When it comes to online payment solutions, there are a few names that users trust. First of all, there is PayPal that is well-known worldwide for the services it offers.
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. Through its affiliation with top online marketplaces, Payoneer has attracted over 4 million users.
Similarly, through its unique cross-border payment features, the platform continues to attract top industry leaders and investors. 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, as well as to 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 related to the internal workings of the company available in 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.
The vision of a company describes its long-term objective. Usually, it represents the objectives of a company 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Therefore, some believe that vision to be outdated as the company has shifted towards a new vision of being a powerful end-to-end payment platform for enterprises, marketplaces, and SMBs.
The mission of a company 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 current CEO of the company, Scott Galit, said that Payoneer’s mission is to empower global commerce by connecting businesses all around the world on an innovative financial platform.
The objectives of a company define its goals or outcomes that it wants to achieve. Usually, these objectives are measurable and describe the actions the company needs to take to accomplish specific tasks.
Companies don’t usually have one single objective. Therefore, Payoneer also has several objectives when it comes to 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 that serve its over 4 million users in over 70 different 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 ones where there are no other alternative online payment options. By expanding into these countries early on, Payoneer has been able to attract more users.
The business model of a company 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 be able 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, in turn, increasing the overall interaction with the platform. The company also uses targeted ads for each country to attract more users.
Payoneer is a financial services company that has a worldwide userbase. The company prioritizes businesses and professionals.
The vision, mission, and objectives of the company 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.