Despite an impending recession in the U.S. due to the coronavirus pandemic, Amazon announced record Q1 record revenues of $75.5 billion – an increase of $59.7 billion (26 percent) from Q1 results a year ago[1] and e-commerce sales overall are on a pace to skyrocket to $6.5 trillion by 2023[2]. While the online seller market continues to see fast growth due to a slowdown in in-store sales, all retailers and goods and services providers will need to both identify new high-growth overseas markets and streamline payments and business operations efficiencies to sustain profits over the long-term.
Founded in New York in 2015, PingPong Payments has continued to expand their range of payments and business services options to support cross-border expansion and growth of sellers into new markets. PingPong Payments acts as a multi-dimensional growth partner to U.S. merchants and Amazon and online platform sellers by providing fast, real-time and lowest cost payment processing services, including currency conversion across more than 15 currencies, from international buyers and suppliers (FundsGrabr and PayAgo). The company also provides supplier validation/due diligence, cross-border tax and regulations compliance and payments (VATZilla), and market intelligence and sales support services to facilitate hassle-free entry of online sellers into new global markets.
“As a global services provider, our product suite is tailored to supporting cross-border business growth”, said Kenny Tsang, Managing Director, PingPong Payments. “Online sellers are in need of both a payments system and overseas market knowledge and business advice that can help them break into new markets, at speed and at scale. We are the payments and business services provider that can not only help online sellers grow their business, but also expand their sales across borders and help them to remain compliant, in a frictionless and cost-effective way.”
Despite the continued trend of store closures across America, a new retail landscape is emerging and developing, as evidenced by e-commerce sales increasing a huge 25 per cent in March alone[3]. Job losses continue to worry the U.S. economy and employers, which means more and more companies will turn to global online marketplaces as a way of sustaining their employees’ jobs and maintaining sales and profitability through the pandemic. As a result, these merchants will require a payments solution that helps them keep a good inventory of well-priced products to maintain a continuous flow of customers across the globe.
“With the threat of a U.S. economic slowdown looming, the seller landscape will become more competitive and new sales channels as well as enhanced costs and operational efficiencies to sustain growth will become an even higher priority”, added Tsang. “Fast-growth sellers must have the right solutions in place to help them increase profitability and breaking into new markets will be key to survival. PingPong Payments’ holistic product suite provides the support needed to successfully sell overseas by vetting suppliers and ensuring compliance. As the only provider in the market that offers VAT/GST services through our product VATZilla, we understand it can be complex and time consuming for sellers to do without support – we take that headache away, so that sellers can focus on optimizing their growth. “
“In this new online seller environment, agility and flexibility are essential,” concludes Tsang. “PingPong Payments’ point-to-point model puts the seller in touch with the buyer, and enables constant contact with the end-customer. By taking the friction out of the process, we hope to become an important part of the U.S. economic recovery story, as sellers look to us for solutions that will help them survive and grow through a challenging pandemic and post-pandemic sales environment.”
