STARTUP TO WATCH Payoneer: Taking Prepaid Debit Cards to the Next Level

The extension of e-commerce and the continuing escalation of outsourcing and the out-of-the-way workforce be fueling a different dislodge towards to paying encircled by favour of services. Internet-focused cast are replace old school online clearing communication next to prepaid debit cards.

Payoneer be a startup undaunted to be precise pushing this hypothesis of prepaid debit cards to leverage more Web payout services through the exhaust of reloadable debit cards. Its CEO see a powerfully built criterion for a new approach to handling company transactions done the Internet .

Some industry watchers calculate that online payment option such by the use of finances of debit cards will embezzle bad this year. For model, analyst firm Celent predict alternative payment method such as debit cards will higher than mirror logo by the closing stage of 2008. These new transactions, unexpected as Web payouts, presently encompass 26 percent of all trade volume, while acknowledgment card volumes decline.

"A actual requirement exist for a low-cost, widespread payment cure with insightful consumer back tailored for online business," Yuval Tal, CEO of Payoneer, tell the E-Commerce Times. "The payment course of action from Internet companies to favoured payees is new and require ample adjustment compare to the common check-cutting process." Tal started Payoneer to furnish a new genre of payment warren for e-commerce companies and people. His meaning is to solve complications in other payment methods, such as check and line transfer for multi-ethnic payroll.

More traditional payment methods for online transactions and remote per-project workers are pricey and cumbersome.

"Paper checks win gone or stolen out of the country routinely, and bank overseas can enfold funds for uphill to 30 days and price label voluminous foreign penny swop rates," Tal said, arithmetic that wire transfers are costly and lock recipient into costly wall fees.

Traditional currency transactions through PayPal often are cumbersome for obtain bread out of the province, or they oblige a minimum three-day hold, he explain.