Friday, February 26, 2010

Payoneer’s Prepaid Mastercard: Questions and Answers

Following our recent announcement about our new payment option, here are some questions and answers:

How can I change the payout method to Payoneer?

Log in to the Control Center, click on Tools & Settings > Your Profile, select Payoneer Mastercard as your Payout method for Regular Credit Card Payments and DON'T FORGET TO PRESS THE MODIFY button!

How much fee do I have to pay for Hotspotsystem for loading the card?

You don't have to pay any fees for this. It's free!

What is the minimum payment I can get loaded on the card?

It's $100 USD / 75 EUR / 100 AUD / 65 GBP / 700 SEK.

What happens with the card if I don't get a payment from you in every month?

If the balance on the card is $0 for 60 days, it will be deactivated. You can lower the payment limit to $100 to receive frequent payments, or be sure to leave some money on the card (and keep in mind that they will deduct a monthly fee from the balance every month).

Who is Payoneer?

Founded in 2005, Payoneer Inc. provides fully-hosted prepaid MasterCard solutions for organizations that need to remit payments to remote, dispersed populations worldwide. Payoneer's turnkey prepaid card platform enables companies of all sizes to optimize their payments delivery by replacing traditional payment methods with prepaid MasterCard cards and recurring electronic transactions. Payoneer is a registered MSP with MasterCard Worldwide and an approved partner of Meta Payment Systems®, a division of MetaBank. Payoneer is headquartered in New York and maintains its R&D center in Tel Aviv, Israel. Payoneer is privately held with venture funding from Carmel Ventures, Greylock Partners and Crossbar Capital. For more information, please visit:

Payoneer recently named Winner in Fourth Annual Paybefore Awards.

How does the Prepaid Mastercard work?

Payoneer's system requires an initial approval from Payoneer. After your application is reviewed and approved, a personalized debit card will be mailed to you. Once received and activated (follow instructions given by them), you can use it like any other Mastercard, to pay directly at merchants or to withdraw from an ATM machine. You can see a video demostration at the end of the post.

What are the fees of Payoneer's Prepaid Mastercard?

If I receive a prepaid MasterCard card, what am I committed to?

Nothing. You can use the card to obtain cash for your funds, use it in stores or online. If you decide to use the card, it can be loaded and used multiple times. Once the money on the card is depleted, and your card has a zero balance for 60 days, the card will automatically be deactivated and you have no further obligations with respect to the card.

What happens to my card if I don't use it?

If the card value is depleted and remains at a zero balance, no monthly maintenance fees are charged until funds are loaded onto the card again.

What foreign exchange (FX) rate is used?

Payoneer's Prepaid Mastercards are USD based. If you charge your customers in EUR, GBP, AUD, NZD or SEK, we will convert this amount to USD before loading your card using our bank's exchange rates.

In a non-USD based ATM or purchase, there will be an other conversion. In this case, Foreign Exchange Conversion rate is computed at the time of the transaction, whether at a retail venue or at an ATM. Conversion rates are calculated based on daily rates adopted by MasterCard (can be up to 2.2% above market rate), any fees applicable by the retail or ATM location and other processing entities.

How does my card work at an ATM?

Your card can be used at any ATM that displays the MasterCard acceptance mark. Withdrawal limits at ATMs may vary. The daily withdrawal limit is generally $1000, but the ATM you choose may be limited to providing a lower amount.

For more FAQ you can visit .