You can pick Payoneer or Bank as payout methods. Here, we’ll consider the 1st option.
Payoneer is the default payout method on Joom. Only corporate Payoneer accounts can be connected to Joom.
According to the Terms of Service, a merchant must be a legal entity to work on Joom. Merchants are prohibited from selling or transferring Joom Merchant accounts and usernames to another party.
Therefore, Joom will transfer money only to the COMPANY PAYONEER account. Using your personal Payoneer account is prohibited.
How to link a Payoneer account?
- Go to Merchant Panel and click your name in the right upper corner.
2. Choose Payout Settings → Payout Method → Add New Method.
3. Choose Payoneer as a type, create a custom name for a method, pick a currency, and indicate a minimum payout amount. Please refer to the Payout Settings article to learn more about it.
4. Click Save draft. If the Save draft button is not active, you need to fill out the KYC profile first.
After saving, you will be able to edit the payout method information in the future.
5. Click Connect Existing. You will be redirected to a Payoneer website.
Once you've logged in to your Payoneer account, Joom will provide Payoneer with company information you filled in your KYC profile:
- Business license number;
- Company registration country or region;
- Company registration document type.
Payoneer will check if the merchant company information provided by Joom matches the information provided to Payoneer by a merchant when registering. Also, Payoneer will check if information belongs to a corporate account, as Joom does not work with individuals.
We are going to add the option to create an account from the Merchant Panel. But for now, it is not available for all merchants.
How to create a Payoneer Account?
|1. Fill in the information about your company and authorized representative, and click “Register”.
|2. Provide your company’s business address and click “Next”.
|3. Fill in security details and click “Next”.
|4. Provide information about your bank account and click “Submit”.
Once all the information is filled out, you will gain access to your Payoneer account.
If you already have a Payoneer account but are unsure whether it is personal or not, you can identify it by the information in the upper-right corner of your Payoneer account.
This is how it looks like for a corporate account
This is how it looks like for a personal account
How does Joom verify a merchant's Payoneer account?
Joom makes sure that your Business license number provided in the KYC Profile matches the one we get from Payoneer.
We don’t compare company names or other information stated in Joom and Payoneer accounts, we check only the Business license number.
How to know if your Payoneer account has been successfully linked?
If your account passed matching, you will see the green Valid status on the Payout Method. It means your Payoneer account is linked, and you got your Payee ID (a unique identifier used between Joom and Payoneer and created in the process of linking Payoneer account).
How to link a new Payoneer Account?
You just need to create a new payout method with the Payoneer type. The old one will immediately unlink and stop working because only one Payoneer can be linked to a merchant account.
Don’t forget to choose the created method for your payout channel to receive payouts on it. Please refer to the article “Payout Settings” to learn more about it.
If you’d like to learn more about Bank as a payout method, please refer to this article.
Linking Payoneer FAQ
What if I face errors while linking Payoneer account?
There might be several reasons for that:
- Make sure your Payoneer account is a company account, not your personal one.
- Make sure that the company business license in Joom KYC Profile and Payoneer account match each other.
- Contact Payoneer customer support if you see error messages in the Payoneer account.
What if I can't receive payouts from Joom due to Payoneer account inactive status?
Please consult Payoneer.