If you want to invoice clients via Payoneer and ensure you get paid, you’ve come to the right place. In this blog post, we’ll walk you through the steps to create and send invoices using Payoneer. We’ll also introduce you to invoicing tools that let you bill clients in their currency and receive payments without incurring additional processing fees. Whether dealing with clients across borders or sending invoices to domestic clients, this guide will provide you with everything you need to know. Let’s get started!
Table of Contents:
How to Send an Invoice via Payoneer and Get Paid?
Here’s a step-by-step guide to sending an invoice and requesting payment with Payoneer:
1. Sign In or Register
First, sign in to your Payoneer account. If you don’t have an account, you must register to send payment requests.
2. Verify Your Account
If this is your first time using the ‘Request a Payment’ feature, you must provide information about your business and provide documents to confirm your identity.
3. Request a Payment
Once your account is verified, select ‘Request a Payment’ from the menu. Then, add the details of your client/payer.
4. Enter Client/Payer Details
After selecting the contact, please provide additional details about the payer, including whether they are an individual or a company and other identifying information.
5. Submit Payment Request Information
Fill in the required fields for your payment request:
- Payment amount
- Payment currency
- Description of services or products
- Payment due date
6. Create or Attach an Invoice
Payoneer’s ‘Request a Payment’ feature includes an integrated Free Invoice Builder that lets you create professional PDF invoices. Alternatively, you can attach your pre-made invoice. Let’s look at how you can do both:
1. Using the Free Invoice Builder:
- Select Payoneer’s built-in invoice generator.
- Choose a template and fill in the following invoice details, such as:
- Date of invoice issue
- Unique invoice number
- Company and customer information
- Quantity and description of supplies
- Date and point of supply
- Total amount payable
- Tax rates and values (if applicable)
- Download and save the created invoice.
2. Attaching Your Invoice:
- Upload a PDF of your self-made invoice to the payment request.
7. Preview and Send
Before sending the request, preview the email and the attached invoice. Once done, click ‘Request Payment.’ Your client will receive this invoice via email.
Payoneer Fees for Receiving Payments
When using Payoneer to receive client payments, it’s essential to know the associated fees. These fees vary depending on the payment method used by the client and the currency involved in the transactions. Here’s a breakdown of the fees you should be aware of:
Transaction Fees
- Credit Card Payments: When a client makes a payment using a credit card, Payoneer charges a 3% transaction fee. This fee is deducted from the total payment amount before it is credited to your Payoneer account.
- ACH Bank Debits: A 1% transaction fee applies to payments made via ACH bank transfers. This is a cost-effective option for clients with U.S. bank accounts.
Withdrawal Fees
Once the payment is received in your Payoneer account, you can quickly transfer it to your local bank account. The fee associated with withdrawing funds depends on the currency and destination.
- USD to USD Transfers: If you are withdrawing USD from your Payoneer account to a U.S. bank account, a fixed fee of $1.50 is charged per withdrawal.
- EUR and GBP Transfers: Similar fixed charges apply for withdrawals in EUR or GBP to respective local bank accounts.
- Other Currencies: When withdrawing funds to a local bank account in currencies other than USD, EUR, or GBP, Payoneer applies a currency conversion fee. The exchange rate used is 2% higher than the market rate.
Imagine you’ve received a payment of $1,000 from a client using a credit card. Here’s how the fees would apply:
1. Receiving the Payment:
- Payment Amount: $1,000
- Credit Card Transaction Fee (3%): $30
- Net Amount Received in Payoneer Account: $970
2. Withdrawing to a U.S. Bank Account:
- Withdrawal Amount: $970
- USD to USD Withdrawal Fee: $1.50
- Net Amount Deposited in Your Bank Account: $968.50
Better Alternative to Payoneer Invoicing: CheckYa
If you’re looking for a way to invoice clients internationally or domestically without incurring additional payment processing fees, tools like CheckYa offer a compelling alternative. Unlike Payoneer, CheckYa doesn’t require you to provide detailed information about your business or supply documents to confirm your identity when you invoice for the first time.
Here’s how CheckYa can simplify your invoicing process:
- You can quickly create an invoice within minutes.
- Connect CheckYa to your Stripe or PayPal account to handle payments.
- List all the services or products you’re charging for on the invoice.
- Decide whether to share the transaction fee with your clients or have them cover it, ensuring you receive the full payment for your work.
CheckYa stands out for its ability to process invoices in over 300 different currencies, allowing you to bill your clients in their local currency. This helps prevent any confusion and makes payments more accessible for your clients. Speaking of ease, your clients can choose from payment methods such as Google Pay, Apple Pay, bank ACH transfers, credit cards, debit cards, and PayPal. Providing multiple payment options is a convenience that your clients will appreciate and can lead to faster payments.
The main advantages of using CheckYa include:
- No Identity Verification: CheckYa allows you to start invoicing immediately without verifying your identity or providing personal business details.
- Keep Your Full Earnings: By having your clients pay the transaction fees, you get to keep 100% of the amount you charge.
- Invoicing in Multiple Currencies: You can invoice clients in their local currency out of over 300, significantly simplifying international transactions.
- Flexible Payment Options: Offering various payment methods can be a big plus for clients, making it more convenient for them to pay you on time.
Now, let’s see how the $1000 transaction would work with CheckYa, where you pass the PayPal fees and CheckYa’s fee to your client:
Receiving Payment via CheckYa:
- Payment Amount: $1,000
- PayPal Transaction Fee (3.49% + $0.49): $35.39
- CheckYa Fee (0.5%): $5
- Total Fees Passed to Client: $40.39
- Net Amount Received in Your PayPal Account: $1,000 (since fees are passed to the client)
By using CheckYa and passing the payment processing fees to your client, you effectively keep the $1,000 you invoiced.
Conclusion:
Following our outlined steps, you can quickly create and send invoices on Payoneer, ensuring you get paid promptly. For those looking to avoid additional payment processing fees, CheckYa is an excellent alternative. With CheckYa, you can start invoicing without detailed business verification, offer your clients various payment options, and pass the transaction fees on to them, allowing you to keep the total invoiced amount. Use these tools to bill international clients and ensure smooth, cost-effective transactions.
