Payoneer Gives Direct Selling
A Better Way to Pay Sales Commissions
FreedomRocks™ Pays Its International Reps With a Reloadable Prepaid MasterCard; Leverages the Card as a "Miniature Billboard" for Down-line Recruiting and Marketing
NEW YORK, NY June 17, 2008 -Payoneer, Inc., a leading provider of solutions that help companies pay their people worldwide, announced that it is helping direct selling industry leaders to pay their international sales representatives' commissions on branded reloadable Prepaid MasterCard® cards instead of sending them paper checks or wire transfers. Direct selling firms using this approach include FreedomRocks™, an investment strategy program network. FreedomRocks™ joins hundreds of companies across many industries that use smarter global payment approaches, and turn the payment process as a marketing tool, instead of a cost-center.
Accessing funds internationally presents unique challenges such as high wire transfer fees, delayed processing, and lengthy bank hold times on paper checks. FreedomRocks™, whose online investment strategy network program has thousands of Independent Representatives in over 80 countries, implemented Payoneer after it faced challenges in fulfilling international payments.
By choosing a "pay me by plastic" option, FreedomRocks™' Independent Reps receive speedy payment, immediate liquidity, and greater convenience in spending their earnings than offered by other direct-sales networks. They avoid costly bank wire transfer or check cashing fees, bureaucratic hassle, lost or stolen checks, or high bank foreign exchange rates.
Issued by First Bank of Delaware and operated by Payoneer®, the Prepaid MasterCard cards are accepted worldwide at any store, online site or ATM that accepts Debit MasterCard cards. If the MasterCard card is ever lost or stolen, the cardholder is protected by MasterCard Zero Liability.*
"Branding the FreedomRocks™ logo right beside MasterCard makes an incredible statement about our company and our commitment to our Independent Reps," said Mark Hughes, chief financial officer of FreedomRocks™, Inc, whose program teaches people how to self-trade in off-exchange, retail foreign currency markets. "Card branding reminds our Independent Reps of where they earned their funds each time they use the card. It also makes a superb billboard for downline recruiting and marketing, while enabling us to deliver fast, low cost, earnings to our members."
"Growing business sectors such as the direct-selling space are of strong interest to us, along with our MasterCard service providers like Payoneer," said Alonzo Primus, President and Chief Operating Officer of First Bank of Delaware. "We are eager to help industry leaders such as FreedomRocks™ to build stronger businesses through innovative payment solutions."
"Direct selling organizations like FreedomRocks™ have the global reach and dispersed workforces that make them a perfect fit for Payoneer's prepaid payout solutions," said Yuval Tal, CEO of Payoneer. "We help them turn the payment process from a liability into a valuable branding tool, while reducing the cost and complexity of international payments."
About FreedomRocks™ Inc.
Founded in 2002, FreedomRocks™ Inc. provides an investment strategy program used by nearly 6,000 independent representatives in over 80 countries. For more information, visit www.FreedomRocks™.com.
About Payoneer, Inc.
Founded in 2005, Payoneer Inc. provides corporate payout solutions that let companies pay their people worldwide using prepaid MasterCard® cards, wire transfers, and e-checks. The company targets Internet-centric companies of any size that retain the services of contractors, freelancers or employees worldwide and who need efficient, cost-effective means of paying them. Payoneer has tens of thousands of Payoneer cards in circulation. The company is a registered Member Service Provider of First Bank of Delaware, and a partner to i2cinc.com. Based in New York, Payoneer maintains its R&D center in Tel Aviv, and is privately held with funding from Greylock Partners and Crossbar Capital. For more information, please visit www.payoneer.com.
*MasterCard Zero Liability Terms and Conditions apply.