Payoneer allows organizations to pay large numbers of people around the world, efficiently and securely directly to their co-branded prepaid MasterCard cards, avoiding the delays and heavy surcharges of more traditional methods such as bank transfers and international checks. Payoneer is a privately-held company and a registered MSP with MasterCard.
Payment recipients 18 years or older can order a card by filling out a form online on a Payoneer partner website. When a card is first received (through the mail), it needs to be activated for security reasons. Once loaded, it can be used for purchases or cash withdrawals just like any other MasterCard card and can be used anywhere debit MasterCard is accepted. Cardholders and others who have the cardholder’s email address or the card number can load anywhere from $20 to $1000 per day onto the Payoneer card.
Fees associated with owning a card may vary according to the Payoneer partner. Activation may requires a one time fee of up to $9.95, “monthly maintenance” may cost you up to $3/month and loading money onto the card will usually set you back 3.5% of the loaded amount. Once a card has a zero balance for 60 days it’s automatically deactivated.
Payoneer offers their business customers a co-branded MasterCard. Among their over 250 clients are oDesk, MetaCafe, Amie Street and iStockphoto.
The company is headquartered in New York with R&D offices in Tel-Aviv, Israel. They work with the First Bank of Delaware to issue and process cards.