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JPY receiving company/martketplace confusion

Conjueror
Conjueror Member Posts: 2
Hello.

I've opened a Payoneer account because on their FAQ I've read that you can receive payments in JPY as if you had a local bank account. I'm a freelance translator and work with a lot Japanese companies, so this kind of arrangement would save me a lot of trouble.

However, when I actually received the permission to use JPY on my account, I got a notice that it only accepts transfers from marketplaces and transfers from companies or individuals would be automatically rejected (what's even the difference between a marketplace and a company?).

This doesn't add up with what I've read on Payoneers blog and FAQ, so I'm very confused. Is it a temporal restriction because my account is new? Does it unlock with other apparently locked options when you pass the 5000$ mark or something?

Answers

  • KazPayoneer
    KazPayoneer Confirm Email, Member, Administrator Posts: 1,559 ✭✭✭✭✭✭✭

    Hi there @Conjueror. Good question.

    With the JPY service, you can actually receive these payments from companies in Japan, like the usual guidelines for receiving payments on the Global Payment Service. The service, apart from one currency (EUR), is not supported for individual payments. The JPY service is not limited to marketplaces.

    What will happen when you receive a payment from a JPY company, just like with any other payment service like the US, or the UK, if it is a company we don't recognize we will complete our internal screening process for that company, which can take a few additional business days than usual, and then afterwards if everything is good to go, the payment process will be smoother and easier.

    Thanks!

  • Conjueror
    Conjueror Member Posts: 2
    Oh, that's good to hear. I'll have to test it with my employers then.

    I wanted to post the screenshot of the notice I got for reference, but it looks like I'm neither allowed to attach images nor share links here.