Payoneer and Plaid have partnered to enable faster global payments for US SMBs

Sophie Cahn

June 5, 2023

Business owners who work with global contractors and suppliers know how important it is to send payments quickly. When your payments arrive on time, every time, your contractors know that they can trust you. Faster payments also help your cash flow, because you won’t need to tie up valuable liquid capital by sending payments several days before they’re due.

At Payoneer, we understand the benefits of faster payments. That’s why we’ve partnered with Plaid, a leading fintech company that enables secure and seamless payments for thousands of companies globally, to ensure that US business owners can send and complete global payments within just one business day.

Introducing the Plaid and Payoneer partnership

Plaid is based in the US, and it’s already well-known in the finance industry. Over 7,000 finance apps and services are powered by Plaid, more than 12,000 financial institutions in the US, Canada, the UK, and Europe connect with Plaid, and 1 out of every 4 adults has used Plaid to connect a finance account to their money app, a number that’s growing every day.

When you use Plaid with your Payoneer account, you’ll open the door to swifter payments. With Plaid, Payoneer can immediately check that your account balance will cover the payment you want to make. It takes just seconds to carry out this simple check, and then Payoneer can instantly credit the recipient without waiting for the funds to arrive and clear from your bank account.

Plaid has robust security and privacy protections that keep your money and your data safe, including strong encryption, multi-factor authentication, ongoing monitoring, and independent security testing and auditing.

When you use Plaid with Payoneer, you’ll keep full control over your financial information. Plaid won’t be able to see or share any of your Payoneer or bank account data. It simply provides the tools that Payoneer needs to be able to securely process your payments.

How to speed up global payments with Payoneer and Plaid

Payoneer offers two ways for US users to pay your global contractors:

Respond to a payment request
Directly initiate the payment

Plaid speeds up the payments no matter which method you use. The next time you receive a payment request or initiate a payment, simply click “Pay” and then follow the on-screen instructions to connect your account to Payoneer via Plaid.

Once you connect your bank account and your Payoneer account with Plaid, it takes only a few seconds for Payoneer to check on your bank balance. Then you’ll be able to enjoy faster verification and fund transfers every time you send a payment with Payoneer.

The benefits of faster global payments for US SMBs

Sending faster payments to international contractors brings benefits both for you and for your contractors, remote workers, and suppliers.

Improve your working relationship

Your recipients rely on you to send their income on time, and it can cause them significant difficulties when payments arrive late. They need to pay their own bills and manage their own cash flow, and your late payments can throw everything off balance.

What’s more, nobody likes to have to chase up overdue payments or send reminders. At some point, your contractors will stop working with you and switch to clients who are more reliable and consistent. Maintain a positive relationship with your payees when you send faster payments that they can trust to arrive on time.

Remove blocks to your cash flow

It can be annoying and restricting when international payments take a long time to process. You don’t want to have to send a payment several days before the due date, just because it takes that long for it to arrive. It ties up funds that you could be using for other purposes.

Faster payments mean that you can wait a bit longer before you hit “send.” You’ll be able to make use of your money for longer before it’s time to initiate a payment, so you have more time to complete other transactions or receive funds from your own clients.

Enjoy faster international payments with Payoneer and Plaid

Payoneer and Plaid are now working together to make faster cross-border payments a reality for US SMBs. Strengthen your relationship with contractors and other recipients and unclog bottlenecks to your cash flow when you use Plaid and Payoneer to send international payments.

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