Most of today’s productive medical therapies would not exist without the clinical trials. It is estimated that each year almost 1.3 million people participate in clinical trials at over 95,000 sites throughout the world. It is customary for subjects of such trials to receive “stipends” for their time and expenses, as well as the potential risks associated with the new therapies. Compensation rates vary widely depending on the breadth of the study and the number of visits. It is estimated that contract research organizations (CRO), clinical research sites and investigators make nearly 8 million payments to patients worth over $400 million per year. Managing all of these payments can be expensive and cumbersome, quickly eating into trial budgets.
Investigators and CROs typically manage payments to clinical subjects on a site-by-site basis. Patients are usually paid by check; however, some are still paid in cash. Checks can be problematic for several reasons:
While cash is an expedient and liquid method of paying subjects, there are obvious security concerns with obtaining and holding large sums of cash. What’s more, cash disbursement makes bookkeeping very difficult, and can cause problems with taxing authorities.
Payoneer is a simple and powerful solution for compensating subjects of clinical trials. Since 2005 our industry specific solutions have securely delivered millions of payments to hundreds of thousands of people around the world. Utilizing the Payoneer Prepaid MasterCard® we enable investigators and CROs of all sizes to affordably deliver compensation to clinical trial patients. Payoneer supplies prepaid MasterCard cards to CROs, research sites and Investigators. These ready-to-issue cards are delivered directly to the research site. Researchers can then assign and load the prepaid cards when patient stipends are due. Patients are then free to use the card to purchase goods from online and retail merchants accepting Debit MasterCard anywhere in the world.
Why is Payoneer Ideal for CROs, Investigators and Sponsors?
The Payoneer solution is perfect for CROs, Investigators and Sponsors needing to pay patient stipends at home and abroad. Our system provides a centralized, end-to-end online payment solution that incorporates patient registration, card issuance and card account loading. Our system provides a centralized, end-to-end online payment solution that incorporates patient registration, card issuance and card account loading. Our intuitive, web-based interface means payments can easily be managed remotely or on-site – no software is required. Payoneer’s robust, hierarchical reporting provides all parties with unparalleled visibility and control over the entire payment process. Extensive fraud controls protect payers and payees alike. And because we leverage the sophisticated MasterCard system, our online solution is faster and more cost effective than traditional funding methods.
Why is Payoneer ideal for compensating clinical trial patients?
There are a lot of reasons why clinical trial subjects will prefer to be paid on their Payoneer Prepaid MasterCard. Simply put, our prepaid card is the most convenient and rewarding payment instrument available.
Perfect for clinical trials and ideal for their patients, the Payoneer platform represents the fastest and most efficient worldwide patient stipend solution available. Payoneer allows clinicians to avoid the cost, complexity and delays of traditional payment methods. Payoneer provides its customers with a centralized, highly-functional payment management system, while offering patients a compensation option with unmatched convenience and liquidity.