Payoneer, the cross-border payments company many Jamaicans use to collect overseas earnings, has renewed its partnership with global marketplace Etsy through to 2029.
The renewal continues Payoneer as a payment option for Etsy sellers in supported markets. Etsy does not support shops based in Jamaica, but some find workarounds.
Under the three-year agreement, Payoneer will remain a strategic payments partner to Etsy sellers in 16 markets across Asia, Europe, South America and the Middle East. Since launching together in 2023, the two companies have enabled tens of thousands of sellers to receive cross-border payouts and grow their businesses globally.
“Small businesses are increasingly selling across borders, currencies and markets. That makes the financial infrastructure behind their businesses an important piece in their success,” said Ya Wen, senior vice-president of global marketplaces at Payoneer.
Through Payoneer, eligible Etsy sellers can receive earnings in US dollars, withdraw directly to local bank accounts, and manage funds in more than 70 currencies. The companies say this reduces the friction and cost of moving money across borders.
For sellers in volatile markets, access to reliable international partners matters, said Maksym Gopanchuk, founder of Ukraine-based KGUmusic and MG Leather Work, which sells handcrafted leather accessories on Etsy, in a release. “Etsy helps our brands reach customers across different countries, while Payoneer provides the payment infrastructure that makes our international sales possible,” he said. Etsy’s Megan Oxman, senior director of product, said Payoneer has helped the marketplace support sellers in markets with very different operational and regulatory environments.
Jamaicans use Payoneer, mainly freelancers, online sellers and small businesses collecting payments from overseas clients and platforms such as Fiverr, Upwork, Airbnb, Ebay, and so on. They can withdraw funds to local bank accounts in Jamaican dollars or use a Payoneer Mastercard at ATMs.
Etsy, however, requires sellers to have a residential address and bank account in an eligible country, which shuts out Jamaican-based shops. Locals can however register in supported markets.
Payoneer’s latest results, for the quarter ended June 30 and released in August, showed revenue up 5.0 per cent to US$274.3 million but a net loss of US$2.4 million, against a profit of US$19.5 million a year earlier, as costs tied to its pending acquisition by payments firm Nuvei weighed on earnings. Revenue excluding interest income rose 10 per cent to US$222.2 million. Nuvei has agreed to buy Payoneer for US$7.40 per share in cash, with the closing expected in mid-2027.
Payoneer serves millions of businesses worldwide, particularly in emerging markets.
business@gleanerjm.com
