When Payoneer first came to life, all we had was an idea: provide an easier, more cost efficient and secure way for professionals to conduct business internationally.
Fast forward 10 years, 2000+ clients, and 3 million users… it’s safe to say we were on to something. Our success is built on anticipating the payment needs of our customers, and providing solutions to meet them.
That’s why today we are proud to announce that Payoneer has acquired Armor Payments, an online escrow service for B2B commerce.
In the B2B space, when buyers and suppliers don’t know each other, the lack of familiarity, security, and simplicity can hinder business growth. More often than not, the most common point of friction is the act of payment itself. That’s where escrow services come in, offering some welcome relief:
Escrow reduces risk for sellers and buyers by using a trusted third party to hold funds from a buyer until goods or services have been delivered. Sellers can ship goods or deliver services with confidence, knowing the buyer has paid, and buyers feel protected as the seller won’t receive payment until they review and approve the goods or services.
We expect online escrow payments for businesses to be in high demand as B2B buyers begin to expect the same level of convenience and security for their business purchases as they do with their consumer purchases. The simplicity and speed that comes with online escrow will give a boost to global B2B commerce, and we’re excited to be at the forefront of this global shift.
See our press release on this exciting news, and a blog post from Scott Reynolds. CEO of Armor Payments. Stay tuned for more as we further integrate Armor Payments Escrow into our global payment platform.