Payoneer (NASDAQ: PAYO), the financial technology company empowering the world’s small and medium-sized businesses to transact, do business and grow globally, today announced its collaboration with Zoho, a leading global technology company which provides a range of software solutions to businesses. The collaboration will enable Payoneer to provide innovative payment solutions to businesses using Zoho Books, the cloud accounting platform, with plans to expand to other parts of the Zoho product offering.
The collaboration will benefit small and medium-sized businesses (SMBs) and freelancers working globally in India, Australia, New Zealand, the UK, and the Philippines, with plans to expand the offering into new markets in the future.
Businesses will be able to select Payoneer as a payment solution when invoicing their clients, and their funds will be received in the Payoneer account. Businesses in India, Australia, New Zealand, the UK, and the Philippines can then hold the funds in different currencies, spend online, or pay suppliers. Businesses in India can withdraw their funds automatically to their local bank account and download their digital FIRC (Foreign Inward Remittance Certificate).
Payoneer’s payment solution will be available as an extension which can be installed from Zoho Marketplace, enabling businesses to invoice their customers and receive payments into their Payoneer account. In addition to this, the automated payment reminders in Zoho Books will help businesses to reduce the number of late payments.
Payoneer’s customers will have access to Zoho Books, followed by other products from Zoho’s finance suite in the coming months, making this a one-stop solution for businesses.
Gaurav Shisodia, VP at Payoneer India, said: “Payoneer’s mission is to make international payments seamless for its customers. We empower customers to grow their business globally. Collaborating with Zoho, Payoneer aims to provide a comprehensive and user-friendly payment solution that simplifies cross-border transactions. The collaboration will not only make it easier for businesses to receive payments and manage finances but also streamline payment processes helping them to sell to new markets and receive payments from across the world.”
Prashant Ganti, Head of Product Management, Zoho Finance and Operations Suite, commented: “Zoho Books’ integration with Payoneer is designed to help businesses manage their finances end-to-end and simplify cross-border payments across the world. Businesses will be able to perform core accounting functions, send professional invoices, accept cross-border payments, and automate payment reminders, enabling them to operate more efficiently, and tap into new international markets with ease.”