Protecting your Fort Knox: The importance of secure and accessible funds for SMBs

The recent closure of Silicon Valley Bank (SVB) and Signature Bank shook the financial world. So much so that businesses and investors who had funds in those banks now find themselves struggling with a new reality. But they’re not the only ones. 

Indeed, it would be fair to say that due to recent events, any business that relied on the supposedly stable traditional banks is now concerned about their choice of banking partner. And they’d be right to do so. For when cash flow is the lifeblood of any business, finding a reliable and secure way to send and receive business payments is absolutely crucial. 

As a result of SVB and Signature Bank’s closure, we received many questions from our customers and partners about the security of their funds with us. We were quick to reassure them that their funds with Payoneer were never at risk from the closure of SVB and are 100% guaranteed by us, available, and accessible.

Below we share just a few of those questions to highlight how there is an alternative to the traditional banking system and how Payoneer helps businesses of all sizes maintain their much-needed cash flow.

How do I get new U.S. business bank details to keep my business running? 

One of the significant benefits of using Payoneer is the ability to get new US bank account details for your business, quickly. For a traditional US bank account, you usually need to be physically present in the United States. This can be challenging for non-US businesses. However, with Payoneer, businesses can easily access US dollar local receiving accounts, which act just like US bank account details. In short, it’s a very simple way to start receiving payments in USD. 

This is especially useful for businesses that operate in different countries and need to receive payments in USD from their customers in the US and around the world. It also saves them the hassle of having a physical US business address and obtaining a US tax identification number which is also required when opening a traditional bank account with a bank. With Payoneer, however, you can apply online, and the setup, in most cases, is completed on the same day. This makes it a much faster, more efficient, and more secure option for your business.

How can I be sure to pay my global suppliers and contractors without interruption?

The Payoneer platform offers a smooth, safe, and secure payment solution that helps businesses manage their business payments, plus many other additional services, without interruption. That safety and security extends to our customers’ balances as well, the vast majority of which are held at Global Systemically Important Banks (GSIBs). Payoneer’s network of banking partners is large and diverse, including GSIBs and other large financial institutions. 

By working with a network of the largest and most stable banks around the world, we have built an industry-leading infrastructure, designed to keep your funds safe. As a globally regulated financial institution, customer funds that are managed by Payoneer are kept in segregated, safeguarded accounts by legal requirement. This means your funds are always liquid, never loaned out, and never impacted by corporate operational activities. Your stability is our priority.

How do I maintain my cash flow in such uncertain times?

With Payoneer, you can keep your business running and save money by managing your Accounts Receivable (AR) and Accounts Payable (AP) efficiently. AR refers to money your customers or clients owe you, while AP is money you owe to your suppliers or service providers. Essentially, your Payoneer account acts as a unified central place from which to manage all your business’s payments across multiple currencies, saving time and FX fees. Whether it’s receiving funds from other businesses or online marketplaces, or making payments to remote contractors, suppliers, and even VAT authorities, Payoneer has you covered.

By managing these transactions easily, efficiently, and with full transparency, you can ensure that you have enough cash to meet your financial obligations and keep your business running smoothly. 

With Payoneer’s multi-currency accounts, it also means you can make and receive payments in different currencies. This makes it easier to do business with partners, suppliers, contractors, and customers all over the world in a currency and payment method that is convenient for them.

Additional benefits of using Payoneer

Despite the shockwaves that rippled through the financial world, Payoneer customers were reassured their funds are as safe and secure as ever. 

For those who are not yet customers, though, below are some additional benefits of using Payoneer to manage your business payments. 

Receive payments

• Request a payment directly from clients in 190+ countries.
• Access to local receiving account credentials that can be used as bank details to give yourself a local presence.
• Get paid by the world’s most popular marketplaces by connecting your Payoneer account.

Send payments

• Send funds quickly and securely from your Payoneer balance straight to your contractor or supplier’s bank account.
• Use batch payments to handle up to 150 transactions at once, with customizable file templates.
• Dedicated accounts for businesses that pay using credit cards and other payment methods.

Spend your earnings

• Withdraw to your local bank account in 70 supported currencies with competitive rates.
• Manage the currencies in your account with easy transfers between balances to meet your business needs.

Extra benefits

• Manage everything in your account from one intuitive dashboard for greater transparency.
• Access working capital to help fund your growth with a gradual settlement plan.
• Integrations with local eWallets and preferred local payment providers around the world.
• Transparent, competitive fee structure with zero fees for eligible transactions and features such as holding your balance in the currencies your business needs.

Some final words

Delayed payments or frozen accounts can have a devastating impact on a company’s ability to operate and grow. That’s why it’s important to choose a payment service provider that prioritizes security while also ensuring quick and reliable access to your funds.

At Payoneer we understand the importance of providing our customers with a secure and dependable payment platform. That’s why, with our cutting-edge technology and global network, we have implemented rigorous measures to protect our customers and their funds, and work hard to help  millions of entrepreneurs and businesses all around the world grow their business.

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Payoneer Services availability is subject customer’s eligibility, pursuant to Payoneer’s internal policies and procedures in place from time to time. Not all services are available in all territories in the same way due to applicable laws and regulations. Payoneer services are subject to fees, including account maintenance fees.