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Draft2Digital and Payoneer

4K views 13 replies 11 participants last post by  Elizabeth Barone 
#1 ·
Sorry if this has already been mentioned, but Draft2Digital have partnered with Payoneer for royalty payments.


The email says

"Draft2Digital Partners with Payoneer for Faster, Easier Author Payments
We are excited to announce we have partnered with Payoneer to offer you a fast, low-cost and easy way for international authors to receive royalty payments.

Payoneer is a globally-focused digital financial platform that serves millions of customers from over 200 countries, and in more than 150 currencies. It is trusted by some of the most recognizable businesses on the planet, including Amazon, Getty Images, Google, and Upwork.

With Payoneer, you'll be able to have Draft2Digital payments transferred directly to your bank account in 1-3 business days, and receive your payments in local funds. And you'll pay only a low, flat $3 fee per transfer.

If you prefer, you also have the option of selecting the Payoneer Prepaid MasterCard, which would apply funds to a card you can use for direct purchases.

We are very pleased with the benefits that Payoneer brings to our authors, and we encourage you to consider the service as a faster and more secure payment method over other methods, such as payment by check."

As someone in the UK, I'm happy enough with Paypal. Any fellow Brits used Payoneer before, and if so, would you recommend it over Paypal?


 
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#3 ·
I'm in the U.S., so I guess this doesn't affect me, but I've never heard of Payoneer. PayPal has been around for a while and I've used them for years; I trust them. I don't see any reason to change payment options. Do international authors not get paid monthly? I'm just not understanding the appeal here.
 
#4 ·
elizabethbarone said:
I'm in the U.S., so I guess this doesn't affect me, but I've never heard of Payoneer. PayPal has been around for a while and I've used them for years; I trust them. I don't see any reason to change payment options. Do international authors not get paid monthly? I'm just not understanding the appeal here.
I think there was a thread about Payoneer for non-U.S. authors a few weeks ago. I'm in the U.S. too, though, so I didn't pay much attention to it.
 
#5 ·
elizabethbarone said:
I'm in the U.S., so I guess this doesn't affect me, but I've never heard of Payoneer. PayPal has been around for a while and I've used them for years; I trust them. I don't see any reason to change payment options. Do international authors not get paid monthly? I'm just not understanding the appeal here.
Yes, we get paid monthly. If I can, I'm going to stick with Paypal (unless D2D stop using them). I don't fancy paying $3 (or £ equivalent for every transfer).
 
#8 ·
As a UK resident I get bank payments from D2D and switched from Smashwords for my non-direct retailers because of EU anti-laundering laws meaning that I would need to organise a lift of PayPal limits if I sold well. Payoneer would be useful for an EU resident not in the EU and possibly some other locales.
 
#9 ·
I use payoneer for my payments from Amazon, streetlib and d2d.

When I set my account up with d2d I just used my payoneer account as if it were a US bank account. I'm pretty sure I've received payments from them without a $3 fee.

Will go and check, though - I only sell a little bit through d2d and $3 off every payment (plus the payoneer fee) would cut into that quite a lot.
 
#10 ·
elizabethbarone said:
I'm in the U.S., so I guess this doesn't affect me, but I've never heard of Payoneer. PayPal has been around for a while and I've used them for years; I trust them. I don't see any reason to change payment options. Do international authors not get paid monthly? I'm just not understanding the appeal here.
PayPal charges me 3 Euro for withdrawals so this would be marginally cheaper. But the real difference could be in exchange rates. PayPal's can be poor and international people should check if their bank's rate is superior as that could make a real difference as the Payoneer payment would act (I think, assuming) like a normal transfer into the account and get the preferred exchange rate, rather than the one you would get walking in and changing cash.

Sometimes the difference is considerable.

For example, at the moment my bank buys US dollars at 1.1609 - that's the rate applied to incoming international payments. But PayPal buys them at 1.19.

So if you have US$1,000 in sales that will turn into 837.33 Euro via PayPal (after fees) and 858.82 Euro via Payoneer and my bank (also after fees).

That adds up!
 
G
#12 ·
I've just opened an account with Payoneer, but have also opened a borderless account with Transferwise. FYI they give me a US$ bank account, a Frankfurt Euro Account and a UK £ account and I avoid all of the problems associated with opening these directly because they are all linked to my UK normal bank account (So, I'm identified by their fraud prevention systems).

I just got paid by D2D and the money will sit there in US$ until I want to change it into Euros or £ whereby I will simply move it to the account in question at the mid-rate quoted on the exchange for that moment.

I'm considering organising my Amazon payments to them as well now.
 
#14 ·
Travelian said:
Paypal isn't available in every country. So my guess is this is just a payment option to attract more international writers from the affected countries.
dgaughran said:
PayPal charges me 3 Euro for withdrawals so this would be marginally cheaper. But the real difference could be in exchange rates. PayPal's can be poor and international people should check if their bank's rate is superior as that could make a real difference as the Payoneer payment would act (I think, assuming) like a normal transfer into the account and get the preferred exchange rate, rather than the one you would get walking in and changing cash.

Sometimes the difference is considerable.

For example, at the moment my bank buys US dollars at 1.1609 - that's the rate applied to incoming international payments. But PayPal buys them at 1.19.

So if you have US$1,000 in sales that will turn into 837.33 Euro via PayPal (after fees) and 858.82 Euro via Payoneer and my bank (also after fees).

That adds up!
Ah, makes sense. Thanks for explaining, guys!
 
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