2Checkout.com Pays Suppliers
With Prepaid MC;
Payoneer Partnership Lets Suppliers
Access Earnings Faster
Source: 2Checkout | 15 August 2007
The Prepaid Press - Issue 70 | © 2007 The Prepaid Press. All rights reserved
COLUMBUS, OH and NEW YORK, NY (July 16, 2007) 2Checkout.com now offers its suppliers the option to receive weekly payments via a prepaid MasterCard card, instead of a paper check or wire transfer. Operated by Payoneer, 2Checkout.com branded cards are good at any ATM, store or online site that accepts MasterCard. Cards give suppliers faster, easier access to their funds while reducing the cost of other methods of payment.
2Checkout.com said its prepaid debit MasterCard is particularly appealing to suppliers outside the US, who often face limited, costly options with international payments. Paper checks often require a 30-day hold time, and sometimes are lost or stolen in the mail. Internet payment methods are popular in the U.S. but are not available as cash worldwide. In contrast, the Payoneer-powered 2Checkout.com prepaid card lets suppliers withdraw cash in local currency at ATMs around the world, at more favorable exchange rates than banks.
Once cards are mailed to suppliers, funds are accessible within a day or two, after a quick online verification. If a card is lost or stolen, Payoneer will cancel the card and transfer the remaining balance to a replacement card. An online site allows suppliers to check card balances and account activity.
"Offering Payoneer is definitely opening our market internationally, and we believe it is helping us to achieve a competitive advantage," said Geno Arce, business development specialist for 2Checkout.com. "We're already seeing enthusiastic adoption of this payment option in just our first few weeks of offering this solution, particularly from overseas suppliers. Payoneer has over 60 major-name customers, and is a registered MSP of MasterCard Worldwide. We are making this option available to give our suppliers as many choices as possible on how they get paid."
"The payment process is a unique opportunity to further a company's relationship with its payees long after funds are paid out," said Yuval Tal, CEO of Payoneer.
Mary Kae Marinac, PR Representative for Payoneer, Email: email@example.com, Phone: (978) 685-3136