As eBay further distances itself from its PayPal relationship and looks to consolidate its payments inhouse, the e-commerce monster has signed a new deal with Payoneer.
Payoneer replaces PayPal in latest agreement with eBay
Payoneer says it is collaborating with eBay to enable sellers in select countries to get paid for their sales on eBay’s core marketplace.
The company has teamed up with Payoneer as part of its mission to modernise its marketplace, removing complexities and creating a more streamlined payment experience for sellers around the world.
Now, 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.
Starting in April 2021, Payoneer will manage payouts for sellers from Greater China as eBay expands its management of payments around the globe. The companies intend to expand the service to additional countries later in the year.
For Payoneer, this agreement comes on the heels of its announcement that it will go public later this year through a business combination with a special purpose acquisition company (Spac).
“We are honoured to partner with eBay, a true pioneer and giant in the world of ecommerce,” stated Scott Galit, CEO of Payoneer.
“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.”
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