Payeer is a popular option in terms of electronic payments. It allows its users to make transactions, buy or sell things both locally and internationally.
Users can also pay for services and more importantly, they can do it in various cryptocurrencies – usually the most popular ones in terms of ratings.
If you have heard about Paypal or Payoneer, chances are you will find Payeer pretty simple to get used to. The operating principles are the same, so there will be a simple learning curve with no issues whatsoever. These days, Payeer has become one of the leading electronic wallets on the market.
It is mostly recommended for international payments, but there are not too many restrictions about it. Simply put, you can use it to transfer money to your friend next door or get paid for your freelance work in another country.
In theory, Payeer looks good. But, what else should you know about it? What kind of service does this payment platform provide? How about the currencies? Are there any taxes? This guide will give you everything you need to know.
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Types of accountsPayeer will want to know what kind of account you need. At this point, such details will affect the fees and features you have. If you want a personal account to send and receive money, trade or make payments, you need the individual account. Fees are much lower and you gain access to most features of the website. You can send payments internationally as well – the primary role of the platform.
Business accounts are a bit different. You will need to provide a few details about your business. Again, you can move funds around and also internationally, but at the same time, fees and taxes will differ. All these extras are in place to ensure that you do not need this account for money laundering, which is a plus in terms of safety and security.
CurrenciesPayeer is mostly specialized in cryptocurrencies. Your account will take all kinds of currencies, including Bitcoin, Ethereum, Bitcoin Cash or Litecoin, among many others – Dash, Tether and Ripple too. You can buy and sell crypto, trade, make payments and perform internal transfers. There are over 25 international payment options accepted.
Trading capabilitiesPayeer is an excellent electronic wallet when it comes to trading. While cryptocurrencies are easily traded, it is worth noting that not all wallets out there provide such features. You can exchange cryptocurrencies and join the trading industry – buy and sell whenever you feel like in order to make some money.
Mobile applicationJust like other electronic wallets – not all of them though, Payeer features its own mobile application too. You can trade cryptocurrencies on your smartphone or tablet. There are no extra features on the mobile application, but you have push notifications – which can be handy. The interface is straightforward and user friendly. It makes no difference if you are new to this industry or you already have some experience.
The application is free to download and use. Also, it is compatible with both Android and iOS mobile devices.
Business extrasCryptoacquiring is intuitive and easy. You will not really need a bank account, as you will get everything to your Payeer account. You can also withdraw funds to bank cards as well. Money is instantly converted when withdrawn – USD, EUR, RUB and others. There are no risks with the rates and chargebacks are inexistent.
You can start accepting cryptocurrency payments on your website fairly simple. Once you get an account with Payeer, go to the API section in the user interface and follow the instructions – simple step by step instructions that do not require any experience at all.
Taking payments allows more cryptocurrencies, such as BTC, ETH, DASH, LTC, USDT or XRP, among others. They will be converted into USD, EUR or RUB and they go straight into your Payeer account. You can also use the balance you have to make payouts.
Referral programPayeer allows its users to earn money. There are six different levels of referrals. You can go up to 25% in earnings based on the transactions. Payments are instant and there are more withdrawal options to choose from.
You can also promote your link over the Internet to your partners or customers and get some money for advertising. You might as well get a banner for your website – a bunch of different sizes to perfectly integrate into your design.
Fees and taxesFees are extremely easy to understand on Payeer's official website. It is not difficult to understand the system, but you should go through it anyway. There are no fees to open an account or monthly maintenance fees. Then, there are fees for internal transfers, trading operations, currency conversion and API.
When it comes to adding funds, most cryptocurrencies have no fees, yet there are a few exceptions – usually starting at 4.99%, but they could be lower too. Withdrawals follow the same rules – many digital currencies have no fees, while others go from about 1.99%.
Payeer can, however, provide individualized fees. They are recommended to large corporations that deal with large amounts of money. Simply get in touch with the customer service and discuss this option. Individual users cannot benefit from it.
Customer serviceThere are not too many options regarding contacts. You can do it over email – simply get on the website and use the quick email form. You have a few options regarding common problems or you can choose another question and go ahead.
Payeer will respond within 24 hours, yet you usually get the reply much faster.
ConclusionBottom line, Payeer is similar in functionality to other online payment platforms. The electronic wallet is intuitive and straightforward – features are basic and allow what you need, making transactions. You can also trade or make some extra money through referrals. It has its own application and its fee system is extremely competitive. The wallet is anonymous too, which is a major plus for those who care about privacy.