The Easiest Way to Pay Your Remote Team Regularly: Simplifying Cross-Country Payments

Managing regular payments for remote teams can be challenging, especially when dealing with different countries and currencies. Fortunately, there are several effective methods that can help streamline this process and ensure compliance and efficiency.

Understanding Payment Options for Remote Teams

When dealing with international remote teams, you have to consider legal requirements and the practicality of the payment methods available. If your workers are classified as employees, you typically need a legal entity in the country of employment or the option to partner with an Employer of Record (EOR). For contractors, companies can automate payments through banks or Payment Service Providers (PSPs).

Banking Solutions for Automated Payments

Banks often offer automatic bill payments, but their support may be limited to specific countries and currencies. International payments can take 2 to 7 business days, and fees such as FX markups, service charges, and correspondent bank fees can add up quickly.

Payment Service Providers (PSPs)

PSPs provide similar automated payment options and cover more countries and currencies. While this can be more cost-effective, they may charge percentage-based fees, which can accumulate with larger recurring payments. Both parties may need to open accounts for better rates.

A Global Solution: Papaya Global

Papaya Global simplifies recurring worker payments globally with advanced features and competitive transaction rates. It supports automated payments on any schedule, including weekly, biweekly, monthly, or quarterly, in 160 countries and 130 currencies. The platform streamlines the process, with 95% of payments processed the same day, mass payment capability, and real-time status updates. Additionally, it offers competitive fixed transaction rates instead of percentage fees and favorable FX rates.

The Easiest Way: Using an International Payment Platform Like Payoneer

One of the easiest ways to pay your remote team legally and efficiently is by working with an EOR. However, for a more convenient and straightforward solution, Payoneer shines as a top choice for international payments. Payoneer is available in 200 countries and territories, including major markets like Canada, Mexico, and Singapore.

Benefits of Using Payoneer

With Payoneer, you can pay your teams on your schedule in a quick and secure manner. Team members receive their payments on the same day. Furthermore, you can automate the payments, which saves you time and ensures consistency.

Payment Fees

Payoneer charges 3% for credit card payments and 1% for local bank transfers. If you receive international payments on your Payoneer account, you can also use the funds to pay contractors around the world for free on their Payoneer accounts. Payoneer also includes built-in tax capabilities to ensure compliance with tax laws across different geographies.

Getting Started with Payoneer

Starting with Payoneer is simple and straightforward:

Sign in to your Payoneer account. From the “Settings” tab, choose “Bank Accounts.” Go to the next screen and choose “Recipient bank accounts.” Add your supplier's bank account by selecting the bank account type, country, and currency. Click “Next” and provide the recipient’s contact information, including phone number, email, and address. Provide the bank details, including bank name, account number, and IBAN. Enter some personal information, such as the date of birth, and set a password. Click “Add Bank Account.”

After submitting all the details, Payoneer will begin its review process and send you an email. This process can take up to three business days. Once approved, you can start sending payments.

Alternative Payment Options

If you prefer not to use Payoneer, you have other options such as PayPal, Wire Transfers, or Wise. These platforms offer various features and costs, so it's essential to evaluate which one best fits your needs.

We hope this guide helps you pay your remote team regularly without any hassle. If you have more questions about business digital payments, feel free to ask, and we'll do our best to assist you.