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How Payoneer is shaking up cross-border payments

Publish date: 04 September 2019
Author: Payoneer

Through its digital payments platform, Payoneer enables millions of businesses and professionals from more than 200 countries to connect with each other and grow globally. Eyal Moldovan, Payoneer’s general manager, tells Boris Plantier more.

With over four million customers, Payoneer has witnessed a remarkable rise to fame since its inception in 2005.

Eyal Moldovan, the firm’s general manager, attributes this success to a variety of factors. “At Payoneer, we aim to empower businesses to grow globally by providing them with a wide range of payment solutions,” he says. “These solutions rely on us having strong relationships with banks, not only to deliver payments in a secure, local and regulated way, but also to fuel innovation and bring more value to customers.

“When banks and fintechs shift their approach from competition to cooperation, there’s a massive opportunity to modernize legacy financial systems. We’re proud to be partnering with banks all around the world to help drive global commerce and improve services for today’s businesses.”

There couldn’t be a better time for a firm like Payoneer to make its mark in the industry. All over the world, the digital economy has lowered barriers to entry for new businesses, making it easier to expand internationally, and creating a more connected ecosystem. What’s more, developing economies are growing at a remarkable rate, surpassing the growth of mature markets.

“China has long been a leader in eCcommerce, but now countries like Vietnam, Korea, Japan, and India are following in their path,” says Moldovan. “Our business is built to fuel global growth, and to make it easier for digital entrepreneurs to succeed in the modern economy.”

Markets which have traditionally focused more on their strong domestic economy or on imports, like the UK and US, are also beginning to see the benefits of taking part in the global export economy, as consumers all over the world are getting more comfortable with buying across borders.

As more online business models arise, there are new, complex payment needs that must be addressed – and this is where Payoneer is keen to shake up the status quo. “We want to be a one-stop shop, a partner that provides everything that a modern business needs to pay and get paid internationally,” Moldovan explains. “As a company, we were both very lucky and very smart to have identified these needs early on, forming the banking partnerships and building the infrastructure necessary to support this type of global economy.

“Today, we are linked with over 100 local clearing systems, and integrated with marketplaces and digital platforms throughout the world. These relationships are time and resource intensive. Being able to form them early on has allowed us to grow globally at an unmatched scale.”

Moldovan is keen to note that the trend of globalization is not a matter of ‘if’ or ‘when’ – it’s already happening. “We’ve been seeing it increase every year for the last several decades,” he says. “While some voices around the world are looking to make it harder to connect across borders and do business together, the world economy is not moving in that direction – it’s only becoming more global and more diverse. Every day, we see it at Payoneer, and we see the powerful impact that these trends have. We will continue to empower our customers and give them all the tools they need to succeed in this global world.”

Payoneer has two primary customers; companies that are looking to make payments all over the world, and the companies that are receiving these payments.

“For example, a client like Amazon has third-party sellers all over the world that range in size, some of whom are individual merchants, and others are eCommerce businesses with hundreds of employees,” Moldovan says. “For the companies that are looking to make the payments – the Amazons of the world – we offer a number of different services. We have unparalleled risk and fraud capabilities, so they can make sure the payments they’re making are always safe and monitored. We have a variety of integration models, including a rich set of APIs, that make it easy to work with Payoneer. We offer tax solutions to simplify the process of collecting W8 and W9 forms from their payees around the world. We offer digital escrow services to bridge the trust gap that can exist in large B2B transactions. And users can collect payments using the solution too.”

Overall, Moldovan says his clients’ payees will get the most flexibility in the methods of payment that they have access to, backed by world-class customer support that they can instantly reach 24/7 in over 80 languages.

For Payoneer’s SMB customers that are receiving payments, the firm offers an extraordinary number of tools and added-value services to help them grow their business faster. “They have the option to receive their funds in whatever method suits them best,” says Moldovan. “They can get funds sent to their local bank accounts, or put on a prepaid card, which they can use at ATMs around the world or to shop online or in stores. With their Payoneer Account, they can keep their funds until they need to withdraw them or use the funds to make in-network payments to other Payoneer users for free, or make low-cost payments to vendors outside of the Payoneer network.”

They also have ability to get global receiving accounts, which gives them access to a bank account in major currencies. “In addition to this they have access to added-value solutions like our ‘Request a Payment’ service, and ‘Capital Advance’ service, which allows them to easily collect payments and gain access to working capital faster,” Moldovan says, “We make it easy to make VAT payments for free, directly from their Payoneer account. We also help them connect to partners and systems that they need for their business, from logistics companies to enterprise resource planning integrations.”

This is just the start of things to come for Payoneer. The firm is adding new services to make sure it is keeping up with the needs of modern businesses, as well as partnering with new system integrators and new marketplaces. “In addition, we’re continuing to invest in our local presence around the world, with more offices planned and continued growth in our employee count,” Moldovan says. “We’ll also be expanding the number of global receiving accounts that we offer and expanding our working capital solutions. Overall, we’re going to continue making investments in Payoneer’s product, with one aim in mind: to better serve our customers.” 

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