Because Shutterstock doesn’t support Payoneer we are throwing hundreds of earned Euros monthly away thanks to Skrill absurd high fees. This lost money isn’t just few bucks, but more than hundred Euros every month because of transaction fee, bad currency conversion rate and expensive withdrawing money fee. You can imagine how much money is lost before we can even pay all other business expenses.
Shutterstock stock agency is nodding their heads about adding Payoneer payment gateway for very long time now. And yet the only way of receiving funds is via Paypal, Skrill or Check. Checks today can be complicated for receiving and reporting for taxes, not to mention it has to travel by postage mail all around the world (not safe). On the other hand Paypal could be an option, but again not everybody has a chance to connect it with their local banks and withdraw earned funds. It is useless to have money only for spending online if you need it to pay other living expenses.
Payoneer is much cheaper to run, receive, use and withdraw funds. There are no fees for receiving funds and they don’t charge absurd currency conversion rates. And Shutterstock (also Adobe Stock too) is actually the only stock footage agency that doesn’t support Payoneer payment method. This what they wrote to us in December 2016;
“We are looking into possibly offer Payoneer in the near future. An official announcement will be made to all contributors once this option is available.”
How long we will lose hard earned money is up to Shutterstock to decide. Until they add new payment method our hands are tied and we can only watch how money is running away. Maybe more contributors should write them about the problem?
Shutterstock now supports Payoneer payment method. Register your Payoneer account and go to your SS acc settings to try it. There are no fees, no conversion fees unless you withdraw or pay to other currencies. But costs aren’t so big than on Skrill.