and tools to help businesses pay and get paid by global clients, suppliers, staff and contractors.

The Payoneer card is a physical or virtual business credit card that you can associate with the USD, EUR, GBP, or CAD balances in your Payoneer account. The virtual card can be used to purchase online, and the physical card can be also used in stores and ATMs anywhere Mastercard® is accepted.

To obtain a business Payoneer account, you will be asked to submit certain personal and company identification documents. Besides, you will need to provide some additional information that covers your company details and the scope of your business.

🏢 In the settings, look for an option like "Upgrade to Business Account" or "Convert to Business Account." Click on it. 📋 You will be asked to provide some additional information about your business, such as your business name, business type, description, and website (if applicable). Fill in these details accurately.

You will need an official photo ID, proof of home address, bank statements from your home country bank, and perhaps other verification. Ask the bank for details. To open a business account, you will need to register as a business in one of the 50 States, preferably where you will be doing most of your business.

Pros & Cons

Limited functionality; can't accept in-person payments. Customers report account freezes and terminations, resulting in the loss of funds. Must pay a withdrawal fee to move funds from your Payoneer account to your bank account.

Annual account fee

If you keep your account open for 12 months without making a transaction in your Payoneer account or on your Payoneer card, you'll be charged a $29.95 fee.

Virtual has no fees.

How much does a Payoneer card cost? ›

The approval process is usually quick and takes 24 to 72 hours. Select Banks & cards → Payoneer cards. Click on Order a card. Select the card type you would like to use – physical or virtual.

With Payoneer you can get your own bank account details in Americas, Europe, Asia so you can get paid in popular currencies, as if you were a local.

Payoneer enables your business to keep more of your earnings. One account increases transparency across your world of payments, no matter how much volume you have. And when you've been paid, you've got multiple ways to use your funds.

Payoneer allows only one account per person. If your account application is declined for reason of already having an existing account, this FAQ might help you.

FAQs. Are there any fees associated with using a Payoneer multi-currency business account? There is a 0-1%* fee for each payment received via local bank transfer in USD. Payments received in all other currencies are free of charge.

Note: If you run an individual business (for example a sole proprietorship) that is not registered, please sign up to Payoneer as an individual.

There are a variety of options to receive money with your Payoneer account: Local receiving accounts are like bank account details from Payoneer. While we aren't a bank, the account details we provide you can receive funds just like a bank account would so your clients or marketplaces like Amazon can send you payments.