When you start selling internationally, one of the first things on your mind will be how do you make it easy for your customers to pay and how do you get access your funds in foreign currencies?
Payoneer aim to make this simple with the ability to trade as if you had a local bank account in each country you sell in. What’s more you can send or accept payments to or from any other Payoneer customer, world wide, for free. I spoke to Daniel Mayhew, Payoneer UK Country Manager to find out more.
Daniel joined the UK Payoneer team towards the end of November 2016 as Country Manager. Previously he worked for Earthport as Vice President Business Development, was Vice President at Intelligent Payments Group and before that Head of Partnerships at Western Union’s Business Solution.
What is Payoneer?
Payoneer an innovative digital payments company transforming the way online sellers send and receive cross-border payments.
Millions of online sellers in more than 200 countries and territories choose Payoneer’s fast, flexible, secure and low-cost payment solutions, empowering them to work globally and get paid locally. Additionally, thousands of leading companies and marketplaces such as Airbnb, Amazon, Getty Images, Google, and Upwork rely on Payoneer’s services to send funds to their payees worldwide.
What services does Payoneer provide?
Connect with marketplaces, platforms, networks and sites integrated with Payoneer
Access local accounts in multiple currencies (USD, GBP, EURO, JPY & CNY) – as if you had a local bank account
Bill your suppliers, contractors etc. and offer several ways to pay online
Accept payments from any Payoneer customer, anywhere in the world – for FREE
Transfer funds from Payoneer to your bank account
Withdraw funds at ATMs worldwide
Spend funds online and in stores
Pay any Payoneer customer, anywhere in the world – for FREE
Why would someone use Payoneer over competitors?
Payoneer leads the charge against inefficient and analog payment methods like checks and wires that still dominate international B2B payments. What we’re offering is a cheaper, faster, and more transparent solution that’s more suitable for modern day entrepreneurs.
In many cases, our customers choose Payoneer because it’s the most cost-effective solution. Other times, it’s because we create opportunities to scale in more markets and get paid to one consolidated account. Still, for other customers, it is our expansive network, engaged community and commitment to localized support around the globe that is the key to their success.
What would your ideal customer look like?
Payoneer customers range from major internet brands like Google and Amazon through to small business owners such as online sellers in China and service providers in India. The ideal Payoneer customer is committed to building a global business but unwilling to accept the traditional banking model and all the hassles it creates for international buyers and sellers.
What markets provide sellers with the greatest opportunities?
In 2017, eMarketer predicts that global eCommerce sales will reach $1.6 trillion and an incredible $3.6 trillion by 2019. Today’s most successful online sellers are looking for opportunities in booming eCommerce markets around the globe. Europe and China are the two biggest opportunities for growth. Here’s why:
China – By 2020, 280 million people in China will have between 20,000 – 1,000,000 USD in disposable income per year. And, contrary to popular belief, Chinese consumers are purchasing mainly luxury items from the U.S. and Europe.
Europe – Approximately 16% of online shoppers in the E.U. made purchases internationally. Marketplaces like cDiscount in France, PriceMinister in Luxembourg and of course Amazon offer solutions for inventory management, translations and more – making it easier than ever for international sellers to successfully enter the European market.
Which platforms do you support or integrate with?
Payoneer integrates with over 2500 marketplaces, networks and platforms offering payment solutions for an array of business needs.
Ecommerce partners that are fully integrated into our platform allow sellers to simply select Payoneer as their preferred payment solution. Other partners require only a bank account to set up a store and Payoneer offers receiving accounts in the U.S., Europe, Great Britain, China and Japan, creating unlimited opportunity for global expansion.
In addition, Payoneer enables sellers to pay suppliers, contractors, team members and more – for FREE. For example, a U.S. seller buying inventory in Europe can use multiple currency balances to pay suppliers within hours for absolutely no fee.
What else would you like to tell Tamebay’s readers?
When you choose a cross border payment platform ask yourself the following:
Is it cost effective?
How much will I spend on transaction fees, conversion fees, etc.?
Is it fast?
How long does it take to receive funds, make payments and access funds?
Is it robust?
Do I have multiple ways to access my funds?
Does it help me grow my business (pay suppliers, purchase inventory, etc.)?
Is it global?
Can I sell in top eCommerce markets?
Is it compliant?
Is it regulated in the markets I operate in?
Is there customer support?
Is it a 24/7 operation? Is it offered in my language?
Payoneer makes it easy for you to receive payments from hundreds of eCommerce sites and expand your business in top markets like Europe, the UK, Japan, and China. Create your free account today!