Cross-border payments are a big deal nowadays. On a traditional, cash-to-cash basis, it’s an incredibly pricey and tedious process that has you paying fees to banks and remission services. But when done digitally, it can be seamless, fast, perfectly safe, and the absolute best way to pay and get paid for something – provided you’re using the right service.
Thing is – how do you know that you are? As an example, I’m reviewing Payoneer – the payment service that markets itself to the business-to-business (B2B) crowd by espousing a boost for global commerce through international, cross-border payments made easy and integrated. Connecting “businesses, professionals, countries and currencies” in “today’s borderless digital world”, Payoneer is a big fish – with millions of users across the entire world, and hundreds of big-name corporations, including the world’s biggest tech giant Google. So far, so good.
According to its website, it isn’t just a service to facilitate payments. Payoneer also does what it calls “mass payout accounts”, which are accounts for companies to transfer large sums of money internationally to “a large number of beneficiaries.”
The Payment Tool for Pocket Enterprises, SMEs and Corporations Alike
So, who uses Payoneer? Airbnb does. Upwork does. iStock does. But you can, too. You can use Payoneer to get paid for your freelance services, or, if you run a business that does legal consulting or website building or any other service that businesses usually apply for, you can offer your services and get paid through Payoneer as well.
It’s not a direct business-to-consumer friendly payment tool, but that’s not necessarily because it doesn’t have the capacity to be, but more directly because it wasn’t built to be.
What Sets Payoneer Apart from Other Payment Services?
Payoneer is a large-scale global provider of payment services online. That means it isn’t supposed to be used by your everyday individual looking for a way to collect donations, or cash in on sales from his newest album – while it’s user-friendly, Payoneer sets itself apart from other services in that it caters directly to bigger business, from hopeful entrepreneurs selling an innovative, easily-manufactured product, to corporations paying their business partners overseas.
That’s a limitation – but it’s also a strength. In that respect, the thing that matters most is perspective. If you’re in the business of offering services to other companies, then Payoneer is generally what you want to go for. Otherwise, there are other services out there that cater to bloggers, small-scale writers, or anyone else offering a hand-crafted skill or product over the Internet.
What Else Does Payoneer Have in Store for the B2B Market?
Payoneer is a fast-rising service – which means that it’s got a lot to offer yet. It’s already a globally-distributed service, with placement in, according to its website, over 200 countries. It also has headquarters in New York, and offices in several metropoles in Europe and Asia, with a total of over 500 employees worldwide.
As Amir Goldman, the Managing Director of Susquehanna Growth Equity notes, “Payoneer continues to show tremendous momentum and revenue growth. Payoneer has established a unique global brand and is trusted by businesses worldwide that rely on Payoneer to send and receive billions of dollars across borders each year. We are excited to help Payoneer achieve its goal to reduce friction in cross-border trade by simplifying cross-border payments.”
And help it did, in the form of an extensive round of financing. Most recently, Payoneer bagged $50 million from the Wellington Management Company.
Is Payoneer the Payment Service You’re Looking For?
It’s pricey, it’s sophisticated, and it’s safe – if you’re an entrepreneur, a business owner, a no-fuss executive or Eric Schmidt, then yeah. Payoneer is a great choice. Otherwise, you may want to look for a service that caters to a customer-to-business model.