Product Name: PingPong
Onboarding & ease of use
PingPong is an online payment processing platform for sending and receiving international payments.
- Lowest transaction fees
- Easy to use interface
- Customer support is not great
- New company compare to Payoneer and PayPal
Are you using Payoneer?
Then you might find PingPong useful, and you will save a lot of money in the days to come.
Services like Payoneer, and PayPal have done a magnificent job encouraging online freelancing and making digital payment a breeze. The only downside is that they take a lot of money to facilitate transactions. For example, PayPal could cost as high as 3.5% per transaction, whereas Payoneer costs about 2% per transaction.
This is where the need for a better and cheaper payment solution for receiving international payments arises.
Meet PingPong, which is a far newer service compared to Payoneer or PayPal, but offer cheaper transaction cost. In this review article, I will tell you about PingPong and my experience with it.
PingPong review: What is PingPong?
PingPong is a payment solution for freelancers and digital entrepreneurs to receive international payments at a low cost. You can receive international payments from Amazon, eBay, Shopify, affiliate programs & freelance platforms.
Once you sign up for PingPong (It’s free to create an account) and complete your KYC, you will have an option to get the receiving bank account for multiple currencies.
At the time of writing this review, these are the following supported currencies:
What it meant for you is, that if you are receiving payment in the above currencies from supporting platforms, you can use PingPong to receive payment.
PingPong will charge only 1% of the transaction fees, and they will credit the amount into your Indian bank account the very next day (provided it’s not a national or bank holiday).
Since I use Payoneer to receive payments from Commission junction, and from a few Amazon affiliate accounts, I thought of testing PingPong. I switched from Payoneer to PingPong to receive all these payments.
After testing this for 6 months, I feel confident about the PingPong service. The only downside is that Pingpong is a relatively new company, and their support is not as good as Payoneer’s. I had a tough time getting a FIRC certificate from the Pingpong team.
Here is what the dashboard looks like:
The dashboard is modern, and you can export the transactions in various formats.
Free automated FIRC Certificate:
I have written about FIRC certificate before, and it is an important piece of document that you should have whenever receiving inward remittance. Payoneer is one service that offers free FIRC certificates, and PayPal charges a nominal amount for the same.
However, PingPong took this to the next level by providing an automated FIRC certificate, which you will get via email. This saves a lot of time, and it would be nice if these alternate services also make this process automatic.
How is PingPong a better alternative than Payoneer?
The biggest differentiator is the fees charged by both companies. Using PingPong, you will save 50% on the fees, which is a significant amount. Another differentiator is that PingPong offers automated FIRC, which saves time.
Saying that the only downside of PingPong is; that it is a new service compared to Payoneer, and thus it is not as popular as it should be. However, in my experience of using PingPong for the past 6+ months, I have had no problems, and the service seems top-notch.
PingPong also offers a lucrative referral program where you can earn up to $35/referred user. You can find all information about the referral program inside the PingPong dashboard.
Overall, I’m using PingPong along with Payoneer and PayPal. Where ever I could use PingPong, I’m using it to receive cross-border payments, as it helps in saving significant money.
Have you used the PingPong service? Do share your feedback and experience of PingPong in the comment below.
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