Online businesses working with affiliates, vendors and freelancers or requiring mass payouts for clinical trials and travelers expenses have a need for mass pay globally. Companies commonly make group payments through bank checks and international wire transfers. For these types of payments, the recipient must have a bank account, wait several hours to several days for transfer completion, or several weeks for an international check to clear. There are fees for each transfer and the payee must maintain bank accounts with US affiliated banks, usually with regular and substantial fees. As online businesses are increasing relationships with contractors, affiliates and freelancers in countries such as Brazil, Russia, India and China, mass payouts are even more complicated as locals may not readily have bank accounts with US affiliated banks, and the international wire transfers and check processing can reach $20-$40.
Payoneer addresses mass payout through a globally issued prepaid MasterCard® card. Mass payouts are made through a simple online process. The funds will become available immediately on the international prepaid card, with a minimal load fee. The recipient may use the prepaid MasterCard card everywhere Debit MasterCard is accepted at Point-of-Sale or online, free of charge, and may withdraw funds in local currency at an ATM for a nominal charge.
The turn-key, safe, efficient and cost-savings mass payout solution is a great alternative for any web-based business requiring group payments. For further information and to receive a customized offer, please contact Payoneer at sales@payoneer.com.
