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Online Retail Enabler Vserve Ebusiness Emerges Victorious in Payoneer 2020 Awards ‘Freelance Businesses of the Year’ Category

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Scott Galit CEO of Global payments major Payoneer awarded the illustrious ‘Freelance Businesses of the Year Award’ for this year to Siva Balakrishnan, CEO of Vserve Ebusiness Solutions in recognition of his company’s superior service delivery and value creation for small and medium businesses who are looking to strengthen their online retailer presence

Payoneer honored the global entrepreneurial spirit displayed by Siva Balakrishnan and his team at Vserve Ebusiness in helping hundreds of businesses go online and become more efficient and effective in serving their customers.

This is the 4th edition of the Payoneer ‘Freelance Business of the Year Award’ presented since 2016. Vserve, founded by Siva, was selected out of 3500 potential candidates from 120 countries to receive the award.

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This award is special to Siva, who began his entrepreneurial journey in 2004. The award celebrates the entrepreneurial spirit displayed by the organization, putting Vserve firmly on the map of global eCommerce technology and services firms with over 400 happy customers in North America and Europe.

This award is a boost to continuing the business concept of helping SMBs grow exponentially, which is Vserve’s mission. In the USA alone, there are roughly 29 million SMBs, which form a little over 99% of all businesses. Currently, 95% of Fortune 50 Companies outsource parts of their non-core administrative tasks to outside companies. In comparison, just 5% of SMBs outsource similar activities.

This recognition supports Vserve’s conviction that there is a huge, unexplored market of SMBs especially in the online retail space that can capitalize on outsourcing non-core tasks and focus more on the core, revenue-earning activities, thereby leveling the playing field against the corporates.

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Thanking Payoneer for their recognition, Siva said that he is delighted that his efforts and entrepreneurial idea have been appreciated by a leader in the entrepreneurial world themselves – Payoneer. Siva is hopeful that more business owners will be encouraged to adopt the multiple-teams business continuity model that Vserve has pioneered successfully.

Payoneer’s top executive Rohit said that felicitating fellow entrepreneurs such as Siva Balakrishnan for their unique and inspiring business ideas, along with their top-notch services and dedication to clients, all fueled by bright entrepreneurship spirit, is an honor for Payoneer as well.


As the CEO of Vserve, Siva led the diversification of Vserve’s services since 2017. Recognizing the potential held in expanding his customer base as well services range to include the complete back-office services required by online businesses these days, Siva has been responsible for the 35%+ CAGR growth the company has witnessed in just three years along with 96% client retention rate.

With a little over 400 employees, Vserve offers a variety of outsourced services to SMBs ranging from Estore Development and management, Data Intelligence, Customer Support, CRM customization and Digital Marketing services.

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