Storspay vs Payoneer for paying contractors in Africa and Latin America: who pays the fee, and who holds the money

Two different ideas of what a payout is. Payoneer is a receiving account for the contractor: you send dollars into it, and they withdraw when and how they choose, paying withdrawal and conversion fees along the way. Storspay is a payment: you enter what the contractor should receive, and that amount lands in their local bank account or mobile-money wallet the same business day, with your 2% shown separately.

The fee question

On a receiving-account model, the sender's fee is only half the story. The contractor pays to withdraw to a local bank, and pays a conversion margin on the way out, so what they finally receive is decided by their choices and the platform's rate that day. It is common for a contractor to lose 2–4% between the balance and their bank, on top of what the sender paid.

On Storspay, the number on your screen is the number in their account. One fee, paid by you, shown before you confirm. There is nothing for the contractor to do and nothing for them to pay.

The "I want dollars" case

Some contractors — in Lagos, Buenos Aires, Nairobi — would rather hold dollars than convert on payday. Storspay handles that without sending them to a third-party wallet: pay them to a US bank account in USD from $5, or open them a Storspay Account with USD account details and a Storspay Card they can spend from. The dollars are theirs; the fee is still yours and still shown before you confirm.

Where Payoneer fits

Freelancers with many clients on many marketplaces, who want one place to collect from everyone and manage withdrawals themselves. That is a receiving product for an individual, and a good one.

Where Storspay fits

A company paying a defined team every month, in 26 corridors, that wants one batch, one total, a rate it can see, mobile money where that is how people are paid, and the ability to be paid back by customers in the same countries. Contractors do not need to sign up for anything.

Pick a corridor on the calculator and compare against what your contractors tell you they actually receive today.

Who this is for — and who it is not for

Storspay is for businesses, and a sole trader counts as one. If you are a freelancer or sole proprietor trading in your own name, you open a business account of the sole-trader type. You can be paid by companies abroad, and you can pay other businesses on Storspay — including other sole traders — for work they have done for you.

What Storspay is not is a personal money-transfer service. We do not open personal accounts, and every payment has to be a business transaction: an invoice, a contract, work delivered. Money to family, gifts and personal transfers are not what this is, and we would rather say so now than at verification.