Companies

Cross-border B2B fintech firm Payoneer ties up with PayTabs

KR Srivats New Delhi | Updated on July 26, 2019 Published on July 26, 2019

Small and medium businesses (SMBs) and service providers from India selling goods or services through their own websites to customers abroad now have a seamless way to collect and move the payments.

Payoneer, a global cross-border B2B digital payments provider, has partnered with PayTabs, a payments processing company, for this merchant processing product, which has now gone into beta, Rohit Kulkarni, Vice President and Regional Head, South Asia, Middle East and North Africa, Payoneer, told BusinessLine.

With this move, a seller or service provider selling through his own website (and not through large marketplaces) to a customer outside India will get an integrated product — a payment gateway — to seamlessly get funds in his account in India. This is expected to help Indian companies, such as those providing education services through e-learning platforms or those which offer ayurvedic products or fashion items on their websites, to collect payments from individual customers abroad without having to worry about setting up a payments gateway, which is a costly and high-compliance process.

0Kulkarni also said that the New York Headquartered fintech payment company — which launched operations in India in 2016 — is in advanced talks with banks and NBFCs to offer two types of working capital products for sellers in India.

While one product is called ‘Early Payments’ — a bill discounting product — the other is called ‘merchant cash advance’. With the merchant cash advance, the idea is to underwrite the future receivables for six months and give it upfront, Kulkarni explained.

“We are trying to look for a partner because we are not an NBFC. We are a fintech payment company. To do any kind of loan, you need to be an NBFC or a bank. But there is definitely a strategic intent in offering these products to sellers using our platform. We are almost closing in on the partnerships. Our commitment is launch it this quarter (June-August). We will do both,” he said.

Published on July 26, 2019
This article is closed for comments.
Please Email the Editor