The collaboration is set to enable Payoneer to provide payment solutions to businesses leveraging Zoho Books, a cloud accounting platform, with plans for future expansion to other parts of Zoho’s product offering.
Based on the information detailed in the press release, the cooperation is believed to help benefit small and medium-sized businesses (SMBs) together with freelancers working globally in India, Australia, New Zealand, the UK, and the Philippines, with intent to have the offering expanded into new markets in the time to come.
When invoicing their clients, businesses will be enabled to select Payoneer as a payment solution and their funds will be received in the Payoneer account. Those that are based in the above-mentioned regions have the option of holding their funds in different currencies, spending online, or paying suppliers. Additionally, businesses in India can withdraw their funds to their local bank account automatically and download their digital FIRC (Foreign Inward Remittance Certificate).
Payoneer’s payment solution is set to be available as an extension that can be installed from Zoho Marketplace, allowing businesses to invoice their customers and receive payments into their Payoneer account. What is more, the automated payment reminders in Zoho Books are believed to help businesses with reducing the number of late payments.
The announcement further details that Payoneer’s customers are set to have access to Zoho Books, followed by other products within Zoho’s finance suite in the coming months, thus making it a one-stop solution for businesses.
Commenting on the partnership, Gaurav Shisodia, VP at Payoneer India said that the company’s mission is that of making international payments ‘seamless’ for its customers, and by collaborating with Zoho it aims to provide an extensive and user-friendly payment solution that helps simplify cross-border transactions. Per their statement, the partnership is believed to not only simplify how businesses receive payments and manage finances but also improve payment processes to help them sell to new markets and receive payments from across the world.
Adding on this, Prashant Ganti, Head of Product Management, Zoho Finance and Operations Suite stated that Zoho Books’ integration with Payoneer is designed to assist businesses in managing their finances end-to-end and simplifying cross-border payments. The company official advised that businesses will be enabled to carry out core accounting functions, send professional invoices, accept cross-border payments, and automate payment reminders, being able to operate in an increasingly efficient manner and tap into new international markets with ease.
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