Pro-Sellers Secret for Growing International Ecommerce Sales Is Payoneer

Pro-Sellers Secret for Growing International Ecommerce Sales Is Payoneer

by May 4, 2021

For Asian Amazon sellers who want to ramp up their businesses, there are a number of issues that tend to hold them back. One of the most common, and indeed the trickiest to resolve, is a lack of different payment methods, including not being able to accept different currencies.

However, online payment provider Payoneer has put in place some excellent features that make it a must-have for every online vendor, including one particular service that makes it a real accelerator for Amazon and Walmart sellers.

What is Payoneer?

Payoneer was founded in 2005 and is now one of the world’s largest payment processing services. Although it may appear similar to PayPal on the surface, Payoneer is more focused on the world of eCommerce and global business than its competitors and as a result, tends to be more attuned to the needs of the growing business.

Although badged as a payment processor in the early days, the service has developed over time and now boasts a range of features including FX, invoicing and bill payments that make it ideally suited to the fast-moving world of online sales.

Accessing & consolidating store payouts from multiple marketplaces is crucial for expanding successful Amazon sellers

Arguably the central plank of Payoneer’s service offerings is the multi-store Amazon payout solution, letting sellers access, withdraw and use their funds with the Payoneer Payment Platform. It is important that sellers have a seamless payment experience and this where Payoneer shines.

Western customers must trust their payment processing provider and Payoneer certainly scores in this regard. With more than 5m customers in 200 countries around the world, the company certainly has one of the most impressive CVs going.

Integrating Payoneer means that you can pay in local currency with their debit card, credit card or by making a bank transfer, and if they have a Payoneer account, from their existing balance.

Singaporean and other Asian sellers who use an online marketplace like Amazon, eBay, Wish, Rakuten, Lazada and Cdiscount can integrate directly with Payoneer to receive funds. The Payoneer app links with more than 3,500 marketplaces in total, including sales platforms like Digistore24, and it is this level of integration that distinguishes the company from other basic FX transfer services, like Wise.

For B2B businesses, the ability to accept payments from international customers is critical and from their point of view, paying through Payoneer feels just like paying into a local bank account. This means that an Asian seller is competing on a level playing field with businesses located in the same country as their customers.

From a cash management point of view, the big winner for Payoneer is that the retailer can sell on any of the connected marketplaces and instantly see performance and income from all of them in one place.

Paying Suppliers for Amazon Sellers

One of the great benefits for Payoneer customers is the ability to hold a balance in multiple local currencies to use later to pay international suppliers, which are located mostly in China. This means that a Singapore-based business that sells regularly to the UK can keep a GBP balance and then pay its marketing and fulfilment suppliers in that country from the Payoneer balance, thus avoiding two sets of FX and wire charges.

When companies are trying to keep costs as low as possible, this is a significant advantage as FX transactions can be ridiculously high. If the business has suppliers that it pays regularly and they also have a Payoneer account, there will be no transaction charges at all, which makes the platform a very attractive one from the point of view of costs.

Multicurrency account for Sellers with local bank details for multiple stores on multiple Marketplaces

For Asian sellers, foreign exchange is a fact of life, but that doesn’t mean that it has to be difficult to manage multiple stores in different marketplaces & countries with Payoneer Seller.

For the user, Payoneer feels like a local bank account which means that it is simple to use and doesn’t require and special FX knowledge. Payoneer operates in 200 countries and helps users manage more than 80 different currencies.

Traditional banks tend not to like processing foreign exchange transactions and their pricing reflects this with hefty wire transfer charges and non-competitive exchange rates. With Payoneer, converting funds from one currency to another is easy and the pricing structure is simple and fair with a maximum 2% charge on FX transactions.

There is no conversion cost at all if the payment is made from the Payoneer balance in the same currency, which means that for many businesses, foreign exchange will become a thing of the past.

For Asian sellers, accepting payments from anywhere in the world can be simple, straightforward and cost-effective.

Growing International Online Sales with Payoneer

Payoneer is acting as a business accelerator for Amazon sellers, and other eCommerce marketplaces and platforms. What makes them stand out from simple business account providers, like Airwallex, is their support for businesses.

Like most providers, Payoneer integrates with a variety of apps and for larger companies, they provide an API to enable developers to patch into their own systems. But in addition to useful features like free, international debit cards, Payoneer offers something that really adds value for international sellers to pay their expenses for inventory and advertising.

It’s innovative funding solutions for Amazon or Walmart sellers means that growing businesses can access working capital to scale up. For new sellers, Payoneer’s Capital Advance Express program provides cash boosts that are then settled over time (usually several months) based on sales volume.

This means that an actively growing business can order larger amounts of stock and hold more product lines, which are likely to both improve sales and gain discounts from suppliers. Once the seller has built up a track record with the Capital Advance program, Payoneer offers access to Capital Advance Grow, which provides up to $750,000 of working capital, meaning that the company has a real chance to thrive and grow in the world of online sales.

Payoneer has a really impressive set of resources, including blogs, videos and webinars that provide help and advice to businesses that are looking to improve and develop into much larger enterprises.

Payoneer as a one-stop-shop for Asian sellers

For the busy online retailer, Payoneer offers some real advantages. Accepting international payments is as easy and cost-effective as if they were local bank transfers and the usability of the system is remarkable. Making payments to suppliers is simple and if they also have a Payoneer account, it’s free. Meanwhile, the FX service is among the cheapest in the marketplace.

What really makes Payoneer stand out from other payments providers is its focus on growing businesses. Providing help, advice, resources and of course, the option of accessing working capital is a real boost to ambitious company owners.


Featured image credit: Photo by Campaign Creators on Unsplash 

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