NEW YORK and SHANGHAI, March 30, 2017 /PRNewswire/ -- Payoneer, a leading cross-border payments company transforming the way businesses send and receive funds globally announced today its new Early Payments™ service at Wish's annual seller conference in Hangzhou. The service provides Wish high-volume eCommerce merchants the ability to receive payment for their sales within minutes, giving them crucial capital to drive their businesses forward.
The dynamic world of online selling requires a flexible and fluid cash flow in order to stay competitive and expand. Yet eCommerce businesses and sellers are often overlooked by traditional financial institutions, and are limited to bank loans, which can take days or weeks to be approved, if at all, creating debt. Payoneer's Early Payments service gives merchants who sell on the Wish platform, one of the fastest growing marketplaces in the world, the ability to receive their funds quickly and seamlessly, giving them the capital they need to grow their business. Merchants getting paid using Payoneer can now receive up to 80% of their Wish receivables at least a month earlier by using the Early Payments service. By selling their receivables, merchants are able to access their funds right away. Unlike a bank loan, Payoneer's Early Payments service is totally risk-free for the merchant who choses exactly how much to receive early and avoids taking on debt.
Scott Galit, CEO of Payoneer, stated "Working capital is the biggest challenge for fast growing eCommerce sellers. Payoneer's Early Payments service allows Wish sellers to access their funds right away, so that they can reinvest into their businesses; to buy more inventory or advertisements, pay salaries or rent, or invest in new growth initiatives so they can sell more products and increase their revenues. We know how hard our customers work to grow their businesses and how passionate they are about the products they sell, so we are happy that working capital constraints will no longer hinder their growth."
By selling their receivables early, merchants are able to access their funds within minutes, completely online, in just two clicks. "Payoneer has been a trusted partner of Wish.com since 2014 and has helped our merchants sell their products to the world in a fast, compliant, and cost-effective manner," said Rajat Bahri, Wish CFO. "We are thrilled that Payoneer is offering Early Payments to our merchants so that they can grow their businesses faster and keep doing what they love – building and selling innovative new products to customers around the world!"
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, Getty Images, Google and UpWork use 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. 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. www.payoneer.com
Wish is the leading mobile commerce platform in North America and Europe with over 200 million global users and 5 million daily active users. Selected by Google as the Best Shopping Application of 2014, Wish creates a relevant, entertaining, and personalized browsing experience for each individual consumer through understanding consumer behavior and preferences. This translates into effective product exposure and better sales conversions for merchants.
Wish is backed by world class investors such as Temasek Holdings, DST Global, Founders Fund, Formation8, GGV Capital and Yahoo co-founder Jerry Yang. The company is based in San Francisco, CA and Beijing. To learn more about Wish or to download the Wish mobile app, visit www.wish.com.
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