Payments technology firm Payoneer has introduced a new cross-border service that includes functionality for small and medium-sized businesses (SMBs), the company announced Thursday (Oct. 3).
In a press release, Payoneer said its cross-border payment services, which initially rolled out with a focus on large, multinational conglomerates, are now available to SMBs, enabling U.S. companies of all sizes to send payments to their vendors and contractors across borders.
In addition to the expanded services for SMBs, Payoneer also announced a partnership with commercial card startup Brex to facilitate international business payments to contractors.
“These new capabilities and partnerships fuel our mission to empower businesses to grow,” said Payoneer VP, Regional Head of Americas Iain McNicoll. “More than ever, we’re focused on the U.S. business community, and are making investments in helping them address the challenges of a digital, global world. By giving them access to the tools they need to expand and streamline operations, we continue to be the partner for growth for U.S. businesses.”
Payoneer added that its expanded global payment services will enable small businesses to establish recurring payments for regular retainers, initiate batch payments, and track their transactions across borders.
In July, Payoneer announced a partnership with Saudi Arabia’s PayTabs. Together the businesses collaborate on a solution for B2B sellers that connect to buyers on proprietary websites, rather than large online marketplaces, and allow those sellers to accept payments and receive funds on their own platforms.
In February, the company debuted a financing solution, its Capital Advance service, that connects eCommerce companies to working capital financing. Payoneer targets businesses that use online platforms like Amazon and Walmart to sell goods and connects them to financing with 90-day payment terms. It’s an extension of the firm’s Early Payments offering, which launched in 2017.