Payoneer has completed its acquisition of Silicon Valley-based Armor Payments, the only licensed business-to-business payments provider offering Escrow-as-a-Service (EaaS).
The acquisition will enable buyers and sellers, whether transacting directly or through B2B marketplaces, to reduce the uncertainty and risk associated with high-value B2B purchases by making secure, online escrow payments anywhere in the world.
The acquisition combines the security of payments provided by Armor Payments with Payoneer’s multi-currency cross-border payment capabilities, creating new global opportunities for businesses of all sizes. It addresses the huge market of B2B transactions between $500 and $1,000,000, where credit cards and letters of credit are not suitable. With Armor Payments, Payoneer is now able to close this gap in B2B trade, disrupting an industry untouched for decades.
Armor Payments acts as a trusted third-party intermediary between buyers and sellers, holding funds in secure escrow accounts until both parties are satisfied that the delivery of goods or services has been executed. The EaaS solution allows B2B marketplaces to integrate a simple API and offer secure payments that protect their buyers and sellers.
Armor Payments will be joining Payoneer’s office in California and maintaining its development center in North Carolina.
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