Fintech without Borders: Rakuten.com Partners with Payoneer

What to do when eCommerce goes global? Partner up with fintech. Rakuten.com, a leading US eCommerce marketplace, has announced its collaboration with Payoneer, an online payments company disrupting the way businesses send and receive cross-border payments. The new offering allows global merchants to sell on Rakuten.com and receive payment in their local currency via Payoneer.

“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,” commented Payoneer CEO Scott Galit. “As the world becomes increasingly global, Payoneer is proud to work with companies who help entrepreneurs and businesses to grow internationally.”

Founded as Buy.com in 1997 and acquired by Rakuten Inc. in May 2010, Rakuten.com boasts a nearly 20 million customer base, offers over 22 million products sourced from thousands of merchants and is a recognized and respected globally. Rakuten.com noted that its global sellers 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,” averred Rakuten.com Director of Business Development David Pourjahan. “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 enables them to operate as easily as if they had a local bank account in the US and other key markets. For marketplaces like Rakuten.com, partnering with Payoneer allows access into Payoneer’s global customer base of marketplace sellers, especially in China and Japan.