PingPongX is the smartest way to receive foreign currency payment for Indian freelancers from clients. See how you can save on fees?
As an Indian freelancer, I am always looking for new and upcoming payment options, and I am going to share and review PingPongX. PingPongx is a Global payment processor company with its operations in the USA, China, India, Vietnam, Japan, & Luxembourg.
I have started using PingPongX already, and the best part I like about them is, they charge only up to a 1% all-inclusive fee rate to receive money from in India. Now compare that to PayPal, which is more than 4% and Payoneer, which is still around 2%. So we only pay a maximum rate of only 1%, nothing above that.
But before getting into the details, let’s know a little about the company PingPongX.
PingPongx is a Global payment processor company with offices all around the globe. It has recently announced its launch in the Indian market to act as a payment gateway services to Indians for international clients and customers.
They target three kinds of users viz – eCommerce Sellers, Freelancers, and Service Providers. Moreover, they focus on breaking down three crucial barriers to eCommerce business.
- Local cross-border transactions
- Low expenditure costs
- Smooth cash flow
All in all, the purpose of PingPongx is to help freelancers like me receive more money for each dollar from my clients in a very safe and secure environment.
As a blogger and freelancer receiving payments in foreign currency, there are three aspects to consider.
- Service charges
- Fast availability of Funds
- Better Forex Rates
- Customer Support
And PingPongx has addressed all the parameters to perfection.
1. Lower Service Fees
The service fee rate of other payment companies to receive money in India is in a range of 2% to 4.5%, which is quite high, including the banks.
PingPongx is entering the Indian market with a service fee of only 1%.
They have done the homework of identifying the customer’s problems and are coming up with a solution.
2. Faster Payments
From the point when a client makes a payment to when the amount hits your bank account, PingPongx takes the least possible time.
As compared to PayPal, which says 4 to 5 business days, PingPongx manages the same in one day. I agree, PayPal makes payment a lot faster, but then if you enquire staff about the amount, they always have the answer with a standard reply – wait for 4 to 5 business days.
I will share the exact details of how to send the payment details to clients, as well as the details of when my client paid me and when the amount reflected in my bank account.
3. Better Forex Rates
When it comes to forex rates, there can’t be anything as worse as PayPal, but PingPongx has forex rates inline with Payoneer.
Again, because the service charge is much less as compared to Payoneer, it makes more sense to use PingPongx over Payoneer as well.
4. Better Customer Support
I created my company account, and they needed some extra information for approving my company account.
The automated emails that they sent were knowledgeable. They asked the KYC documents of my wife, who is also my partner in the company.
The backend has a well-defined process.
5. Support for All Major Currencies
One can receive money in INR, USD, GBP, EUR, JPY, and AUD.
The funds are auto transferred to local bank accounts once they land in the PingPongx account. The Forex rates are highly competitive.
6. PingPongx Global eCommerce Support
PingPongx has established strategic partnerships with international mainstream e-commerce platforms. It includes Amazon, Shopify, Wish, Cdiscount, Shopee, and Rakuten. The partnership will provide wider sales channels to local sellers.
To operate an extensive sales network, PingPongx provides a fast and easy to use interface. Using this interface, a seller can manage multi-platform and multi-stores. In short, a seller will need only one PingPongx account to manage everything.
We already know it supports all mainstream multi-currencies such as the US dollar, British pound, Euro, Canadian dollar, Australian dollar, and Japanese yen. In short, a local seller can fulfill his/her dream of selling globally, using PingPongx.
Other Benefits of PingPongx
- Facility to withdraw funds in 1 working day
- Multi-store management from one single account
- No signup or monthly fee
- Pay VAT and make payments to suppliers
- No hidden costs
- No location or country barriers
- Schedule & make supplier payments automatically from your PingPongx account
How to Register with PingPongx?
The registration process is simple but requires details for KYC. So here is the step-by-step to get your PingPongx account.
Step 1 Email Address & Mobile Number
Click the Register button at https://in.pingpongx.com/in/index.
The registration process requires an email address and a mobile number. However, these are the basic requirements to register. Once you create the PingPongx account, the next step is to apply for receiving payments.
Step 2 Apply For Receiving Accounts
This step doesn’t require to fill any information. Just click the Apply for Receiving Accounts to go ahead.
Step 3 Select Currency & Bank Location
Select the receiving currency from the currency drop-down box. Ideally, it should be USD only. For USD payment, select the United States as the bank location. Click submit.
Step 4 Submit Receiving Account Information
The receiving account information is auto-generated. It is based on the information provided in step 3. User has to fill in account nickname, currency, and specific usage. For example, I have mentioned payment from clients as a freelancer.
PingPongx gives details like bank name, location, account holder’s name, 9-digit routing, and bank account numbers. When a user selects currency US dollars and US bank location, PingPongx generates a US bank account. Using this bank account, one can quickly receive money in US dollars.
Note that the 9-digit routing number is similar to an Indian bank IFSC code and can be used for Amazon US affiliate payments, etc.
Further, the user can request PingPongx to transfer US dollars into his/her local Indian bank account. I will share how as you follow along.
Step 5 Submit Business Details
The last and final step towards creating a PingPongx account. PingPongx asks business details in 4 parts. Like location, PingPongx account type, verification, and user’s bank details. Let’s see them one by one.
Select Indian from the drop-down menu and click next.
2. PingPongx Account Type
Define the type of PingPong account – is it personal or for business. Click the relevant button at the bottom.
The verification details depend on the PingPongx account type. For example, I selected “Apply PingPongx Business Account”; hence, the verification details are of my business. Fill in the details accurately to avoid issues. Double-check before submitting the information.
PingPongx will ask for personal IDs like PAN card, passport, or AADHAR card. Hence the scan copy of them handy while registration.
4. Indian Bank Account Details
The final step in providing business details and completing the whole account registration process. Here, the user needs to provide their Indian bank account details in which they intend to receive money. Submit the details to finish the PingPongx account registration process.
As soon as you submit the details, the following message will pop-up. PingPongx will review the details provided by the user and inform him/her via email. If all the information is accurate, the account will get instant approval.
Step 6 More Details as Email Notifications
Once the documents are processed, there can be a lot of additional documents that may be requested via email. So keep an eye on the email and upload more documents when you get an email like this:
Every company can have a different composition of partnerships and agreements. So the request for more documents sent via emails should be addressed.
Once everything is cleared, you should see an email with an activated account.
PingPongX is undoubtedly trying to address the problem of Indian freelancers, and I am sure it will take them a long way. Give it a try, and I am sure it won’t disappoint you.