Connecting Payoneer to Paypal is something essential for any eBay dropshipper. Why? Because it will help you to save fees on currency exchange, and you can use it to pay your suppliers on AliExpress or in any other platform.
Also, it is comfortable for some virtual assistants to get paid using Payoneer due to some regulations. Without mentioning that they can easily withdraw their funds using Payoneer’s Prepaid Mastercard.
First of all, what it Payoneer and why it is so important to link your Payoneer account with your PayPal account?
1/ What is Payoneer?
Payoneer is an online bank account same as PayPal and any other online bank services.
But Payoneer has some significant benefits which can help your dropshipping business.
2) Payoneer Major Benefits:
– A Reasonable Exchange Rate:
Payoneer has an outstanding exchange rate, which means that you can transfer your USD dollar very cheap because the exchange rates are very reasonable.
– Prepaid Debit Card:
With Payoneer, you can get a prepaid Mastercard which you can use for all your payments on the internet.
You can pay using Payoneer’s Mastercard on AliExpress, Amazon, or any other platform. Also, you can send money directly to your suppliers using the Payoneer account so you can avoid PayPal’s crazy fees.
3) The Relation Between PayPal and Payoneer:
The problem is that PayPal and Payoneer are not working together. They are competitors!
Payoneer does not have any problem with connecting your Payoneer account to your PayPal account. But PayPal does not allow this.
You can still use these simple steps so you will be able to connect your Payoneer account to your PayPal account.
4) How to link Payonner account to PayPal account?
– The Payoneer Side:
The first thing is that you need to login to your Payoneer account, which you can create from here.
The Payoneer default fees are 1% on every payment received from PayPal, but if you register using our link, Payoneer will waive the 1% fee for you.
After you log in to your Payoneer Account, you need to click on the “Receive” tab then choose the “Global Payment Service” option
After that, you will get redirected to this Page.
On this page, you need to click on the USD Tab, and by default, you will have the first-century bank as the bank for USD currency.
The issue is that you can not connect the “First Century Bank” account with PayPal because they know that this is a Payoneer’s account based on the routing number.
All you need to do is to contact Payoneer and ask them to assign you the “Community Federal Savings Bank” Bank account.
Payoneer will create this account for you within two business days.
– The PayPal Side:
Now, after you have the Community Federal Savings Bank Account, you need to log in to your PayPal account, and then click on “Get Your Money” or “Withdraw Funds” at the left of the page.
After clicking the get your money button, you will get redirected to this page.
Now, click “add a bank account.”
On this page, you need to put the bank’s information details which Payoneer provides you with and then click “Agree and Link”.
After that, your account will get connected to PayPal.
In some cases, PayPal will prompt you with an error message when you try to connect your Payoneer’s account.
All you need to do is to call PayPal and tell them that you are unable to connect your USA bank account.
PayPal will ask you why do you want to connect it, tell them that you want to be able to manage your cash flow or to withdraw your funds to pay your supplier. Then they will allow you to do this.
Then you can start withdrawing your funds from PayPal to Payoneer bank account so that you can pay your supplier, your virtual assistants, and for any other payments.