Payoneer announced the launch of its digital FIRC solution for eCommerce and Service sector exporters. Payoneer’s fintech platform solutions enable international expansion for businesses of all sizes.
In India, sellers and services exporters are required to furnish a Foreign Inward Remittance Certificate (FIRC). Customers need to provide paper applications to their banks for every transaction to seek an FIRC. Moreover, banks charge customers significant document fees to process FIRC requests. With the launch of digital FIRCs, Payoneer customers get this document directly through email, without having to make any requests, at no additional cost.
“We need FIRCs so that our bankers validate our export transactions. Getting FIRCs took a lot of our resources. We had to fill in paper documents for every transaction and follow up several times with banks. Sometimes it took over six months to get FIRCs. Banks also charge documentation fees for every FIRC. Once Payoneer digitized FIRCs, FIRCs directly come to my inbox on the same day for all transactions, that too at no additional costs” says Mr. Hussain Grana, Director, A JAALD a leading ecommerce Exporter.
Commenting on the launch of Digital FIRC in India, Rohit Kulkarni, Head of South Asia, Payoneer said,“Payoneer works closely with our banking partners to solve challenges faced by our customers. Sellers are not only able to get FIRCs in near real time, but also use this to claim GST refunds and various incentives offered by the government to exporters. This new digital FIRC service allows us to strengthen our commitment to make it as easy as possible for SMBs to expand globally.”