- NEW YORK, Aug. 24, 2021 /PRNewswire/ -- It is estimated that global eCommerce sales will reach $5 trillion by 2022 and $6 trillion by 2024, according to eMarketer.
With new COVID-19 variants emerging, some parts of the world are facing further lockdowns and travel restrictions. As a result, consumers are expected to maintain their newfound digital spending behaviors, and this means that sellers now have even more opportunities to grow their businesses and expand globally.
In order for suppliers and merchants to keep up with evolving industry trends, many are looking for international channels to expand.
PingPong's Supplier Pay feature is strategically positioned to enable online merchants and global suppliers to securely handle their international supply chain transactions and payments in real-time.
International supplier payments are traditionally slow and include many additional – and often hidden - fees for both parties - sending and receiving. With PingPong, suppliers can avoid the current trend of extended debtor days and delays awaiting inbound payments. Currently, China suppliers are waiting up to 92 days for invoices to be paid, while the average for the rest of world has reached an average of 66 days. Supplier Pay eliminates these types of obstacles by facilitating instant account-to-account payments in domestic currencies, positioning both parties to cut out intermediaries and save money on foreign exchange fees, while avoiding many economic triggers such as inflation and currency fluctuations.
Since its inception in 2015, PingPong has processed more than $90 billion for its global eCommerce customers, and over a million online merchants trust its platform.
Across the world, China and the US are currently the biggest online buyers, with other countries trailing behind. Due to PingPong's support and expertise across supplier relations, sellers have valuable access to vetted Chinese and international suppliers. Sellers are therefore in a good position to negotiate better rates with their suppliers due to the speed, efficiency, and trust PingPong provides. It allows suppliers and merchants to manage all of their global payments and receivables, as well as marketplace repatriation, in one convenient hub.
Now, the fintech Unicorn's comprehensive supplier payment feature is expanding to Vietnam and India, having seen success in its initial launch in the US in May of this year, adding to its robust suite of products tailored to suit customer needs - whether sending or receiving global payments, building internal process supporting payroll, virtual currency accounts, paying VAT and much more.
Mr. Shui at Yunhong International Trade Company comments: "PingPong has more than a dozen offices overseas with really great localization services. With their local team's help, our payments run smoothly with no communication problems.
The company is also a brilliant trailblazer in the payments space. PingPong connects suppliers and buyers, solving payment and information obstacles while facilitating communication opportunities. Thus, bringing us faster growth in international business."
Keith Mander from Yuca LTD comments: "PingPong's platform is ultimately a self-service product, and I can see my balance, add suppliers and make immediate payments from a single platform. It is straightforward. A provider like PingPong makes it more approachable to grow a business internationally. They remove so many pain points and consolidate all of my needs in one place - from receiving funds and ensuring competitive rates to secure, on-time payment delivery to everyone I am doing business with."
About PingPong Payments
PingPong Payments was founded in 2015 with the mission of helping global eCommerce sellers keep more of their profits by beating the rates traditional banks offer. Today, the company acts as a multi-dimensional growth partner to more than 750,000 online sellers worldwide, has processed more than 90 billion in cross-border payments for eCommerce merchants to date, and transfers more than 150 million per day for international eCommerce sellers. Global merchants around the world trust PingPong Payments to help them save on cross-border payments, VAT & supplier payments, and more. PingPong works with reputable brands such as Citibank, J.P. Morgan and Wells Fargo that have won licenses to operate efficiently and are subject to strong regulatory and supervisory frameworks across the U.S., Europe and Asia.