Global payments provider Payoneer will handle Google's "insurance" payments to consumers as part of the Google Trusted Stores program.
New York-based Payoneer will handle payments of up to $1,000 to consumers who encounter any problems with online merchants who have earned Google's seal of a trusted store. Google equates the $1,000 guarantee to a lifetime insurance policy.
"We're very excited to be selected by Google and to have cleared all of their security review and due diligence process to be able to provide the capabilities that Google needs to make payments to consumers around the world," says Payoneer CEO Scott Galit.
Google provides the Trusted Stores badge to e-commerce sites that demonstrate a "track record of reliability and exceptional customer service," the companies state in a March 19 press release. Essentially, the Google Trusted Stores program helps customers identify merchants they can trust online.
Approved merchants can display a badge icon, which depicts a checkmark in the middle of a circle with Google colors on it. To qualify as a Google Trusted Store, a merchant has to meet the criteria of handling more than 700,000 transactions with 99.5% of orders being issue-free and 97% of products shipped on time. The stores must also have a 30-day return policy and take less than seven days to process a return.
In powering the program's customer payouts, Payoneer provides bank transfer services that enable Google Trusted Stores to send payments to people in many countries.
"We were able to localize the program across multiple continents, in Europe, Asia, Australia and others we can make payments into bank accounts in well over 200 countries in a whole variety of currencies, and deliver payments into physical and virtual prepaid accounts and e-wallets," Galit says.
Payoneer has no way of predicting how many payments it might have to make per year, as the company does not get involved in the customer complaint process. The fact that Payoneer is backing Google's guarantee was more important to the company, Galit says.
"It is difficult to have a trusted stores program if you can't rely on delivering the guarantee," Galit says. "From that standpoint, it is very important to be a strategic part of the overall program."
Payoneer passed all of Google's requirements and due diligence to land the position of payment provider. Google was seeking a company that could allow it use a single connection to make payments in multiple ways around the world, Galit says.
Payoneer also offers Google an "interface level" for localized service and customer engagement, Galit says. "We can support customers in markets all over the world in their language, including a messaging system that is highly customized for Google," he adds.
The arrangement with Google does not exclude Payoneer from landing similar roles with other companies.
During the first week of March, Payoneer completed a $25 million Series D funding round to help it expand through acquisitions.
Earlier this year, Payoneer entered an agreement with Quantium Solutions to offer cross-border payments to the Japanese company's international e-commerce and mail-order clients. Quantium's customers can become Payoneer account holders to receive commercial payments from companies in different countries.