Reports in The Hindu Business Line on Friday (July 26) said the companies are collaborating on a solution for B2B vendors selling on proprietary websites, rather than large online marketplaces, to integrate a payment gateway and receive funds when selling to corporate customers outside of India.
The solution is currently in beta phase, reports noted.
Payoneer is also looking to expand its presence in the country after launching there in 2016. Reports said the firm is in discussions with various banks and non-bank financial companies (NBFCs) to introduce new working capital solutions for B2B vendors in India.
One of the products is called Early Payments, a feature allowing companies to access early payment discounts by financing invoices. Payoneer is also looking to introduce a merchant cash advance solution in the market to finance outstanding receivables for B2B sellers.
“We are trying to look for a partner because we are not an NBFC,” explained Payoneer vice president and regional head of South Asia, Middle East and North Africa Rohit Kulkarni in an interview with the publication. “To do any kind of loan, you need to be an NBFC or a bank. But there is definitely a strategic intent in offering these products to sellers using our platform. We are almost closing in on the partnerships. Our commitment is to launch it this quarter. We will do both.”
Payoneer introduced a seller financing solution earlier this year, targeting B2B sellers using online platforms like Amazon and Walmart to reach customers. The product, Capital Advance, connects companies to working capital with 90-day repayment terms.
Last year the company, based in New York, closed its escrow service, which it launched following the 2016 takeover of Armor Payments.