Saving on International Foreign money Transaction Charges with Payoneer


Episode Transcript


David De Souza: At this time I am right here with Doreen from Payoneer. At this time we’ll talk about an enormous problem eCommerce sellers expertise when rising their enterprise internationally, particularly funds and coping with overseas forex. I am actually pumped to carry this episode to you guys as it may well significantly prevent numerous time and some huge cash. Welcome Doreen.

Doreen: Thanks for having me, David.

David De Souza: Thanks for approaching the present. Earlier than we dive in, why do not you inform us just a little bit about Payoneer and what Payoneer does?

Doreen: Certain. Payoneer is a frontrunner in facilitating cross border funds with 12 workplaces worldwide and over a thousand workers, payoneer empowers world commerce by enabling corporations comparable to Amazon, Airbnb, Upwork to distribute funds to over 4 million professionals throughout the globe. As properly, Payoneer is regulated and compliance in lots of nations and on account of our actually broad world footprint, we provide help 24 seven in over 35 languages.

David De Souza: That is superior. I need to even simply spotlight there, I imply that is nice to see that you simply guys work with massive corporations and first off, sellers should not be apprehensive about utilizing Payoneer and also you’re a reputable group.

Doreen: Precisely. Yep.

David De Souza: Let’s dive in and why do not you inform us just a little bit in regards to the widespread challenges that sellers face when promoting internationally?

Doreen: Sellers face a number of very important challenges when promoting internationally. Firstly, localization. When promoting into new markets, sellers must translate their listings and do numerous analysis to know which merchandise promote greatest in every markets with a purpose to obtain success. Secondly, logistics, clearly sellers must discover a dependable logistics firm that’s prepared to ship internationally to success facilities or on to buyers at a sustainable price. Thirdly, now we have compliance. When sellers attain a sure threshold of their gross sales quantity, they’re required to adjust to native tax authority necessities, whether or not this be gross sales tax within the U.S. or VAT in Europe. And lastly, and the explanation why we’re right here immediately, now we have funds, which is a very massive problem for sellers. Sellers must discover a supplier who can deal with incoming funds from marketplaces, outgoing funds to suppliers and repair suppliers, typically throughout a number of currencies and platforms. That is the place Payoneer is available in.

David De Souza: Yeah, no, I imply it is one of many explanation why I wished to have you ever guys on the present and I can not stress it. One thing that could be lots of people do not consider using providers like Payoneer can truly prevent a lot cash. It is ridiculous. Particularly if you happen to’re cashing out often. Need to actually spotlight that to my listeners. However Doreen, I imply inform us in your phrases, why ought to prospects use Payoneer as a substitute of merely utilizing Amazon or different fee processes to facilitate overseas forex funds?

Doreen: That is an excellent query, David. Payoneer gives an entire finish to finish answer for on-line sellers worldwide. Sellers can each obtain funds and make funds in a number of currencies. As an example, sellers can join their Payoneer account to, for example Amazon, obtain their earnings after which use these funds to pay out their suppliers, logistics corporations and VAT obligations all from one account, which is tremendous, tremendous straightforward and environment friendly and as you stated, very price efficient. So far as forex change charges go, Payoneer gives aggressive charges with full transparency with regard to charges. Foreign money change charges are solely charged when withdrawing funds from Payoneer to a neighborhood checking account in one other currencies. Now it is also essential to say that as your gross sales quantity will increase on these totally different marketplaces, we cut back your change charge.

David De Souza: Yeah, I imply, I significantly was blown away after I first began promoting and realized simply how a lot might be saved for actually just about doing nothing extra. I do know I’ve stated it earlier than, however I actually need to make it abundantly clear which you could say each money and time, however let’s transfer on and Doreen, inform us just a little bit extra in regards to the platforms that Payoneer does work with.

Doreen: Certain. Payoneer has a community of over 3000 companions together with world e-commerce marketplaces like Amazon and Rakuten. However we additionally serve professionals and freelancers and work with marketplaces comparable to Upwork, Fiverr, and plenty of extra of the well-known marketplaces that you have heard of.

David De Souza: Simply to make clear, do you solely work with corporations, people? How does that work?

Doreen: We get that query lots. Payoneer serves a wide range of corporations and professionals from many alternative fields. It is actually essential to focus on that Payoneer providers are directed at receiving and sending business-related funds and isn’t a private e-wallet.

David De Souza: Okay. Does that imply that you should be an organization or how does that are likely to work? Can sole merchants, for instance, use Payoneer?

