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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:

• Because of socioeconomic factors, some subjects do not maintain a checking account. These patients must often resort to awkward and expensive check cashing methods.
• Almost 22% of all trials are located in countries that have relatively poor banking infrastructures compared to North America and Europe. Subjects in these countries may not have access to bank accounts, or cashing their checks may involve hefty fees and long delays.
• Contract Research Organizations and research sites incur real costs cutting, mailing and reconciling paper checks. Lost and stolen checks must be stopped and reissued.
• Regulatory and infrastructure barriers prevent CROs from implementing a centralized payment solution capable of disbursing funds internationally.

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 Clinical Trial Patient Reimbursement Solutions

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 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.

• Cost-savings: The card can be reloaded for long term-studies with multiple visits and ongoing stipend payments. The Payoneer system can reduce cost per payment by as much as 75%.
• Patient recruiting and Retention: Instant gratification and convenience increases patient retention. Card branding acts as “mini-billboard” to facilitate grass-roots recruiting and to promote community awareness.
• Efficiency: The Payoneer solution is fully outsourced, so you can concentrate on clinical matters. Payoneer completely eliminates the administrative overhead of managing check or cash disbursement.
• Integration: Our platform can be integrated with many clinical trial management systems (CTMS) or electronic data capture (EDC) systems to trigger payments automatically.
• Audit Control: complete transactional transparency is achieved through Web-based reports and hierarchical administration on a site or program-wide basis
• Funds Control: Physical control of card funding may be maintained at the Sponsor, CRO, Investigator or site level.
• International Support: Robust international functionality allows clinical trial managers to use a centralized portal to pay patient stipends at sites throughout the world.

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.

• Instant gratification: Subjects can begin spending their stipend in as little as two hours after funding. No waiting for checks in the mail.
• Convenience: Patients do not need a bank account or have to undergo a credit check. There are no check-cashing fees or special trips to the bank.
• Universal acceptance: Subjects can use the card to purchase goods from over 30 million locations worldwide.
• Reloadable: Patients can reload their card with every visit, and use their card to get paid when participating in other trials using the Payoneer system.
• Security: Until spent or withdrawn, all funds reside in the US as US dollars and are protected by FDIC insurance. If a card is lost, remaining funds may be transferred to a replacement card. In most cases, the card is protected against fraud and theft.

The best available solution:

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.