Payoneer Inc
The privately held company provides specialized MasterCard® cards to its clients, with branding and design that includes the MasterCard® logo. Web-based businesses, clinical trials, and study abroad programs are a few types of Payoneer customers.
Based in New York with offices in Tel Aviv, Payoneer is a registered MasterCard® Merchant Service Provider (MSP) and uses Choice Bank Limited and First Covenant Bank for its servicing. Greylock Partners, Carmel Ventures, and Crossbar Capital provided the funding for Payoneer, which was founded in 2005 The company was founded by Yuval Tal, known for more than two decades for his expertise in prepaid card servicing, currency exchange, and security technology. Prior to founding Payoneer, he was the co-founder of E4X, now FiftyOne. The half-billion-dollar company was one of the first in the international payment systems industry. Israeli born, he received all of this higher education at Tel Aviv University, including a Master's degree in biomedical engineering, and a Bachelor’s degree in mechanical engineering.
When a business or organization integrates with Payoneer, its recipients can load receive unlimited funds from partners. They can use the card at registers or ATMs, and they can monitor their account online. First, the recipient, who must be 18 or older, must order the card by mail and activate it per Payoneer's instructions. There typically is anactivation fee, a monthly service fee of up to $3 a month, and a foreign exchange rate for funds withdrawn in a currency other than USD. Users may save on surcharges by avoiding ATM machines, and they can use the cash back option if it is available at registers. The Foreign Exchange rate is determined by MasterCard® at point of sale or when the recipient accesses funds from an ATM machine. If the account has an empty balance for more than 60 days, the card is deactivated, but is automatically reactivated when a new payment is made.
Further Reading: