Default Payment Method? A payment method, also known as a payment route, is the mechanism by which you get rewarded for your services as a service provider, independent contractor, consultant, lecturer, freelancer, or other similar role.
Transformify (TFY) accepts a variety of payment ways, and our list of payment partners is constantly growing to give you with additional options. Please keep in mind that not all payment options are accessible in every region, and payment providers may charge fees.
The default payment method will be used for all subsequent payments.
The following payment options are accepted by Transformify:
- Crypto – payments in over 20 different cryptocurrencies
- Prepaid card Payoneer
- Local bank transfer using Payoneer
- Revolution
- HSBCNet
Which payment option is best for you?
When choosing a payment option, there are two major factors to consider:
- geography (your home country OR your bank nation if you have an account with a bank in another country). For example, suppose you live in the United Kingdom but have a bank account with a local bank in France and wish to receive money into that account.)
- cost ( The payment processing prices vary a lot and we recommend you to research the payment processing charges of each payment provider posted on their web pages) ( The payment processing costs vary a lot and we urge you to study the payment processing charges of each payment provider listed on their web pages) (Payment processing rates vary greatly, and we urge that you study the payment processing fees listed on the web pages of each payment provider.) (Since payment processing costs vary widely, we highly recommend that you verify the payment processing fees stated on each payment provider’s website.) (Since payment processing fees vary greatly, we recommend that you research the payment processing fees of each payment provider mentioned on their websites.)
Transfer through bank
Revolut
Revolut is the most economical and simple payment option whether you live in the EU, the US, or any of the countries serviced by Revolut (the entire list can be seen here – Link). You do not need a Revolut account to participate. You may also supply bank account information for ANY local bank.
Payoneer
Payoneer operates globally, with the exception of OFAC-restricted nations. You must create a Payoneer account or connect your current Payoneer account to TFY. You may do so by logging in to your TFY account and going to Payment Information.
Payoneer’s local bank transfers are quick and inexpensive.
HSBC
If you do not live in one of the countries serviced by Revolut and wish to receive a payment in a foreign currency into your local bank account, HSBC is the best option.
Example:
You live in Brazil and prefer to be paid in US dollars rather than Brazilian reals.
You can submit the bank data for ANY local bank in the world, barring the list of OFAC-restricted nations. Please keep in mind that HSBC is the most costly payment option.
E-wallets and Debit Cards
Payoneer
Payoneer is available worldwide, barring OFAC-restricted nations, and offers the following services:
You will always have access to your money if your e-wallet account is linked to a debit card (Mastercard).
To deposit funds into a Payoneer e-wallet account, you must either join up for Payoneer or connect your current Payoneer account to TFY. After entering your TFY account login information, click Payment Details.
To get a bank card or to switch from a local bank transfer to an e-wallet, log in to your Payoneer account ( you can not do that via TFY).
Cryptocurrency payments
You may accept payments in over 20 different cryptocurrencies. The whole list and thorough instructions may be found here.
Please check to see whether your crypto wallet supports the coin you’ve chosen.
Example:
You have chosen to be paid in Bitcoin ( BTC). Bitcoin must be supported by your crypto wallet. Otherwise, your payment will be rejected.
It is also critical to use the relevant cryptocurrency ticker, such as BTC for Bitcoin. It is a frequent Mistake to specify ERC-20 instead of the ticker of the corresponding cryptocurrency for ERC-20 tokens.
Example:
You’d want to get USDTE. Instead of USDTE, you type in ERC-20. In this situation, your payment will be rejected.
How do you make a payment method your default?
- Sign in to your Transformify account by clicking here – Link
- Go to the Payments tab.
- Go to Payment Information.
- Choose your desired payment option and click the Modify Payment Information> button.
- Enter and save the necessary payment information.
- Once the necessary payment data have been recorded, click on Set as Default> to make your choice payment method the default payment method that will be used in the future.
How can I find out what my default payment method is?
As illustrated below, the payment option you have selected as the default is highlighted in green.
Is it possible to alter my default payment method?
You can do so at any moment by following the procedures outlined above. Please keep in mind that the new default payment method will be applied to any payments made AFTER the change.
Example:
Payoneer is your current default payment method.
On December 1st, 2020, you change your default payment method to Revolut.
Any payments made before December 1st, 2020, will be handled using the previous default payment method – Payoneer.
Any payments made after December 1st, 2020, will be handled using Revolut, the new default payment method.
Can I make several payment methods the default?
No, at any moment, only one payment method may be chosen as the default. You can, however, alter your default payment method as frequently as you choose.
What exactly is an IBAN?
IBAN is an acronym that stands for “International Bank Account Number,” and it is a standard that is used in many nations throughout the world. It is made up of letters and numbers, including a two-letter country code, two check digits, and up to 35 alphanumeric characters. The basic bank account number is made up of these alphanumeric characters (BBAN).
The bank account number standard used by your local bank may change based on your country of residency. In the United Kingdom, for example, account numbers and sort codes are utilized. But, if your country of residency accepts IBAN, you can receive your IBAN from your bank.
What if my nation doesn’t recognize the IBAN?
Despite the fact that many countries support IBAN, not every country has embraced the standard. If your country does not recognize IBAN, please contact your local bank to receive your international bank account number, which you should provide in the IBAN area.
What is BIC?
BIC stands for “Bank Identification Code,” and it is used to identify your bank (or any bank in general). Because BIC is not used for local transfers in some countries, you may need to contact your local bank to obtain your BIC number. In certain cases, the IBAN and BIC show alongside the locally permitted bank account number used for local transfers on monthly bank statements.
Example:
In the United Kingdom, the sort code is used instead of BIC for domestic transactions. Nonetheless, IBAN and BIC are supported in the United Kingdom, and in most circumstances, they are printed on bank account statements alongside the account number and sort code, which are local requirements.
What if my country does not recognize BIC?
The BIC standard is not supported by all nations. If this is the case, you can contact your local bank to receive your SWIFT code, which you can then enter into the BIC field.
Transformify accepts which payment methods?
Transformify now accepts the following payment options. Please keep in mind that we are regularly adding new providers to the list in order to broaden your possibilities. When a new payment method and/or payment provider is added to the list, it becomes available to you and you may designate it as your default payment method.
Payoneer Pre-paid Card
This payment option is available worldwide, with the exception of OFAC-restricted nations, India, and Russia. You may get a Payoneer prepaid Mastercard and use it to withdraw cash from ATMs, pay online, or pay in person.
Do I have to have a bank account with a nearby bank before applying for a Payoneer pre-paid Mastercard?
No, such a requirement does not exist. The Payoneer prepaid card is useful since it can be used right away and is connected to your Payoneer e-wallet account.
There’s no need to transfer money from your Payoneer e-wallet account to your local bank account as you have a global prepaid Mastercard.
Local Bank Transfer with Payoneer
If you want to get your cash quickly and avoid FX (foreign currency) expenses, this is a highly practical choice. The FX rate provided by Payoneer is typically far better than the FX rate provided by regional banks throughout the world.
Globally, the Payoneer Local Bank Transfer is accessible, with the exception of the OFAC-restricted nations and including both India and Russia.
If I wish to apply for a Payoneer Prepaid Card or Payoneer Local Bank Transfer, do I have to do a KYC (Know Your Customer) check?
Yes. As Transformify and Payoneer are directly integrated, you may easily and quickly give all necessary information without ever leaving your Transformify account.
How long does the Payoneer KYC verification take to complete?
It typically takes 1-3 days. But, it can take longer than that depending on where you live. You should get advice from Transformify’s customer care staff if the KYC verification takes more than a week.
When can I make a local bank transfer or a Payoneer prepaid card my default payment option?
Your KYC verification has been completed, and Payoneer has opened your Payoneer account, as confirmed directly to you through email.You can proceed with establishing Payoneer Prepaid Card or Payoneer Local Bank Transfer as your default payment method after receiving confirmation from Payoneer by entering into your Payoneer account.
I already have a Payoneer account. Is it compatible with Transform?
Definitely. You must choose Payoneer as your preferred payment option and click “Change Payment Information” to accomplish this. You may click on Already have a Payoneer Account? to connect your current Payoneer account with Transformify after the wireframe has opened.
HSBC
Being a Tier 1 bank, HSBC offers worldwide, top-notch payment processing services, with the exception of the OFAC-restricted nations. This payment mechanism accepts transfers of local and foreign currencies for both domestic and international payments.
In order to make HSBC your default payment option, you must have an account with a local bank.
Also, the recipient may be assessed appropriate bank costs and local bank fees (sometimes known as a “landing fee”), which means you could get less money than you anticipated.
Example:
Transformify has sent you a payment of USD 1000.
The appropriate bank costs total USD 10, and your local bank will charge you a USD 15 “landing fee” as well.
Instead of the USD 1000 that Transformify has sent to you, USD 975 will be deposited into your bank account.
A “landing fee” is not always imposed by regional banks, and the associated bank costs might differ greatly. Nonetheless, HSBC is a reputable payment option that, depending on your location, the number of linked institutions involved, etc., may occasionally be the least expensive.
Revolut
A challenger bank that offers quite cheap transaction costs and provides prepaid cards with many currencies is Revolut. Revolut, in contrast to other payment service providers, has a complete banking license and is continually increasing the range of financial services it offers to its clients.
Before choosing this payment option, you should confirm that Revolut is accessible in your place of residence since it is not available in all nations.
I live in a nation where Revolut is available, but I do not have an account there. Is it possible to make Revolut the default payment method?
You may do that. In this situation, Revolut functions like a conventional bank. Revolut allows you to select it as your default payment method and accept payments if you have a bank account with any local bank.
Do I have to do a KYC (Know Your Customer) check in order to receive money through Revolut into my local bank account?
Revolut does not need you to undergo a KYC check because you are not applying to create an account with them. To designate Revolut as your default payment method, all you need to do is enter your bank information (which you can get from your local bank).
Which nations does Revolut support?
You must visit the Revolut website via this LINK before establishing Revolut as your default payment method since the list is continually changing.
In 2022, Transformify will support cryptocurrency payments, and specific instructions on how to configure cryptocurrency payments as your default payment option will be provided.
