What Are the payoneer business account requirements?

Payoneer is a US-based financial firm that offers secure online transactions and digital financial systems. Many freelancers, online influencers and digital marketers use Payoneer business accounts to get payments from across the world.

To know more about Payoneer business account requirements and how you can set up your Payoneer account easily read on.

Does Payoneer have a business account?

Yes, Payoneer has a business account. Payoneer has personal and business accounts, which many of its customers use to make safe transactions. You might ask, out of all reliable e-wallets available, Why choose Payoneer?. Payoneer offers many attractive features which makes online payments easy. You can use Payoneer business account to do the following :

Does Payoneer have a business account

Make easy international business payments

The Payoneer business accounts allow users to get paid in many currencies, bill their customers and make payments for several online businesses. This account offers many low cost and quick payments for everyone.

Receive payment in local bank account

When you open this business account, you can get paid in foreign currencies and transfer them into your bank account in minutes.

Bill your customers

Another feature that comes with the Payoneer business account is you can ask for payments from your global clients easily while offering them a simple and safe way to make payments online.

Receive funds from online marketplace and networks

Registering with the business account permits you to get payments from huge marketplaces like Airbnb, Fiverr, Upwork and others who may love to pay via Payoneer.

 Currency management

The Payoneer business account allows you to accept foreign currencies and use the Payoneer conversion service for worldwide payments.

These foreign currencies in your business account can be converted using the recent rates accepted worldwide

Make payments to contractors and remote staff

With the increase in remote employment, using the Payoneer business account becomes important. You can make salary payments to your staff and send funds to your international contractors securely.

Make online purchases

The business account allows you to use your money to buy from online stores and withdraw from global ATMs. eBay, Apple and other e-commerce platforms that accept Payoneer business account transactions.

Make free payments to other Payoneer account holders

When using the business account you can transfer funds to other Payoneer users without charges. Pay Taxes in Europe and the UK. The business account grants you the chance to pay all your taxes in the EU free.

All the requirements of Payoneer business account

Opening a Payoneer Business Account is simple when you have the right information. Here are the Payoneer business account requirements you need:

requirements of Payoneer business account

Have a physical address

Irrespective if your business is online or offline, Payoneer requires you to provide a traceable address before you can open a business account.

Many business account holders use the addresses of their solicitors or accountants, whichever you use, make sure you have an arrangement before opening the account.

Have a registered business in the country

You must have completed all the registration processes of your firm before you open a Payoneer Business Account. Also, ensure that your business type is legal and allowed by Payoneer to avoid your account being blocked or frozen.

State clearly if the business is a partnership model, or you are the sole owner. This is to avoid pitfalls which might occur in the future.

Get a Tax number

This is important especially if you reside in the UK. The House of companies in England issues a unique 10-digit number to every business owner.

Furthermore, some countries in the EU also give tax numbers to individuals and companies. You will need to ensure your tax records are good.

Have a recent photo

You will need to have a passport size picture, which you will upload to their site. Ensure the background is clear, and your face isn’t blurred.

Valid ID

You will need to have a genuine identification to prove you are a resident of the country and which line of work you are doing.

You can use your business ID, driver’s licence or other relevant methods of identification. These modes of identification should be active and not expired.

How do I set up a Payoneer business account?

To set up a Payoneer Business Account, here are the steps:

1. Fill the registration requirements

When you are on the Payoneer website kindly input your full names, address, date of birth and email information. You will also need to upload your pictures and phone number and a valid ID.

2. Choose your line of business

There are several options to choose from, which include freelancers, service providers, online sellers and SMEs. Choose as you fit, however, be careful not to fill in wrong information because it will be validated.

3.Select who your customers will be

You have to pick who your prospective clients will be. You can choose to be paid by foreign clients or marketplaces. Moreover, you can pay suppliers or other service providers.

4. Choose your expected monthly sales volumes

You will need to select how many transfers activity you expect in your business account. Depending on your line of work, you can choose the below $5,000 or $10,000 monthly option.

5.Click to register

At this stage, your registration process has begun, and you will need to fill the business you deal with. If you are a blogger or freelancer choose the individual option, however, if you own a firm, choose the company.

Don’t forget that if you choose a company, you must provide a tax receipt.

Note: You must be at least 18 years before you can register for a Payoneer Business


Final thoughts

Payoneer is an excellent choice for individuals and firms who do business online. Using the Payoneer business account allows an easy and secure mode of online payment.

We have put you through Payoneer business account requirements and how you can register a business today.