There are a few names that users trust when it comes to online payment solutions. First, there is PayPal, which is well-known worldwide for its services.
Then there is Payoneer, a company that has been a direct competitor to PayPal but offers different features compared to PayPal.
Established in 2005, Payoneer has become a trusted name among online users looking for an online financial service solution.
Payoneer is a company that focuses more on businesspeople and professionals. Payoneer has attracted over 4 million users through its affiliation with top online marketplaces.
Similarly, the platform continues to attract top industry leaders and investors through its unique cross-border payment features. The company also offers its services in over 200 countries and territories, including all developed and emerging countries.
The platform offers its users the ability to directly withdraw their funds with a debit card and their local bank accounts.
Payoneer, in association with Mastercard, also provides its users with a Payoneer card that they can use to access their account funds from anywhere in the world.
The platform facilitates transactions in over 150 different local currencies. Apart from these features, the platform also has an e-wallet feature that enables users to use their account as an online wallet.
Payoneer is a private company, which means there isn’t much information about the company’s internal workings available to the public.
However, its vision, mission, objective, and business model are available to the general public. Below is a general description of what each of these means and what they are for Payoneer.
Vision
The vision of a company describes its long-term objective. Usually, it represents a company’s objectives for a 5- to 10-year timeframe.
When Payoneer first started, its vision was to provide open access to the world of payments. Now, the company wants to focus on being a powerful end-to-end payment platform.
Therefore, some believe that vision to be outdated as the company has shifted towards a new vision of being a powerful end-to-end payment platform for enterprises, marketplaces, and SMBs.
Mission
A company’s mission represents a road map of how it wants to achieve its goals set in its vision. The mission of a company defines its purpose.
The mission of Payoneer, according to its website, is to empower businesses to go beyond – borders, limits, and expectations.
In an interview, the company’s current CEO, Scott Galit, said that Payoneer’s mission is to empower global commerce by connecting businesses worldwide on an innovative financial platform.
Objectives
The objectives of a company define the goals or outcomes that it wants to achieve. Usually, these objectives are measurable and describe the company’s actions to accomplish specific tasks.
Companies don’t usually have one single objective. Therefore, Payoneer also has several objectives for achieving its goals.
One of the main objectives of Payoneer is to listen and engage with its online users. They achieve this in several ways. For example, they introduce new features to satisfy the needs of their users. Similarly, another objective of the platform is to have top-notch customer service.
It also adds to its objective of listening to and engaging with its users. To achieve this objective, Payoneer employs over 300 customer care representatives serving over 4 million users in over 70 languages. Payoneer’s customer care services are among the best in the industry.
Another objective of Payoneer is global expansion. While it has achieved most of this objective, providing its services in over 200 countries and territories, it is still actively searching for new markets where it can expand itself.
The company has earned a good reputation in emerging economies, especially with no other alternative online payment options. By expanding into these countries early on, Payoneer has attracted more users.
Business Model
A company’s business model generally defines its plan for making a profit. Its business model also identifies the products or services that it plans to sell, its target markets, and any forecasted expenses. Payoneer’s business model is mainly commission-based.
Therefore, Payoneer needs customers to use the platform and its features to generate revenue. It ties into its objective of engaging with users. It needs to engage with its users for them to use the platform.
Overall, due to its business model, Payoneer needs to rely on its users to interact with the platform. One of the reasons why Payoneer wants to expand into other countries is to increase its users count, increasing the overall interaction with the platform. The company also uses targeted ads for each country to attract more users.
Conclusion
Payoneer is a financial services company that has a worldwide user base. The company prioritizes businesses and professionals.
The company’s vision, mission, and objectives focus on empowering businesses around the globe and listening and engaging with its users. Its business model also depends on user interaction to generate revenues.
