Global Payment Processing Boosts Revenues

International ecommerce sites require global payment processing. But don’t assume that the payment methods used in one country are going to be the same as those used in other countries. Although you need global payment processing so you can accept orders from anywhere in the world, international payments are actually quite localized.

Merchants sell globally, buyers pay locally. Offering the right local payment option will rapidly accelerate sales. Ignoring local payments options will depress sales and perhaps drive you out of business in a particular territory.

Payment infrastructure and local cultures vary. Consumers have preferred methods of payments. Merchants that offer localized payments will capture more sales and help establish long-term trusting relationships with buyers.

Global payment processing preferences vary. In the United States credit cards are commonly used for internet purchases. In Europe and much of the rest of the world, bank transfers are the preferred method of payment. In China, Chinese debit cards are most common. Throughout the world, mobile payments are popular for micropayments of digital content and online entertainment.

Certain payment types may require the establishment of a local bank relationship and establishment of a corporate presence in the local country. For example, establishment of a direct merchant accounts require a relationship with an acquiring bank in the jurisdiction.

Banking relationships in some countries must be facilitated through the introduction by a trusted payment partner. Consider your selection carefully. The bank you select will also have an impact on the processors and payment types you can support.

Card discount fees, bank transfers and direct debit fees vary by country. Whether or not it is required, companies often find it beneficial to establish a local presence to take advantage of lower payment processing rates.

Internet buying patterns differ by country and payment type and certain regions have higher incidences of fraudulent transactions. The challenge is to balance the maximum number of sales with the lowest possible risk.

Address verification systems and public record searches are limited outside of the United States, Canada and some parts of the EU. It is important to use other fraud detection tools, filters, rules, screening and velocity checks to screen out fraudulent transactions.

The easiest way for an international ecommerce merchant to implement the correct payment mix is through a single global payment processing gateway. The gateway will have multiple payment methods already integrated, allowing the merchant simply to click on or off the payment options offered in any particular region.

With a global payment processing gateway, businesses simplify international expansion. Merchant accounts from various acquiring banks can easily be added without worries about the actual transaction processing flow. Security and verification protocols are built into the system and are updated constantly to stay compliant with all international regulations.

Multiple payment types integrated into a single platform saves you development time and money. Instead of worrying about payment processing, spend your time on your core competency, which is growing and building your business.

If you need a special payment processing solution, a good global payment processing gateway partner will add it to the platform for you. And, often will do so at no cost if the number of potential transactions justifies the cost of integration.