Payoneer to give personalized service for larger businesses

Payoneer is planning on giving personalized services for larger businesses in the Philippines following an increase of their growth in the country.

Most of Payoneer’s growth came from the local freelancing market, particularly in the online outsourcing market.

The financial services company specializes in cross-border B2B payments, a useful means for freelance workers to get paid by their clients from other countries.

Payoneer, which just launched last year, currently has 200,000 users in the Philippines, of which an estimate of 60,000 Filipinos subscribed to them this year. Worldwide, the company has around 4 million users.

Although they have seen tremendous growth this year, Payoneer does not want to stop from there. Miguel Warren, the firm’s regional head of Southeast Asia for Bangladesh, Pakistan, and Sri Lanka, said the company saw the need to cater to larger businesses and that it was going to be vital for their continuous growth.

But in order to be effective, Warren said they would need to meet the different needs of these companies.

“What’s also very important is for us to start targeting the larger business, which will take a more personalized touch,” he said. “That’s what our local team has been working on with these businesses. We’re giving a face to the country and we’re enabling personalized service that should make them more comfortable in using our service.”

That principle of offering personalized services can be seen in their Payoneer Plus, a new service that is somewhat specifically tailored for online outsourcing sectors and business process outsourcing (BPO), an industry that has played a major role in the economic growth of the Philippines.

Warren described Payoneer Plus a “very inclusive service” where subscribers can customize it. It is also intended for those who are handling large-scale transactions.

“Payoneer Plus is not a one-size fits all [solution], it can be customized to suit the needs of either a solo entrepreneur who has a lot of international clients or a BPO with 150 to 200 employees,” he said.

Payoneer has seen exponential growth both in the payment volume and the number of active monthly users in the Philippines. They had an increase of 359 percent year-to-date in payment volume and 375 percent in the number of people logging in to their services every month.

And because of this, they have decided to position Payoneer Philippines as a “regional hub to work with countries in Southeast Asia, as well as certain countries in South Asia, such as Pakistan, Bangladesh, and Sri Lanka.”