NEW YORK, April 4, 2017 /PRNewswire/ -- Following the acquisition of online escrow provider Armor Payments last year, Payoneer, a leading cross-border payments company, has seen its new escrow solution transform numerous B2B marketplaces from directories to secure B2B eCommerce sites. Online B2B marketplaces have integrated Payoneer's escrow payment solution, empowering secure transactions between businesses all over the world that buy and sell across a range of categories. These businesses are as wide reaching as apparel, film and series rights, aviation and maritime, and include BidAero, BidSlate, EC21, Eiffel Trading Company, HarbourYard, K-Lawyers, Seasupport, Renescrow, and YieldOrganic.
Historically, B2B marketplaces have been online directories with no transactional capabilities. Payoneer's escrow API enables secure eCommerce through a seamless and transparent payment environment, accelerating the creation of new B2B marketplaces and allowing existing ones to expand their business models. BidSlate, an online platform connecting producers and filmmakers with video media content distributors and exhibitors, noted how Payoneer has allowed them to grow and evolve. "The impact of offering online escrow payments has been immediate and transformative to the industry. The fact that a filmmaker no longer needs to wait for payment from a lesser known international entity has added a great deal of security to the process," stated Roland Rojas, Co-Founder, BidSlate.
When developing HarbourYard, a brand new marketplace for the worldwide marine community, George Giakoumakos, Founder, knew early on that their marketplace would not be possible without enabling secure payments on their site. "The maritime market is fueled by large, complex transactions. Buyers and sellers must feel secure in the payment terms to do business with a new, international partner," he explained. "We needed a payment platform that would work across the globe, be compliant with all local regulations, and still be cost-effective. Payoneer Escrow enabled us to build out a secure, fully functional B2B marketplace."
Scott Reynolds, who founded Armor Payments and now heads up the B2B Services division at Payoneer, added, "Our escrow solution is a key piece that enables a global, fully-digital B2B marketplace to function with the same capabilities that consumer marketplaces have had access to for years. BCG projected that cross-border B2B transactions will reach $50 trillion annually by 2020, a 250% increase from 2010*. With online escrow accelerating the transformation of the industry, we see an opportunity for this number to grow even further, and for marketplaces to benefit from this growth. We're thrilled to be leading this industry revolution, providing our partners with the tools and support that they need to become major players in global markets."
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 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. B2B marketplaces are also using Payoneer to power secure escrow transactions between their buyers and sellers around the world.
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. Founded in 2005 and based in New York, Payoneer is venture-backed, profitable and ranked in the top 100 of Inc. 5000's Financial Services companies.
*Source: BCG Report
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