Withdrawing Paypal funds in Kenya, the Payoneer – ePAY factor

By: PRLog
A Kenyan Paypal account can send and receive money but can only withdraw to a US Bank Account. The online community getting paid for their goods and services via Paypal is growing fast.
PRLog - Jun 22, 2013 - MOMBASA, Kenya -- This situation has led to mushrooming of several local companies which have been offering Paypal to Mpesa withdrawal services. Unfortunately, most have gone under with some disappearing with their clients’ hard earned money. When Nation Hela came into the market, it was the God sent gift to the online community in Kenya but unfortunately this was not to be after Nation Hela withdrew the Paypal support after 2 months. When discussing Paypal funds withdrawal, ePAY Kenya is one name that keeps popping in many discussion forums and blogs. This company has been in existence since 2008 and somehow they seem to have weathered the storm. They have managed to maintain a good reputation albeit what some of their customers perceive as high fees in form of commissions. Asked why their services are expensive, this is what the CEO had to say ‘Cheap can be ultimately very expensive. We know our customers are very sensitive to costs but then as a company, we took a conscious decision to place two aspects as top priority; Reliability and Security. That explains why most of our competitors who offer lower rates make better profit margins than we do. We however do not  take short-cuts when it comes to selecting our partners, not to mention the adaptation of a more robust business model. We go for nothing short of the best as we are aware that the chain is as strong as the weakest link. This has translated into peace of mind for our customers as they know that by using ePay, their  money is safe, paypal accounts will not be subjected to limitations or closure and equally important, they know that we do not delay their payments.’

Enough said about homegrown solutions to Paypal funds withdrawal in Kenya and now we introduce the big brother Payoneer, a leading provider of global payout solutions, offering a secure, simple and cost-effective way for companies to pay people and businesses worldwide. Founded in 2005, Payoneer is an industry-leading global payments company accelerating growth for its customers by improving the way they manage and pay partners, affiliates and independent workers in more than 200 countries worldwide. Payoneer’s Debit MasterCard is the product which has caught the attention of the online community in Kenya as they have been providing a solution to the Paypal quagmire for the last two years or so. The magic in the Payoneer card is that each card is attributed to a US bank account meaning it is possible for a Kenyan Paypal account holder to withdraw money into his US Bank account and access money through a MasterCard branded  ATM in Kenya or any other part of the world. This solution works very well for those who live around areas where MasterCard branded ATMs are. Unfortunately very few banks are dealing with MasterCard as the majority are with Visa.

And now comes the hybrid solution which is expected to keep the online community going before Paypal accepts to collaborate with local banks. Payoneer has partnered with ePAY Kenya in a market penetration strategy that is likely to increase the usage of Payoneer debit cards in Kenya and indeed the East African region. Payoneer card holders can now choose to access their money through ATMs or Mpesa. The Mpesa bit will be handled by ePAY and will entail customers transferring money from their Payoneer account to ePAY, then withdrawing from ePAY to Mpesa. In order to make it worthwhile, ePAY has matched the ATM withdrawal rates in a move that is expected to see the majority opting for the Mpesa option as it will be more convenient. Besides that, the ATM option can only withdraw up to a certain amount per transaction. The ePAY option will offer a limit that is 4 times larger than the ATM.

Currently it is less tedious and cheaper to apply for the Payoneer card than any similar card issued by local banks. It however takes one month for the card to hit your mailbox. This is not a setback as one can still withdraw Paypal money via ePAY while the card is on transit. As part of the efforts to popularize the card worldwide, all applicants are eligible for a USD 25 bonus upon a successful withdrawal of the first USD 100 from Paypal to the US Bank account. This bonus is only applicable if you click on this link  in order to start the application process which is very straight forward and takes only two minutes. Welcome to the Payoneer – ePAY world and forget your Paypal withdrawal headaches.

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