Localized Payment System Benefits SMEs, Freelancers
Payoneer is a digital payment platform with a global reach, similar to PayPal. Based in New York, it has a presence in more than 200 countries and processes over 150 currencies, making it easy for small and medium enterprises (SME) and freelancers to send and accept payments all over the world, as well as withdraw funds in local banks.
Payoneer Overcomes Cultural Barriers
The company plans to expand more in Asia after its success in providing cross-border payments in Japan, India, South Korea and China. It currently processes in excess of US $7 billion worldwide, with a three-fold increase in Asia since it began operations in 2012.
Payoneer has a two-pronged approach for building partnerships in different countries and cultures. It has established local operations to overcome cultural and language barriers. This localization strategy makes it easier for sellers and consumers to use the platform for work or leisure.
The company has also decided to partner with a network of banks and financial institutions to provide better service to end-users. Among these banks are Mastercard, Bank of America, RBS, Deutsche Bank, PingAn, Barclays, ICICI Bank, and Indusind Bank. In the Philippines, you can withdraw to almost all local commercial banks, including Bank of the Philippine Islands and Banco de Oro.
There is also a plan afoot to offer working capital to sellers. It has already launched the program in China and plans to do the same in India. This is to give small business owners a chance to grow in their space.
Large companies currently use Payoneer as a payment company, including Upwork, Amazon, Airbnb, Google, Waze, and Getty Images. However, Payoneer is just as user-friendly for SMEs, and provides freelancers in many countries with a convenient way to accept payments from clients, often at transaction fees lower than those charged by PayPal.