News from the Wire

Rakuten.com partners with Payoneer

Monday, September 26, 2016 — 12:47:10 (EDT)

New York, Sept. 26, 2016 -- Rakuten.com, a leading US eCommerce marketplace, has announced its collaboration with Payoneer, an innovative online payments company transforming the way businesses send and receive cross-border payments. The new offering allows merchants from all over the world to sell on Rakuten.com and get paid in their local currency via Payoneer.

Founded as Buy.com in 1997 and acquired by Rakuten Inc. in May 2010, Rakuten.com boasts a customer base nearly 20 million strong, offers over 22 million products sourced from thousands of merchants and is a recognized and respected brand all over the world. Rakuten.com saw that top sellers around the world preferred Payoneer, due to its simplicity, cost efficiency and flexibility when selling on other eCommerce marketplaces.

"eCommerce is constantly evolving, which means Rakuten.com needs to continually adapt to meet customer needs and expectations," stated David Pourjahan, Director of Business Development, Rakuten.com. "One of our challenges is to find ways to work with a variety of merchants, both domestic and overseas, to continue to increase our product assortment. It is crucial to find a solution that allows us to make payments into international bank accounts, without adding complexity or high costs to our current merchant payment process. Rakuten.com prides itself on being merchant-centric, so we need a robust, flexible solution that satisfies the needs of our sellers. Payoneer came highly recommended by top cross-border merchants, so it seemed like the perfect fit. We are excited to have a partner like Payoneer to help us create relationships with international sellers."

Payoneer removes the complexities of cross-border payments for businesses and professionals in over 200 countries and territories. For merchants, utilizing Payoneer empowers them to operate as easily as if they had a local bank account in the US and other key markets. This solution offers the security of Payoneer's regulated platform offering great rates for sellers of all sizes. For marketplaces like Rakuten.com, partnering with Payoneer allows them to tap into Payoneer's strong customer base of marketplace sellers, especially in key growth markets like China and Japan.

Scott Galit, CEO of Payoneer, stated, "We're thrilled to be working with Rakuten.com to help them expand their global community of sellers. Their focus on the customer experience for merchants rings close to our own mission of giving businesses and entrepreneurs around the world the variety and flexibility in payment options that they need to grow in today's digital economy. As the world becomes increasingly global, Payoneer is proud to work with companies who help entrepreneurs and businesses to grow internationally."

About Payoneer:

Payoneer empowers global commerce by connecting businesses, professionals, countries and currencies with its innovative cross-border payments platform. In today's borderless digital world, Payoneer enables millions of businesses and professionals from more than 200 countries to reach new audiences by facilitating seamless, cross-border payments. Additionally, thousands of leading corporations including Amazon, Google, Airbnb, UpWork and Getty Images rely on Payoneer's mass payout services.

With Payoneer's fast, flexible, secure and low-cost solutions, businesses and professionals in both developed and emerging markets can now pay and get paid globally as easily as they do locally. Founded in 2005 and based in New York, Payoneer is venture-backed, profitable and ranked in the top 100 of Inc. 5000's Financial Services companies.

About Rakuten.com:

Rakuten.com is a US based e-commerce site that connects customers and merchants in a dynamic marketplace and thinks of shopping as entertainment—offering sharing and discovery functions, great prices, fun experiences and convenience. Rakuten.com provides over 22 million products in 24 categories and includes a network of over thousands of small and large business shop owners. Rakuten.com was founded as Buy.com in 1997 and acquired by Rakuten Inc. in May 2010.

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Source: Company press release.