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Payoneer Collaborates with Zoho to Provide a Seamless Payment Experience to their Customer Base
Rhea-AI Impact
(Neutral)
Rhea-AI Sentiment
(Very Positive)
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Rhea-AI Summary
Payoneer (NASDAQ: PAYO) has announced a new collaboration with Zoho, enhancing their payment solutions for small and medium-sized businesses (SMBs) using Zoho Books, a cloud accounting platform. This partnership allows businesses in India, Australia, New Zealand, the UK, and the Philippines to receive payments directly into their Payoneer accounts while supporting multiple currencies. Key features include automated payment reminders, reducing late payments, and enabling seamless cross-border transactions. Payoneer customers will gain access to Zoho Books and other financial products over the coming months, aiming to streamline financial management for SMBs. The collaboration is designed to empower businesses to expand their reach internationally, aligning with Payoneer’s mission to simplify global transactions.
Positive
Collaboration with Zoho enhances payment solutions for SMBs.
Businesses can receive payments in multiple currencies, improving cash flow management.
Integration includes automated reminders, reducing late payment issues.
Access to Zoho Books simplifies financial management for users.
Negative
None.
NEW YORK--(BUSINESS WIRE)--
Payoneer (NASDAQ: PAYO), the financial technology company empowering the world’s small and medium-sized businesses to transact, do business and grow globally, today announced its collaboration with Zoho, a leading global technology company which provides a range of software solutions to businesses. The collaboration will enable Payoneer to provide innovative payment solutions to businesses using Zoho Books, the cloud accounting platform, with plans to expand to other parts of the Zoho product offering.
The collaboration will benefit small and medium-sized businesses (SMBs) and freelancers working globally in India, Australia, New Zealand, the UK, and the Philippines, with plans to expand the offering into new markets in the future.
Businesses will be able to select Payoneer as a payment solution when invoicing their clients, and their funds will be received in the Payoneer account. Businesses in India, Australia, New Zealand, the UK, and the Philippines can then hold the funds in different currencies, spend online, or pay suppliers. Businesses in India can withdraw their funds automatically to their local bank account and download their digital FIRC (Foreign Inward Remittance Certificate).
Payoneer’s payment solution will be available as an extension which can be installed from Zoho Marketplace, enabling businesses to invoice their customers and receive payments into their Payoneer account. In addition to this, the automated payment reminders in Zoho Books will help businesses to reduce the number of late payments.
Payoneer's customers will have access to Zoho Books, followed by other products from Zoho’s finance suite in the coming months, making this a one-stop solution for businesses.
Gaurav Shisodia, VP at Payoneer India, said: “Payoneer’s mission is to make international payments seamless for its customers. We empower customers to grow their business globally. Collaborating with Zoho, Payoneer aims to provide a comprehensive and user-friendly payment solution that simplifies cross-border transactions. The collaboration will not only make it easier for businesses to receive payments and manage finances but also streamline payment processes helping them to sell to new markets and receive payments from across the world.”
Prashant Ganti, Head of Product Management, Zoho Finance and Operations Suite, commented: “Zoho Books’ integration with Payoneer is designed to help businesses manage their finances end-to-end and simplify cross-border payments across the world. Businesses will be able to perform core accounting functions, send professional invoices, accept cross-border payments, and automate payment reminders, enabling them to operate more efficiently, and tap into new international markets with ease.”
With 55+ apps in nearly every major business category, Zoho Corporation is one of the world's most prolific technology companies. Headquartered in Chennai, India, Zoho is privately held and profitable with more than 12,000 employees. For more information, please visit: www.zoho.com
About Payoneer
Payoneer is a financial technology company empowering the world’s small and medium-sized businesses (SMBs) to transact, do business and grow globally. Payoneer was founded in 2005 with the belief that talent is equally distributed, but opportunity is not. It is our mission to enable anyone anywhere to participate and succeed in the global digital economy. Since our founding, we have built a global financial platform that has already made it easier for millions of SMBs, particularly in emerging markets, to pay and get paid, manage their funds, and grow their business. www.payoneer.com
Forward-Looking Statements
This press release includes, and oral statements made from time to time by representatives of Payoneer, may be considered “forward-looking statements” within the meaning of the “safe harbor” provisions of the United States Private Securities Litigation Reform Act of 1995. Forward-looking statements generally relate to future events or Payoneer’s future financial or operating performance. For example, projections of future volume, revenue, transaction cost and adjusted EBITDA are forward-looking statements. In some cases, you can identify forward-looking statements by terminology such as “may,” “should,” “expect,” “intend,” “plan,” “will,” “estimate,” “anticipate,” “believe,” “predict,” “potential” or “continue,” or the negatives of these terms or variations of them or similar terminology. Such forward-looking statements are subject to risks, uncertainties, and other factors which could cause actual results to differ materially from those expressed or implied by such forward-looking statements. These forward-looking statements are based upon estimates and assumptions that, while considered reasonable by Payoneer and its management, as the case may be, are inherently uncertain. Factors that may cause actual results to differ materially from current expectations include, but are not limited to: (1) changes in applicable laws or regulations; (2) the possibility that Payoneer may be adversely affected by geopolitical and other economic, business and/or competitive factors; (3) Payoneer’s estimates of its financial performance; (4) the outcome of any legal proceedings; and (5) other risks and uncertainties set forth in Payoneer’s Annual Report on Form 10-K for the period ended December 31, 2022 and future reports that Payoneer may file with the SEC from time to time. Nothing in this press release should be regarded as a representation by any person that the forward-looking statements set forth herein will be achieved or that any of the contemplated results of such forward-looking statements will be achieved. You should not place undue reliance on forward-looking statements, which speak only as of the date they are made. Payoneer does not undertake any duty to update these forward-looking statements.
What is the collaboration between Payoneer and Zoho about?
The collaboration enables Payoneer to provide innovative payment solutions to businesses using Zoho Books, facilitating seamless cross-border transactions.
Which countries will benefit from Payoneer's collaboration with Zoho?
The collaboration benefits businesses in India, Australia, New Zealand, the UK, and the Philippines.
How will Payoneer enhance its services through Zoho?
Payoneer will allow businesses to automate payment reminders and manage invoices efficiently through Zoho Books.
What features does the Payoneer and Zoho integration offer for businesses?
Businesses can receive payments in different currencies, hold funds, and easily withdraw to local bank accounts.
