Company expands into Direct-to-Consumer services with a payment acceptance product for global SMB webstores
Payoneer, the commerce technology company powering payments and growth for the new global economy, announces the launch of Payoneer Checkout, marking the company’s entry into payment acceptance for direct-to-consumer (DTC) webstores.
The global DTC market has seen significant growth during COVID and beyond, with DTC eCommerce sales in the US projected to reach $175 billion by 2023, a 56% growth from 2020. In India, the market is forecasted to multiply three-fold from 2020 to 2025, reaching a projected $100 billion in sales. Built for today’s world of open commerce, Payoneer Checkout offers eCommerce merchants a simpler way to expand and grow through direct-to-consumer sales all around the globe.
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Building on its leadership in marketplace payments and B2B payments, the launch of Payoneer Checkout creates a unified experience for Payoneer’s eCommerce merchants across multiple digital channels. By consolidating all their funds across marketplace and direct sales channels in Payoneer’s multi-currency accounts, merchants can manage their accounts payable needs, gain access to working capital, and use their funds to pay for business expenses such as digital advertising. Payoneer Checkout is currently available in Asia-Pacific and will gradually be extended globally.
Merchants can integrate with Payoneer Checkout directly or via ecommerce platforms, thereby simplifying the way merchants set up their stores and start accepting payments from customers worldwide.
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Commenting on the announcement, Scott Galit, Chief Executive Officer of Payoneer said: “Payoneer was founded with the idea that technology and the internet were transforming commerce and making it possible for anyone, anywhere to build and grow a digital business. Today’s SMBs aspire to sell through multiple channels, which brings about the challenge of managing multiple payment setups. Expanding into payment acceptance is a very natural extension of our offering for SMBs, empowering them to participate in the digital economy by transacting globally as easily as they do locally. I’m pleased to announce that through Payoneer, SMBs can now get paid by other businesses, by digital platforms and marketplaces, and now, by consumers that are drawn to their brands.”
Keren Levy, President and General Manager of Merchant Services, Payoneer, said: “The Payoneer ecosystem is all about connecting SMBs to the global digital economy. Our customers are already showing a huge amount of enthusiasm about Payoneer Checkout because figuring out the complex path of how to pay and get paid across borders is one of the biggest barriers businesses face when trying to grow globally. Small business owners don’t have time or resources to optimize complex offerings such as cross-border payments on their own. Through services like Payoneer Checkout, we are proud to take another step in our journey to imagine, engineer and inspire a universal future for commerce in which the entire world can realize its potential.”
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