An American financial services company Payoneer which powers the growth of millions of digital businesses worldwide is now working in collaboration with eBay to allow sellers in some countries to get paid for their sales on eBay’s marketplace.
In the announcement, Payoneer stated that it is joining hands with eBay to enable sellers select countries to get paid for their sales on eBay’s core marketplace and that it is part of eBay’s “mission to modernize and grow its marketplace” giving sellers a more streamlined, less complex payment experience. Sellers will get faster access to funds, more flexibility managing multi-currency payments, and the chance to list on eBay sites around the world.
Founded in 2005, Payoneer from last month has begun managing payouts for eBay sellers from Greater China as eBay extends its payment management around the world. The two companies plan to expand even further as the year goes on.
Payoneer CEO, Scott Galit, mentioned and he along with the company is honored to partner with eBay, a true pioneer, and giant in the world of e-commerce. “Their goal of creating a streamlined, modern marketplace that simplifies cross-border commerce is one that resonates deeply with us and our customers”, he added. They are looking forward to working with eBay to provide the best possible experience to sellers all over the world.
The agreement comes just after the news that Payoneer will go public this year through special purpose acquisition company FTAC Olympus Acquisition Corp in a deal that values the eCommerce company at $3.3 billion.
Payoneer, whose clients include mammoth companies like Amazon and Airbnb as well as a range of small businesses, saw its payments volume increase by 55 percent in the fourth quarter of last year to nearly $14 billion, up from $9 billion in 2019. Payments increased by 53 percent for the full year, from $29 billion in 2019 to $44.4 billion in 2020.
“Managing payments on our platform is a key component to enhancing the eBay experience for our customers,” added Alyssa Cutright, Vice President of Global Payments at eBay. “We’re excited to be partnering with Payoneer at a time of such growth for both our companies. Together, we will build on the momentum that e-commerce has seen in the past year, helping sellers transact with customers across borders with flexibility and security, all on a simple, modern platform.”