NEW YORK, Aug. 16, 2016 /PRNewswire/ -- Payoneer, a leading cross-border payments company transforming the way businesses send and receive funds globally, announced today that it has added an automated Tax Form Service to its mass payout offering. Payoneer clients will now be able to automatically collect beneficiary information via an online wizard that supports all relevant W-8 and W-9 forms; create 1099 & 1042 forms for IRS submission with full SSN and EIN validation; and automatically holds payments until the form is completed by the beneficiary. For businesses such as ecommerce and freelance marketplaces, ad networks and vacation rental platforms already disbursing money to their beneficiaries through the Payoneer platform, this Tax Form Service provides the ultimate end-to-end mass payout solution.
Derek Andersen, Founder and CEO of Startup Grind, the largest independent startup community online, explained why they chose Payoneer's Tax Form Service. He states, "We have Chapters in 80 countries and had huge issues paying and tracking payments across that network prior to finding Payoneer. With Payoneer's integrated Tax Form Service, we finally had the process, the technology, and the confidence to easily manage and remain compliant across our entire network. This process is important to us because the lack of compliance has been a huge liability to our business for many years. It wasn't until Payoneer's solution that we were able to gain full coverage in a scalable and manageable way."
Payoneer's Tax Form Service offers a simple solution for both companies and beneficiaries. For marketplaces and companies who are disbursing money to beneficiaries through the Payoneer platform, this solution is a natural fit as Payoneer is already handling their payees' business and payment details, saving them time and money in dealing with onerous paperwork that falls outside of their core competencies. Furthermore, Payoneer's dynamic platform only withholds payments when a beneficiary reaches the $600 IRS threshold. So companies can more easily onboard small suppliers, especially in emerging markets by ensuring they're not overlooked due to the cost of traditional tax form administration. Clients can also have peace of mind with the knowledge that Payoneer's tax form service has been reviewed and certified by one of the Big Four accounting firms.
"Our new, automated Tax Form Service is about making life and compliance easier for the companies we support," explains Scott Galit, CEO of Payoneer. "At Payoneer, we strongly believe in democratizing access to the global economy for businesses of all sizes, and taking on some of their compliance burdens is one way we can help. With this new solution, businesses and beneficiaries across borders can work together without worrying about IRS requirements."
In order to comply with IRS regulations, W-8 and W-9 forms must be collected by all US companies who are paying out in excess of $600 per year to a beneficiary. This beneficiary could be a domestic or international company or individual. Currently, most firms either take on the time-consuming task of managing this process in-house, typically manually, or they outsource it, which can be costly and require redundant data collection efforts.
With the launch of this new Tax Form Service and the recent acquisition of Escrow-as-a-Service provider Armor Payments, Payoneer has solidified its standing as an end-to-end B2B payment provider for companies of all sizes.
Payoneer empowers global commerce by connecting businesses, professionals, countries and currencies with its innovative cross-border payments platform. In today's borderless digital world, Payoneer enables millions of businesses and professionals from more than 200 countries and territories to reach new audiences by facilitating seamless, cross-border payments. Additionally, thousands of leading corporations including Airbnb, Amazon, Getty Images, Google and Upwork rely on Payoneer's mass payout services.
With Payoneer's fast, flexible, secure and low-cost solutions, businesses and professionals in both developed and emerging markets can now pay and get paid globally as easily as they do locally. Payoneer was founded in 2005 and is headquartered in New York with global offices spanning from Silicon Valley to Tokyo. Payoneer is venture-backed, profitable and ranked in the top 100 of Inc. 5000's Financial Services companies. For more information, visit us at www.payoneer.com or follow us on Twitter and Facebook.
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