Payoneer Buys out Armor Payments to Deliver Secure, Online Escrow Payments

Online payments company Payoneer has acquired Armor Payments, a B2B payments provider offering the first Escrow-as-a-Service (EaaS) payment service.

This acquisition empowers Payoneer to provide businesses all over the world with secure and seamless escrow services for cross-border trade.

Payoneer taps into a huge market of B2B transactions of $500 to $1,000,000, where letters of credit and credit cards are not appropriate, bridging the gap in B2B trade.

With Armor Payments on board, buyers and sellers transacting directly or through B2B marketplaces will be able to lessen the risk and uncertainty associated with high-value B2B purchases.

The acquisition combines Payoneer’s multi-currency cross-border payment capabilities with Armor Payments’ security, opening up new global opportunities for businesses of all sizes.

Armor Payments serves as a third-party intermediary between buyers and sellers. It holds funds in secure escrow accounts until both parties are satisfied that the delivery of goods or services has been completed. Its EaaS solution enables B2B marketplaces to integrate a simple API and deliver secure payments.

With its licensed escrow service, the company takes on the regulatory burden, money movement complexities, and dispute management headaches for partner marketplaces.

Scott Reynolds, Co-Founder and CEO of Armor Payments, commented, “Joining Payoneer is a natural step for our company. It will open up our solutions to the huge and underserved international B2B market.”

As part of the acquisition, Armor Payments will join Payoneer’s office in California and maintain its development center in North Carolina.