B2B eCommerce Marketplace EC21 Launches Transactional Capabilities
EC21 announced today new transactional capabilities powered by Payoneer’s escrow service. By integrating with Payoneer’s escrow API, EC21 is now able to expand beyond its traditional directory-style business model, which was limited to facilitating trade inquiry exchanges, to becoming a one-stop-shop for B2B eCommerce. This makes EC21 one of the few B2B marketplaces to have integrated transactional capabilities for the buying and selling of goods and services, with the security of built-in escrow to protect both buyer and supplier.
Through its leading technology and expertise in cross-border trade, EC21, headquartered in South Korea, facilitates global trade opportunities for small and medium-sized enterprises all over the world. EC21 was looking to expand the functionality of their platform, by offering full transactional capabilities through a payment provider that would bring security to buyers and suppliers, transacting in large sums.
Payoneer is a leading B2B cross-border payments platform with escrow capabilities that serve as a secure, licensed, third-party intermediary, bridging the trust gap between buyers and sellers. The service allows funds to be held in a secure escrow account until both parties confirm the satisfactory delivery of goods or execution of services. Now, thanks to the integration of Payoneer’s escrow solution into EC21, international buyers and suppliers can not only find their desired goods and services, but can also negotiate and complete the purchase without ever leaving the EC21 site. Most importantly, buyers and suppliers are able to transact confidently with the knowledge that their funds are protected by Payoneer’s licensed escrow service. EC21 expects over 30% of their platform’s members to start using the Payoneer service as it is rolled out across the entire marketplace.
“Buyers visit EC21 to find quality products from millions of sellers,” stated Taesung Kim, VP of EC21. “Now, with our integration of the Payoneer escrow API, buyers and sellers can take that conversation and turn it into a secure transaction from anywhere in the world, ensuring the successful delivery of goods and funds.”
Scott Reynolds, VP of B2B Services at Payoneer, added, “We’re excited to eCommerce-enable the EC21 marketplace, bringing our secure payment service to their millions of B2B buyers and suppliers. We look forward to working closely with the EC21 team to expand global trade opportunities, while reducing risk for small and medium sized businesses.”
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