Online partnership between Payoneer and Stripe aims to upgrade global small and medium-sized businesses' online checkout process
Payoneer Partners with Stripe to Expand Cross-Border Payment Options for SMBs
Payoneer, a leading financial services company, has announced a strategic partnership with Stripe to enhance its Online Checkout offering for cross-border merchants. This partnership is set to improve acceptance rates, reduce fraud, and expand payment acceptance options for Small and Medium-sized Businesses (SMBs).
According to Adam Cohen, Chief Growth Officer of Payoneer, this partnership is a significant step towards expanding the Checkout offering and delivering a superior user experience at scale. John R. Caplan, the CEO of Payoneer, expressed his enthusiasm, stating that this partnership aligns with Payoneer's strategic vision to expand its SMB financial stack through high-impact partnerships.
Over the last twelve months, Payoneer's business has generated $30 million in revenue, representing over 100 percent year-over-year growth. The upgraded Payoneer Checkout capabilities, powered by Stripe's technology, will allow SMBs to accept a broader range of payments, including Buy Now Pay Later options like Affirm and Klarna, and digital wallets such as Apple Pay and Google Pay.
The partnership will initially launch in key markets within the Asia Pacific region, including China and Hong Kong. This move is expected to help enhance customer conversion rates for SMBs selling direct-to-consumer via their own eCommerce websites. The partnership is also designed to help reduce fraud for SMBs, ensuring secure and seamless transactions.
Commenting on the partnership, the CEO of Stripe, Patrick Collison, said, "We're excited to partner with Payoneer to help merchants around the world grow their businesses. By combining our technologies, we can offer a more comprehensive solution for cross-border commerce."
In the three years since its launch, Payoneer Checkout has scaled from zero to nearly $1 billion in run-rate annual volume. The partnership with Stripe is set to further accelerate this growth, providing unmatched value for entrepreneurs and businesses globally. The partnership leverages Stripe's advanced capabilities and Payoneer's customer-first approach, ensuring a superior user experience for all parties involved.
In conclusion, the partnership between Payoneer and Stripe is a significant development in the world of cross-border commerce. By expanding payment acceptance options, improving acceptance rates, and reducing fraud, this partnership is poised to revolutionise the way SMBs conduct business across borders.
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