Payoneer

Payoneer Collects $3M from Greylock,
Signs-up iStockphoto

Roi Carthy | Payoneer Media Coverage | Tech Crunch - Oct 22, 2007

 

This is an especially good week for payment service provider Payoneer which is announcing it has received the remaining $3M of a $4M Greylock investment, and a new deal with iStockphoto.

Payoneer offers Web-based businesses a method to pay their members/users/partners by way of prepaid debit cards. The fully-functioning debit MasterCards are issued to payees worldwide and can be used online, at points-of-sale, or at ATM's for cash withdrawals in local currency.

The 800-pound payment service provider is PayPal of course. (PaidByCash is another competitor). However, while PayPal is the top online payment service when it comes to person-to-person transactions, it is far from perfect in other respects, especially when it comes to international payments. For payees residing outside the US, PayPal cannot match the ease and simplicity that Payoneer offers when it comes to receiving their funds.

PayPal requires a bank account to transfer funds internationally. To confirm the bank account, PayPal makes a micro-deposit (a few cents) into the account, and then has the payee report back the exact amount, thereby "proving" account ownership. The problem is that for this process to even take place, the banking institutions in the country where the payee resides must support EFT (Electronic Funds Transfer). Not all countries do. For example, India, China the USSR countries, and some Latin American countries don't. (Incidentally, this wacky process is why I still don't have a PayPal account. I've gone through it 4-5 times in the past few years. The micro-deposit doesn't register in my account immediately and by the time I remember it, I've already made the purchase in some other manner).

Media Contacts:

Mary Kae Marinac, PR Representative for Payoneer, Email: mkmarinac@comcast.net, Phone: (978) 685-3136

 
MasterCard is a registered trademark of MasterCard Inc. Payoneer is a trademark of Payoneer, Inc.
All trademarks, trade names, service marks, and logos referenced herein belong to their respective companies.
The Payoneer Prepaid MasterCard is issued by MetaBank pursuant to license by MasterCard International Incorporated. MasterCard is a registered trademark of MasterCard International Incorporated.