Are you using Payoneer?
Then you might find PingPong useful and you will save a lot of money in the days to come.
Services like Payoneer, PayPal have done a magnificent job encouraging online freelancing and making digital payment a breeze. The only downside is, they take a lot of money instead of facilitating transactions. For example, PayPal could cost as high as 3.5% per transaction, whereas Payoneer costs about 2% per transaction.
This is where the need of a better and cheaper payment solutions for receiving international payment arises.
Meet PingPong which is a far newer service compared to Payoneer or PayPal, but offer cheaper transaction cost. In this review article, I will let you know about PingOong and my experience with it.
PingPong review: What is PingPong?
PingOong is a payment solution for freelancers, digital entrepreneurs to receive international payments at a low cost. You can receive international payments from Amazon, eBay, Shopify, affiliate programs & freelance platforms.
Once you sign up for PingPong (It’s free to create an account), and complete your KYC, you will have an option to get the receiving bank account for multiple currencies.
At the time of writing this review, these are the following supported currencies:
What it meant for you is, if you are receiving payment in the above currencies from supporting platforms, you can use PingPong to receive payment.
PingPong will charge only 1% of the transaction fees, and they will credit amount into your Indian bank account the very next day (provided it’s not a national or bank holiday).
Since I use Payoneer to receive payments from Commission junction, from a few Amazon affiliate accounts, I thought of testing PingPong and switched from Payoneer to PingPong for receiving all these payments.
After testing this for 6 months, I feel confident about the PingPong service. It not only helped me save a ton of money, it made the FIRC certificate generation a breeze (more on this later).
Here is how the dashboard looks like:
The dashboard is modern, and you can export the transactions in various formats.
Free automated FIRC Certificate:
I have written about FIRC certificate before, and it is an important piece of document that you should have whenever receiving inward remittance. Payoneer is one service that offers free FIRC certificate, and PayPal charges a nominal amount for the same.
However, PingPong took this to the next level by providing automated FIRC certificate, which you will get via email. This saves a lot of time, and it would be nice if these alternate services also make this process automatic.
How is PingPong a better alternative than Payoneer?
The biggest differentiator is the fees charged by both the companies. By using PingPong you will save 50% on the fees, which is a significant amount. Another differentiator is PingPong offers automated FIRC which saves a lot of time.
Saying that the only downside of PingPong is; it is a new service compared to Payoneer, and thus it is not as popular as it should be. However, in my experience of using PingPong for the past 6+ months, I did not have any problem and service seems top notch.
PingPong also offers a lucrative referral program where you can earn up to $35/referred users. You can find all information about the referral program inside PingPong dashboard.
Overall, I’m using PingPong along with Payoneer, and PayPal. Where ever I could use PingPong I’m using it to receive cross-border payment, as it helps in saving significant money.
Have you used PingPong service? Do share your feedback and experience of PingPong in the comment below.