Payments Company Payoneer Gets Into Domain Name Escrow Biz

Source:  DomainNameWire.com  and company press releases. 

“Global payments company Payoneer is getting into the domain name escrow business with the help of former Escrow.com president Brandon Abbey.

Payoneer is a large payments company that handles payment distributions for companies like UpWork and Airbnb. It sends payments in 150 currencies to people in 200 countries.

The company acquired escrow company Armor Payments earlier this year to expand into online escrow and has now renamed it Payoneer Escrow.” (DomainNameWire.com)

“The payments infrastructure for businesses has hardly changed in the past 30 years and it’s time that businesses are given the same high level of trust, security and ease of use that consumers have been enjoying all this time,” said Scott Galit, CEO of Payoneer.  “Payoneer is already a trusted provider of B2B payment services to millions of small businesses around the world.  The escrow solution of Armor Payments fills in a critical missing link for B2B transactions, and moves beyond payments to address the trust gap that often exists between trading partners.  By acquiring Armor Payments, we are staying true to our vision of empowering global commerce by connecting businesses, professionals, countries and currencies.  Our combined capabilities create a unique global platform that enables more businesses to grow faster by allowing them to securely trade across borders with more partners in more places, regardless of where they are in the world.”

“Joining Payoneer is a natural step for our company,” said Scott Reynolds, Co-Founder and CEO of Armor Payments.  “It will open up our solutions to the huge and underserved international B2B market.  Our EaaS solution enables B2B marketplaces to offer their customers secure, cost-effective methods of payment that can easily be built into their platforms.  And SMBs all over the world can work and trade globally more effectively knowing both sides are fully protected from fraud.  Payoneer is a leader in the online payments industry with an unparalleled platform that will significantly accelerate our growth trajectory.  We’re excited to work with Payoneer to disrupt the outdated B2B payments and trade infrastructure.”

  

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