Online Payment Methods for Businesses in Pakistan

This article first looks at the challenges businesses face in Pakistan when it comes to online payments, as it’s important to understand what you’re up against – especially if you’re a small to medium-sized business (SMB) and don’t have a local team designated to help you set up in the region. It then highlights the top international payment methods in Pakistan based on business needs.

Challenges of Accepting Payments in Pakistan

Accepting payments in Pakistan can be a difficult process because of several market-specific challenges. Here are some common hurdles that international businesses face:

• Limited Access to Global Platforms
  Global payment methods like PayPal for example are not available in Pakistan. This limits businesses who are used to working with PayPal from directly receiving international payments.
• High Transaction Fees
  Traditional channels and wire transfers often come with hefty fees for cross-border transactions, significantly impacting the bottom line for international businesses.
• Lack of Support for Multi-Currency Needs
  Many local banks and online payment methods are not set up to handle multi-currency requirements, which makes it difficult to manage international payments without jumping through many hoops.
• Lengthy Processing Times
  Slow processing of payments through traditional methods can delay cash flow and impact business growth. Bank transfers and wire payments are particularly prone to this challenge.

What these challenges all point to is how great the need for flexible, affordable, and efficient payment methods is. That’s where platforms like Payoneer come in, providing a reliable alternative that enables businesses in Pakistan to overcome the above barriers and handle international transactions with ease.

Top Online Payment Methods in Pakistan

Businesses in Pakistan have access to a number of online payment methods tailored to meet both local and international needs. Let’s take a look at some of the most reliable options.

Payoneer

Payoneer is a global payment platform that enables businesses in Pakistan to receive payments from clients wherever they are in the world. It provides multi-currency accounts, allowing you to accept payments in USD, EUR, GBP, and more.

With low fees, fast processing times, and the ability to withdraw funds directly to local bank accounts, Payoneer is mostly used by freelancers, e-commerce vendors, and businesses dealing with international clients.

Learn more about how to get paid by clients using Payoneer. 

JazzCash and Easypaisa

These are two of the most popular local digital wallets in Pakistan. They are widely used for domestic transactions, making them a great choice for small businesses and freelancers dealing with domestic clients. Both platforms allow users to send and receive money, pay bills, and even shop online. 

Neither is, however, ideal as an international payment method in Pakistan given their localized nature. 

Bank Transfers

Traditional bank transfers remain a common method for B2B transactions. They are often used for large payments and between clients who have long-term relationships. It’s important to note that they often lack the dexterity and speed of digital payment platforms.

Why Payoneer Stands Out as an International Payment Method in Pakistan

There are several reasons Payoneer is the best choice for businesses in Pakistan looking to manage international payments effectively. 

Multi-Currency Accounts
Payoneer provides local receiving accounts in a wide range of currencies, allowing businesses to receive payments from clients in different countries without bearing the brunt of heavy currency conversion fees.

Global Marketplace Integration
It seamlessly integrates with major marketplaces like Amazon, Upwork, and Fiverr, making it perfect for freelancers and e-commerce sellers in Pakistan. 

Competitive Fees and Fast Processing
Payoneer’s low fees and fast transaction times ensure businesses save money while maintaining smooth cash flow.

User-Friendly Platform
Payoneer’s intuitive dashboard makes managing transactions easy, including tracking payments and withdrawing funds to your local bank account.

With Payoneer, the weight from the heavy lifting usually found with international banking solutions is lifted. Businesses can rest assured that they’ve chosen the best among online payment methods in Pakistan when it comes to handling international payments, ensuring speed, safety, and affordability.

Frequently Asked Questions (FAQs)

• What are the benefits of offering online payment methods for businesses in Pakistan?Online payment methods make life easier for businesses in Pakistan. They provide faster transactions compared to more conventional methods, reducing delays and streamlining cash flow.
  Online payments also offer multiple payment options like digital wallets, credit cards, and international platforms for extra convenience. Additionally, they open the door to global markets, enabling businesses to work with international clients and expand their reach.

• Can businesses in Pakistan accept credit card payments online?
  Yes, businesses in Pakistan can accept credit card payments online. This is done through payment gateways that support Visa and Mastercard transactions. Payoneer also allows businesses to receive payments through credit cards, simplifying the process for both local and international clients. 

• How does Payoneer work for businesses in Pakistan?
  Payoneer provides businesses in Pakistan with local receiving accounts in multiple currencies, enabling them to accept payments from international clients as if they had local bank accounts in the US, UK, and EU. Funds can then be withdrawn in PKR to a Pakistani bank account.
  With features like low fees, multi-currency support, and seamless integration with global marketplaces, Payoneer is a powerful online payment method in Pakistan for businesses managing online international payments.

• Are online payment methods secure for businesses in Pakistan?
  Absolutely. Online payment methods are secure, as long as you choose reputable platforms. Features like encryption, two-factor authentication, and fraud detection ensure transactions are protected. Payoneer, for example, takes security very seriously, operating within robust compliance frameworks and utilizing advanced fraud prevention tools. This gives its Pakistani clients peace of mind while managing online payments.

• How can I send invoices and payment requests through Payoneer in Pakistan?
  With Payoneer, businesses can create and send professional invoices directly from the platform. Once you include your payment details, you can track the status of your invoices, receive payments in various currencies, and more.

Payoneer’s invoicing service is an effective way to manage client billing and ensure payments are received on time without the need for separate invoicing tools.isa are alternatives.