Fintech payment solution Payoneer announced that it entered into a partnership with eBay to enable sellers in select countries to get paid for their sales on eBay’s core marketplace.
eBay has teamed up with Payoneer as part of its mission to modernize its marketplace, removing complexities and creating a more streamlined payment experience for sellers around the world.
With the help of Payoneer, eBay sellers will benefit from faster access to funds, greater flexibility managing multi-currency payments and expanded reach by enabling sellers to list on multiple international eBay sites.
To start, Payoneer is managing payouts for eBay sellers from Greater China as eBay expands its management of payments around the globe. The marketplace started to accept Chinese sellers into its eBay Managed Payments program in April. eBay and Payoneer intend to expand the service to additional countries later in the year.
“Managing payments on our platform is a key component to enhancing the eBay experience for our customers. We’re excited to be partnering with Payoneer at a time of such growth for both our companies. Together, we will build on the momentum that ecommerce has seen in the past year, helping sellers transact with customers across borders with flexibility and security, all on a simple, modern platform.”Alyssa Cutright, Vice President of Global Payments at eBay
The wave of digitization accelerated during the pandemic has further highlighted the importance of seamless global commerce as more buyers and sellers transact across borders. Payoneer processed $44.4 billion in volume in 2020, a 53% increase from 2019.
In February, Payoneer announced it would become a public company through a merger with FTAC Olympus Acquisition Corp., a special purpose acquisition company (SPAC). One month later, the fintech reached a new agreement with Mastercard to better serve small businesses. This new partnership with eBay is another significant step for Payoneer as it expands its business globally.
“We are honored to partner with eBay, a true pioneer and giant in the world of ecommerce. Their goal of creating a streamlined, modern marketplace that simplifies cross-border commerce is one that resonates deeply with us and our customers. As a commerce-enabler, it is our mission to work with sellers across every platform where they transact. We look forward to working with eBay to provide the best possible experience to sellers all over the world.”Scott Galit, CEO of Payoneer
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