Payoneer, an innovative cross-border payments company transforming the way businesses send and receive funds globally, announced today new investment and support for US sellers and SMBs that address the unique needs of American businesses doing business globally.
Payoneer now provides US-based cross-border businesses with an end-to-end solution to get paid, bill their clients, pay VAT, pay suppliers and withdraw their international earnings in USD to their local bank account.
To strengthen its support of the local SMB and ecommerce community, Payoneer brought on US Country Manager Iain McNicoll to lead the team. McNicoll boasts over a decade of experience in payments and emerging technologies, and expressed excitement over the new role and the potential for the US seller market.
“We have seen more US ecommerce sellers expand their business by selling on international marketplaces where there is growing demand. This cohort has been neglected by traditional financial providers trying to provide one-size-fits-all products and services,” he says. “There are gaps in this market that need to be filled — we look forward to making it easier for US sellers to grow globally and reach new markets.”
Cross-border selling is filled with opportunity for US online merchants. A recent Forrester report found that cross-border sales will grow over 120% from 2017 to 2022, reaching $627 billion, and surpassing the overall growth of eCommerce. Yet, according to Ipsos’ CrossBorder Merchant Research 2016, only 36% of US online merchants are selling cross-border. Thus, there is significant opportunity for US merchants to leverage Payoneer’s products and services to support their cross border payment requirements, and grow their business globally.
● Launch of additional payment solutions for US sellers – Cross-border US sellers can now take advantage of Payoneer’s expanding global payment services:
○ Accept payments: They can easily accept payments in more local currencies as well pay suppliers and vendors or seamlessly withdraw funds to their local bank.
○ Store Manager: This service allows sellers to link their online stores from different marketplaces into one centralized location, which creates a simple management of their payouts. Each store uses its own local currency receiving account and data and bank statements can easily be exported when needed.
○ Billing service: US SMBs can both bill their clients as well as easily pay international suppliers using their Payoneer balance, credit card, echeck or bank transfer.
○ VAT payment service: This allows merchants to use their Payoneer balance to pay their VAT obligations with no fee in the United Kingdom, Germany, France, Italy, Czech Republic, and Poland.
● Ecosystem of partnerships and integrations benefit US sellers – US sellers have the opportunity to expand their global business by leveraging Payoneer’s fast-growing ecosystem of partners and integrations – including ChannelAdvisor, Regional Express, Amazing.com, Gengo, Avalara, SimplyVAT, TimeDoctor and Xero. These lower the barrier to entry to cross-border selling by providing services such as invoicing, marketing, shipping, accounting and VAT compliance.
“As U.S. sellers become more comfortable selling internationally, the opportunity to provide them with the services they need to expand is growing,” says McNicoll. “I’m excited to help broaden Payoneer’s mission to empower entrepreneurs and help them take their business to the next global level.”