Doreen: Certain. You do not have to be an organization, however it’s important to use Payoneer for a enterprise associated fee transactions. You’ll be able to enroll as a person or an organization.

David De Souza: Okay, excellent. I believe that is a vital distinction to make. How can Payoneer serve sellers promoting on platforms comparable to Amazon or Walmart?

Doreen: Payoneer gives its customers with digital assortment accounts in a number of totally different currencies. These accounts function type of a digital checking account. As an example, sellers could get entry to a U.S. {Dollars} assortment account, which they will present as their native USD account in Amazon vendor central. And that is far less complicated than attempting to open a bodily checking account within the U.S.

David De Souza: Would it not be honest to say that Payoneer accessible worldwide?

Doreen: Sure. Payoneer is on the market in over 200 nations and territories.

David De Souza: Okay, cool. I suppose one of many massive ones is how precisely are sellers capable of entry and spend their cash?

Doreen: Yeah, that is undoubtedly an enormous one. There are just a few other ways during which Payoneer customers can entry their cash. As soon as funds are obtained right into a consumer’s Payoneer account, the consumer pays one other Payoneer consumer totally free. As an example, whether or not it to be a logistics firm, a VAT compliance firm, an optimization software program that the vendor is utilizing. If that firm has a Payoneer account, the transaction is free. The consumer may pay the tax authorities totally free. We spoke about to the large problem of compliance, so this actually helps sellers type of clear up this drawback in some senses. In the case of the fee side, the consumer can withdraw funds to their native checking account of their native forex and apply for a Payoneer MasterCard and use the funds in retailer, on-line or at ATMs.

David De Souza: Okay, simply wished to the touch on two of these factors as a result of I do know numerous my customers who say are based mostly within the U.S. and need to possibly pay HMRC within the UK, their tax obligation or vice versa. Is that one thing that Payoneer may also help sellers from both facet of the pond pay their tax obligations then?

Doreen: Certain. That is one thing that we provide. We do have a VAT product which is fairly self-serve and it is free. The vendor might want to work with some type of a VAT compliance firm to register and file, however we are able to at all times assist with the fee, so we may also help the vendor pay on to the HMRC from their Payoneer account totally free.

David De Souza: Okay. The opposite concern or the opposite side of your product that I wished to focus on, as a result of I personally assume that is actually cool and solves a large number of various points. Inform us just a little bit extra in regards to the Payoneer MasterCard. Is that simply a typical MasterCard that you should utilize anyplace on this planet?

Doreen: Yep. It is simply a typical MasterCard.

David De Souza: Okay, excellent. Inform us just a little bit extra in regards to the denominated forex accounts that prospects can get.

Doreen: Sure, so we’re frequently rising the currencies which might be accessible, however at the moment now we have, for eligible customers, now we have assortment accounts in U.S. {dollars}, British kilos, euros, Japanese yen, Chinese language yuan and Canadian {dollars}, and shortly we can have Australian {dollars} as properly.

David De Souza: Oh, superior. Then I suppose that ties in completely with the launch of Amazon in Australia.

Doreen: Precisely.

David De Souza: Inform us extra about how sellers can get began and just a little bit in regards to the utility course of. What could be the simplest method for them to get on high of that?

Doreen: Certain. David has, you could have all the knowledge, you could have a hyperlink, your listeners can enroll by means of this hyperlink. It is fully free to enroll and it takes round 5 to 10 minutes. There are solely 4 steps within the signup course of and when you enroll and begin utilizing our providers, you possibly can truly obtain a bonus of $50. Since you’re all coming by means of David and we work actually carefully with David, we clearly will give you the most effective service doable. We’ll be sure that we give you decrease [inaudible] charges if wanted. And that is all. It is very straightforward.

David De Souza: Yeah, I personally use Payoneer and I believe it is superior. However guys, you may get $50. I extremely advocate you to attempt it out. It’s a nice service and even for issues like paying your tax obligations, the MasterCard and the higher change charges, can not advocate it sufficient. Now Doreen, I actually need to thanks for approaching the present immediately. I do know it truly has been a brief, sharp and punchy podcast, however this for me has actually been one of many facets in my enterprise that has gone forward and saved me hundreds of hundreds of kilos simply because it is one thing that you do not even take into consideration. I can not stress it sufficient. It is like once you go touring abroad. Individuals and banks do not actually let you know in regards to the overseas forex change charges, and Payoneer is doing an excellent service for eCommerce sellers and for that motive, I need to thanks a lot in your time. It has been a pleasure and an enormous thanks to my listeners. In the event you discovered this handy, please, please, please go away me a overview on iTunes.