Payoneer introduces e-commerce capital advance service to U.S. sellers
today Feb 26, 2019
New York-based payment platform Payoneer has announced the expansion of its Capital Advance service, a working capital offering designed for e-commerce merchants.
With the service, Payoneer customers can receive working capital that can be used instantly to grow their businesses, allowing them to expand into new product categories, marketplaces and countries; increase market investments, build up inventory and more.
New offers are extended regularly with repayment terms of up to 90 days later for sellers on Amazon, Walmart, and Tophatter.
In a press statement, the company explained that while traditional financial institutions typically charge high rates or deny financing to e-commerce businesses, Payoneer's Capital Advance service requires no collateral and offers amounts based on each merchant's prior sales performance, making the service both low-cost and low risk.
Additionally, Payoneer's service helps its marketplace clients to provide financing options to sellers without taking on added risk, and helps marketplaces boost their overall volume and revenue by enabling their sellers to expand their business operations.
"We're excited to offer a service designed to meet the specific needs of our e-commerce seller customers, further enabling them to smartly scale their businesses, sell more products, and increase their revenues," said Scott Galit, Payoneer's chief executive officer.
The expansion builds on Payoneer's Early Payments product, launched in 2017. Additionally, the company's mass payout services are used by corporations including Airbnb, Getty Images, Google and UpWork.
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