Recently, there has been increased focus on the role that SMBs play in the international market, especially post-Brexit, with current signs indicating that the picture might not be as bleak as a pre-Brexit forecast might have suggested.
Now, Payoneer have announced new investment and support for US sellers and SMBs that address the unique needs of American businesses doing business globally.
Payoneer now provides US-based cross-border businesses with an end-to-end solution to get paid, bill their clients, pay VAT, pay suppliers and withdraw their international earnings in USD to their local bank account.
A recent Forrester report (1) found that cross-border sales will grow over 120% from 2017 to 2022, reaching $627 billion, and surpassing the overall growth of eCommerce. Yet, according to Ipsos’ CrossBorder Merchant Research 2016 (2), only 36% of US online merchants are selling cross-border.
To strengthen its support of the local SMB and ecommerce community, Payoneer brought on US Country Manager Iain McNicoll to lead the team. McNicoll boasts over a decade of experience in payments and emerging technologies, and expressed excitement over the new role and the potential for the US seller market.
“The challenges around international trade for US SMBs don’t stop at the ability to make or receive payments – in fact, it’s often all of the processes around payments that provide the biggest challenge, from compliance, tax obligations, and more”, McNicoll told PaymentEye.
“This is where products like the our VAT payment service, which allows US sellers to easily pay their VAT obligations for free directly from their Payoneer account, without incurring double currency conversions or costly wire fees, are such important tools. Our goal is to go beyond payments, to fuel global expansion for US SMBs. We’re thrilled to be a growth partner to this community of entrepreneurs.”
| 1) | Forrester, 2017. Forrester Data: Online Cross-Border Retail Forecast, 2017 To 2022 (Global). |
| 2) | Ipsos, 2016. Cross-Border Merchant Research, 2016. |
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