Friday, April 1, 2016

So Now You can Receive Payments on your website with Payoneer Escrow?

Escrow is similar to a go between system for Buyers and Sellers, like a holding account where money is kept until the Buyer of a service or product indicates that they have taken delivery and are satisfied with the goods or services from the Seller then the money in the ESCROW will be released to the Seller. That is the simplest way I can explain it. 
Payoneer Escrow
But let me
illustrate to further enhance your understanding. A popular website like Alibaba.com operates the Escrow system. Such that if you want to buy large quantity of phones off Alibaba website, you will not be afraid of fraud. You simply pay for it after negotiations with the Seller, the seller will be obliged to send the phones to you in Nigeria from China. And after the you have received your phones here in Nigeria (or anywhere you are based) and are satisfied, you simply let Alibaba know and it releases the funds to the Chinese Seller. Is that simple enough now?

Now that you understand how the Escrow operates, you will appreciate better that you can now rest assured enjoy similar service on Payoneer. According to Payoneer, "When Payoneer first came to life, all we had was an idea: provide an easier, more cost efficient and secure way for professionals to conduct business internationally.

Fast forward 10 years, 2000+ clients, and 3 million users… it’s safe to say we were on to something. Our success is built on anticipating the payment needs of our customers, and providing solutions to meet them.

That’s why today we are proud to announce that Payoneer has acquired Armor Payments, an online escrow service for B2B commerce.

Why does escrow matter?
In the B2B space, when buyers and suppliers don’t know each other, the lack of familiarity, security, and simplicity can hinder business growth.  More often than not, the most common point of friction is the act of payment itself. That’s where escrow services come in, offering some welcome relief:

When buyers and sellers have limited experience doing business together
When buyers and sellers reside in different countries
When goods or services are more than just commodities

How does escrow work?
Escrow reduces risk for sellers and buyers by using a trusted third party to hold funds from a buyer until goods or services have been delivered.  Sellers can ship goods or deliver services with confidence, knowing the buyer has paid, and buyers feel protected as the seller won’t receive payment until they review and approve the goods or services."

What is the big deal?
It means a lot for those of us who sell products and services on our websites. Now anybody anywhere can confidently pay for Moringa off my blog and be assured it will be delivered to them when I would have integrated the API on the blog. So that is real good development, courtesy Payoneer

To open a Payoneer account simply visit their website. It is free and when you receive money upto $100 into the account, Payoneer gives you $25 free. The account comes with a Master Card which is renewed yearly.

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