Payment Processing Guide
Dear valued customer – Thank you for choosing Papaya global!
When you hire employees, you accept the obligation to pay them correctly, on time, and in compliance with government regulations. This is where we come in: we assure 100% correct and on time payment to your entire workforce globally as our company’s first and primary goal.
The methodology of cross-border payments and currency exchange across the globe is often inconsistent, making it difficult for customers to have a clear understanding of the baseline cost of doing business.
At Papaya, we are committed to full transparency. This guide will explain exactly what you can expect.
Ok, how does it actually work?
Papaya Global helps hire and pay in more than 160 countries. We are dedicated to ensuring compliance in every country in which we operate and ensuring that our customers’ employees are paid accurately and on time.
Our customers can pay their EOR workers and direct employees in any of the supported countries in their local currencies.
Papaya Global will instruct its banking partners (or payment providers) to pay its employees based on the local receiving amount while enabling our customers to provide funds in EUR, GBP or USD.
If the recipient currency is different from the funding currency, we will convert the funding currency into the recipient’s currency based on the Papaya FX rate. When invoiced, the conversion rate will be based on the Papaya FX average daily rate for the previous day. For employee payments, the conversion will be based on the Papaya FX spot rate at the time of payment.
Papaya Global’s economy of scale allow us to offer better pricing than our competitors or the bank.
Here is a comparison of several providers rates as of 14.4.22