Payoneer Inc., a leading online payments company transforming the way businesses send and receive cross-border payments, has been selected by Newegg, a leading tech-focused e-retailer in North America, to facilitate global payments to its marketplace sellers.
Newegg is the second-largest pure play tech e-retailer in North America, offering a comprehensive selection of the latest consumer electronics, computers, home theatre products and other general merchandise. Newegg previously faced challenges with its seller community because of the high costs, complexity and lengthy transfer times associated with its payout options. Through this partnership, Payoneer simplifies the cross-border payout process for Newegg's 3,000 global sellers and growing rapidly every day, while lowering overall costs and enabling global sellers to receive and convert payments easily.
"Most of our global sellers are based in Asia and Europe, and the biggest challenges they face are delays and high costs associated with cross-border money transfers," said Sophia Tsao, Head of Newegg Marketplace. "Our sellers want a global, cross-border payout solution such as Payoneer. This partnership will stimulate the growth of our global seller network by removing the hurdles associated with sending and receiving international B2B payments."
Payoneer recently announced the opening of its Hong Kong office, led by former SWIFT executive and Payoneer Head of Asia Pacific, Patrick de Courcy. The company expects to continue its strong momentum in the Asia Pacific region by servicing the 90%+ of Newegg's global sellers located in that region. As a popular payout option of marketplace sellers in the Asia Pacific region, especially in China, Japan and South Korea, Payoneer has proven leadership working with e-commerce marketplace sellers that receive payments from dozens of marketplaces globally.
"Newegg and Payoneer have a shared mission to empower merchants from around the world to expand their businesses internationally, providing a wider range of merchandise to consumers across the globe," said Scott Galit, CEO of Payoneer. "We're excited to be involved in supporting such a fast-growing e-commerce marketplace by providing efficient and easy cross-border payouts to Newegg's global community, as well as providing e-tailers with an all-in-one payment solution for all their global selling needs."