"Personal" to "Business"

Oktal_Studio

Last time I received a payment there was this line in the email: "In order to continue using Payoneer’s online payment platform and avoid future delays, please fill out the application form."
So I did that and chose "Company" instead of "Personal" because I recently registered as a sole proprietor in my country.
Since filling the application form (about 10 days ago) I haven't received any notice or a confirmation regarding whether the status of my account at Payoneer changed from "personal" to "business", or whatever...
So, I have a few questions:
1) is the application still being processed? or may I assume that no explicit confirmation from Payoneer means everything is ok, and now I have a "Business" account?
2) With a business account, what information will my bank receive when I withdraw money? Will there be the name of my business, or my personal name?

Thanks.

Adam_Payoneer

Thank you for clarifying. The details used for transferring the money to the bank are the same details our users provide to us. For example, my full name registered with Payoneer is "Adam Payoneer", but my bank account details registered are under my business name and bank account "Adam Incorporated".

The details used for transferring the funds will be the bank account details I entered into to the account. The details entered in my Payoneer account profile information is soley used by Payoneer and is not used for the bank transfer process.

What I recommend you do in this case is talk to your bank and see whether the bank account name should be under your name or the business name. In my humble opinion, the sole proprietor is the name on the bank account which according to my understanding, will decide whether or not your bank will be able to accept the transfer.

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It is possible to have two Payoneer accounts, however the business account must be under the company name. You cannot have two Payoneer accounts with your registered name on both accounts.

While Payoneer gives users the ability to apply under the business name, this option is only available for countries that are open for bank withdrawal services. Go to Payoneer's website and use the selection box to see if your country is supported for bank withdrawal services.

Adam_Payoneer

For starters, new applications can take up to 5 business days to be approved. If it has been over a week since you applied, I highly recommend you check your email and it is most likely that additional information was requested from you to approve the application. IF you are unable to find any emails from them, you should contact Payoneer support for assistance.

1. In regards to the account that was registered under your name (personal) or the business name, this is set up depending on your choice. It is not possible to switch from personal to business (or vice versa), so the path selected will be the one that follows. If you applied for the wrong account type, you can reapply but make sure to use an alternative email address.

2. Just like any bank transfer, the information used to verify the transfer apart from the banking account and routing information is the name on the account. If you have a business bank account, it would be wise to enter the business name under the bank name in order to avoid any delays in receiving your transfers.

Oktal_Studio

Thanks, Adam, for the answer.

Regarding my second question, the thing is that when I withdraw money to the bank account (business account) what my bank sees is that I (by name and surname) am the originator of the transfer, while I (as sole propriator) am the receiving party. Which, for some reason, is a problem for the bank. So I was wondering if, when I'm a business registrant at Payoneer, the name of the transfer's originator would be my business name.

Anyway, did I understand correctly that it's possible to have 2 Payoneer accounts then? One 'personal', and another 'business', with 2 different mail addresses?

Oktal_Studio

Thank you for the quick and comprehensive answer.

inamlucky533

Dear when my account approved? ???

[Deleted User]

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