Daehyun Ko
Myungyoon Electronics, General Manager, South Korea
โThanks to Payoneer, we can expand our business globally.โ
From B2B to B2C: how Myungyoon Electronics took control of its sales process to launch its products in the global market.
Challenge
Finding new markets and new ways to sell overseas and online.
Solution
Partnering with Payoneer enabled a successful launch onto several marketplaces.
Result
A strong growth trajectory has been resumed and the future looks positive.
Korean company Myungyoon Electronics has been manufacturing and selling specialist motors for more than 50 years. Its flagship product, the world’s first digital phase converter (DPC), has been exported to more than 60 countries.
Myungyoon Electronics traditionally relied on B2B sales channels through agencies, and it faced significant challenges selling overseas during the pandemic. It needed a way to tap into new markets and overcome these obstacles to maintain its business growth.
โWe manage funds more easily and conveniently now. We are achieving remarkable revenue growth through overseas e-commerce that far exceeds the days of domestic sales alone.โ
Myungyoon decided to explore alternative sales channels, such as online B2C sales, to counter the impact of the pandemic.
A reliable payment solution was vital for enabling overseas sales and managing international transactions. In 2018, it launched on Amazon US, choosing Payoneer as its payment provider.
โThanks to Payoneer, we can expand our business globally!โ
Payoneer’s smooth payment process โ and plug-and-play compatibility with the worldโs best-known marketplaces โ enabled Myungyoon to expand effortlessly onto Lazada and Shopee.
The Payoneer card enabled it to pay for material imports and advertising, delivering savings on fees and streamlining operations. This enabled Myungyoon to rise above the challenges brought by the pandemic and resume its growth trajectory.
More success stories
Sheikh Jafar Tarique
Founder and CEO of Aabhyasa Technologies, India
โWe use Payoneer to pay our team members and receive payments from our international clients.”
Hooner Baweja
Founder & CEO, Hothaat Marketplace, India
โUsing Payoneer has been one of the best things that has happened to our business this year. The Store Manager feature has helped us consolidate all our payments onto one platform and has significantly shorten our payment realization time.”
Gopal Yadav
Founder and CEO of Aabhyasa Technologies, India
โUsing Payoneer, we have bank accounts in countries including the US, the Eurozone, the UK, and Canada. Because of Payoneer, our payment growth is 35% now. I would also recommend Payoneerโs customer services โ itโs the best.”
Nimisha and Manav
Co-founders, DโMoksha Homes, India
โPayoneer remains an integral part of our growth journey.โ Find out how Manav and Nimisha Dhanda launched their sustainable homeware brand on the cusp of Indiaโs national lockdown โ and still managed to thrive.
Denys Shkribliak
Owner & Founder, Wood and Hearts Inc, Ukraine
โIn the harsh times of war, when almost all manufacturing was lost, Payoneer became our real lifeline.โ Find out how Wood and Hearts triumphed over adversity and rebuilt a company from the ashes of conflict.
Nitcharee Ujjin
Co-founder, Thumbinthai, Thailand
โPayoneer has been instrumental in helping us grow.โ Thumbinthai co-founder Nitcharee Ujjin explains how the apparel start-up became a global powerhouse.
Wassem El Wardany
Managing Director, Proper Business Solutions, Egypt
โMy business has thrived because of Payoneer.โ Wassem El Wardany, managing director of Proper Business Solutions, explains how his business achieved accelerated growth with a reliable, secure payment partner.
Hannah Santillan
Operations Manager, Accentline Inc, Philippines
โWe’d recommend Payoneer to any online business with international clients.โ Find out how global payments are empowering local talent and helping Accentline become an internationally competitive BPO.
Kevin Wang
VP, Elegoo, China
โSince we implemented Payoneer Checkout, our website has seen rapid growth.โ Kevin Wang explains how innovative electronics brand Elegoo unlocked a world of ecommerce potential.
