Episode 33 - New Ways to Support Long-Term Strategic Goals on Amazon: Discovering Payoneer’s Capital Advance

INTERVIEW WITH SCOTT GALIT, THE CEO OF PAYONEER

 

DESCRIPTION

Scott Galit is the CEO of Payoneer, a leading online payments company that transforms the way businesses send and receive cross-border payments. We had the pleasure of interviewing Scott on the Ecommerce Braintrust podcast where we discussed Capital Advance, a Payoneer service that can help support your Amazon business.

Capital advance is a great solution for your longer-term strategic goals as a seller on Amazon, in contrast to Early Payments which can help address the shorter term cash flow issues. Capital advance is here to help customers succeed in building and managing and growing their businesses by giving them access to capital that they need to make investments, whether it be people, marketing, inventory, or whatever they need to build and grow their business and take advantage of all the great opportunities. Payoneer automated the loan process by integrating into the Seller account and pulling the sales data sales history, which makes it a much less painful and a cost-effective process. In addition, Payoneer helps its customers by really uniquely meeting their need by offering something that's very targeted and relevant.

But this discussion ranges beyond talking about Payoneer’s new ‘Capital Advance’ solution, to the evolution of business financing and why marketplace sellers find it challenging to secure traditional lending.  

Scott Galit, is the CEO of Payoneer, a leading online payments company transforming the way businesses send and receive cross-border payments. Scott was the founder and CEO of Solspark; SVP/General Manager of First Data Prepaid and EVP at Meta Payment Systems. Earlier in his career he was an investment banker at Donaldson, Lufkin & Jenrette. Scott was also a founding board member of the NBPCA.


KEY TAKEAWAYS

  • Capital advance: financial support to make investments in any area of your business.

  • Healthy operational metrics have a direct impact on your day to day sales and on your potential for growth on Amazon.

  • No paperwork submission: Payoneer can hook right into your Seller account: It's an automated process

  • Technology and the internet are transforming the way commerce happens all over the world and Payoneer was one of the first companies to recognize this.

  • Payoneer has two main sets of customers they work with: small and medium sized business owners all over the world. Payoneer is here to help them succeed in building global businesses and helping them achieve their potential.

  • Marketplace sellers needs are the same as any other business needs in the world.

  • The timing of the working capital is a top need of any business of any size. The timing between when you need money and when you get money tends to be different. Opportunity banks have been slow to come into payment processing.

  • With the automated system Payoneer has in place, they have been able to help their customers address some of their most significant and challenging needs. Thanks to this, Payoneer is offering attractive value proposition and they do it with super low loss rates at this point.

  • Payoneer helps their customers by really uniquely meeting their needs. Payoneer can offer something that's very targeted and relevant.

  • Early payments is a way to start getting access to what you're already owed earlier. It helps free up capital for a business owner that is waiting a long period of time for an invoice to get paid. Payoneer can give you the ability to get that payment sooner and they’re going to take a small fee for that.

  • Capital advance is a bigger investment need for a longer period of time, a medium term solution that's helping clients address larger needs with longer payback periods.

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