- Global payments provider has pledged increased investment and support for sellers and small businesses
- New executive brought on board to run team responsible for improving services for US-based SMBs doing business internationally
- Clients can now bill customers, pay vendors, reconcile VAT, process payments and withdraw global earnings in USD all through Payoneer platform
Payoneer, an innovator in international payments, has recently announced plans to improve its support for American small businesses and sellers who do business globally. Clients can now use the Payoneer platform to manage nearly all aspects of international finance including receiving and processing payments, billing customers, paying VAT, reconciling supplier accounts and withdrawing income in USD to local bank accounts.
To strengthen the reach of these expanded SMB services, Payoneer has brought on board Iain McNicoll as US Country Manager. McNicoll has more than a decade in payments and emerging technology, and he says he's eager to get started at Payoneer.
"We have seen more US e-commerce 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," McNicoll said. "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."
According to a recent report by Forrester, international sales presents a host of opportunities for US-based e-commerce merchants. Cross-border sales are expected to grow more than 120% by 2022, surpassing the overall growth of e-commerce in general to the tune of $627bn.
However, another report indicates that the majority of US SMBs and sellers are not taking advantage of the international market. Only about 36% of US-based online merchants are currently selling across borders.
Payoneer believes this represents a significant opportunity to give clients access to its services to help grow and support cross-border payments.
Included in Payoneer's new offerings for US SMBs and sellers are:
- Accept payments: Clients can easily accept local currency payments, seamlessly pay vendors and suppliers using their Payoneer balance, credit card, bank transfer or e-check, and withdraw earnings to their bank accounts.
- Billing: SMBs can bill customers in local currency via the Payoneer platform.
- VAT payments: Clients can use their Payoneer account balance to reconcile VAT payments with no additional fees to the UK, Czech Republic, France, Germany, Italy and Poland.
- Store Manager: This Payoneer feature makes it easy for US sellers to link their e-commerce stores to various international marketplaces and receive income in local currency from a single location, thus simplifying payouts.
Additional benefits of the Payoneer expansion to US sellers and SMBs include the ability of clients to leverage the power of the payment platform's many international partnerships and system integrations with companies like ChannelAdvisor, Amazing.com, Avalara, Gengo, Xero and SimplyVAT. These partnerships help remove obstacles for US sellers looking to expand their businesses globally.
