Global payment and commerce platform Payoneer is working with eBay to allow sellers in some countries to get paid for their sales on eBay’s marketplace.
In a Tuesday (May 4) announcement, Payoneer said the collaboration is part of eBay’s “mission to modernize its marketplace” giving sellers a more streamlined, less complex payment experience. Sellers will get faster access to funds, more flexibility managing multi-currency payments and the chance to list on eBay sites around the world.
As of last month, Payoneer began managing payouts for eBay sellers from Greater China as eBay extends its payment management around the world. The two companies plan to expand even further as the year goes on.
“We are honored to partner with eBay, a true pioneer and giant in the world of ecommerce,” Payoneer CEO Scott Galit said in a news release. “Their goal of creating a streamlined, modern marketplace that simplifies cross-border commerce is one that resonates deeply with us and our customers.”
The agreement comes just after the news that Payoneer will go public this year through special purpose acquisition company FTAC Olympus Acquisition Corp in a deal that values the eCommerce company at $3.3 billion.
Payoneer, whose clients include mammoth companies like Amazon and Airbnb as well as a range of small businesses, saw its payments volume increase by 55 percent in the fourth quarter of last year to nearly $14 billion, up from $9 billion in 2019. Payments increased by 53 percent for the full year, from $29 billion in 2019 to $44.4 billion in 2020.
This came after a year that pushed many small and medium-sized businesses (SMBs) toward digital, Payoneer Vice President for SMBs Iain McNicoll told PYMNTS last month.
“The stat that we’ve seen around a lot … recently is that the percentage of retail transactions that are being done online has grown as much during the pandemic as it had in the prior 10 years,” he said. “So clearly, the trend is growing — and SMBs are all understanding it’s time to grow with it.”
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