Payoneer, Wayfair fight marketplace fraud through 'Green Channel'
As global e-commerce grows and more sellers are attracted to the marketplace concept, it's become a challenge to keep fraudulent sellers out.
Digital payment platform provider Payoneer is working with the Wayfair marketplace to launch Green Channel, a matching and onboarding program designed to connect marketplaces with top merchants that have been pre-screened for fraud and compliance capabilities.
As a major homewares e-commerce site, Wayfair is aiding the Payoneer program by identifying high-quality suppliers.
As the company seeks to shut down bad actors in the marketplaces, Payoneer says 60% of marketplace fraud on the seller side is conducted through repeat offenders.
“Payoneer’s infrastructure is built to power marketplaces and enterprises to conduct business globally as easily and securely as they do locally, and this is what Green Channel is all about,” Adam Cohen, general manager of enterprise for Payoneer, said in a press release. “We have a comprehensive view of any seller’s activity across multiple platforms through which we can identify trusted sellers that are ripe for growth into new markets."
Payoneer's global ecosystem, paired with local support, will make Green Channel a "wholly unique offering that ensures a fast-tracked onboarding for these merchants, providing value to both sides of the network,” Cohen added.
The service helps marketplaces grow inventory by bringing on high-quality cross-border sellers, while also helping those sellers to expand into new markets.
The global program is connecting sellers and marketplaces across Asia, Latin America, Europe, North America and the Middle East. Payoneer says 28 marketplaces are already part of the Green Channel program, receiving connections to thousands of sellers worldwide.
In addition to receiving seller approval through Wayfair, Payoneer screens the marketplace through its fraud protection and compliance capabilities, helping the Green Channel program facilitate connections.
“Our partnership with Payoneer has allowed us to tap into a pool of vetted suppliers that have sold in higher multiples compared to our average new suppliers in recent months,” Michael Zhang, senior manager and head of international supply solutions at Wayfair, said in the release. “We look forward to expanding our efforts with Payoneer and are very excited about the opportunities that lie ahead.”
Payoneer says its digital platform streamlines global commerce for millions of small businesses, marketplaces and enterprises from 200 countries and territories.
In addition to powering growth for new entrepreneurs, Payoneer also brings connections to major digital brands like Airbnb, Amazon, Google and Walmart to customers in its markets.