Businesses have a level playing field and a easy access to the global market. Going global with any product is easier than ever before. But with a level playing field and democratized international ecommerce comes intense competition.

Millions of businesses and individuals are fiercely vying for a piece of the rapidly expanding international market. One way to secure an edge for your business is to enable multi-currency payments for your clients.

Global Ecommerce Opportunities

By some estimates, one-third of all buyers in the world shop on websites based outside their country. The biggest markets, unsurprisingly, are the US, the UK, and China. Cross-border transactions range from 90% for Canada (which has unprecedented access to the world’s largest economy – America) to less than 60% for Japanese shoppers. Cross-border transactions were also fairly common in the European Union, seeing as how goods can flow freely between the 27 member states there.

The vast majority of these globe-trotting shoppers are looking for a bargain. Canadian shoppers flocked across the border to seek out a bargain after the dollar plunged and millions of shoppers logged into their favorite British webstore after the results of the Brexit referendum were declared. Bargain hunters could easily cut the expenses of flying and traveling if they shopped more online.

These statistics paint a picture of a massive global opportunity. In fact, by 2018 global retail sales and international ecommerce will be worth nearly $2 trillion. Although the market is valued in US dollars, it’s safe to assume multiple currencies will be involved in transactions across borders.

Cross-Border Payments

As international e commerce expands, retailers need to consider some key issues. Which currency should the prices be listed in or how many currencies can the site handle?

There’s also the looming question over managing customer expectations. Cross-border buyers may impulse buy an item, based purely on the listing price which is in a currency they’re not accustomed to, only to see an unexpected amount debited from their account after currency conversions. This could cause an uptick in chargebacks.   

Multi-currency support isn’t just a way to avoid chargebacks, it can also offer a competitive advantage to global retailers. Allowing a British customer, for example, to see and pay for a product in GBP could be an important differentiator for a Japanese retailer.

Rise of International Ecommerce

Tapping into the massive opportunities offered by international ecommerce requires a well-thought out strategy. The payments infrastructure should underpin this strategy.

Technology has helped connect the world and eliminate barriers to trade. Upcoming retailers are now designed to be global from inception. Meanwhile, customers expect their online shopping experience to be easy. Shoppers anticipate a seamless shopping experience regardless of whether they’re buying a loaf of bread from the local corner shop or a new television from the other side of the planet.

There are a number of payment solutions that can help you sell internationally.  PayNetSecure, for example, allows you to accept payments in over 156 different currencies. Building multi-currency payment options into your site sets your business on firm footing in the international ecommerce market.  

However, selling across borders isn’t completely devoid of obstacles

Challenges for Global Ecommerce

Despite its potential, international e commerce still faces a number of challenges. Even for a fairly well-established local retailer, selling across the globe requires considerable planning and foresight.

Regulations, for instance, vary across different parts of the world. Regulators in emerging and developing market may have tighter controls on the flow of capital. Authorities in well-developed markets may impose arcane rules in an effort to clamp down on money-laundering. Banks and financial intermediaries charge extortionately high fees for every transaction. Exchange rates fluctuate and  chargebacks could have a noticeable impact on the bottom-line.

Navigating this labyrinth of international ecommerce requires effective planning, a resolute multi-currency payment system, and a little expert advice.

Trying to stay ahead of the competition and establish your store on a global platform?

Contact our team to learn more.

 

Are you beginning to think your pursuit of a collection agency merchant account is in vain?

Take heart.  It’s not you.  It’s your industry.  

Merchant accounts are available for collection agencies.  You simply have to know where to go to find them.

Payments for Collection Agencies

Debt, for the average person in America, has become the norm. In total, U.S. consumer debt is at $11.4 trillion, including mortgages, auto loans, credit cards, and student loans. Naturally, more debt collection agencies are forming to accommodate this feature of modern life, making up a total of 8,514 agencies in 2016.

Although the need for collection agencies is ever-increasing and urgent, affordable and dependable credit card processing for debt consolidation companies is becoming increasingly hard to find.  Very few processors offer reliable credit card processing to debt collectors, and even fewer do so at an affordable rate.

The reason is that most payment processors are wary of debt collectors due to negative publicity on the industry and will deny your company solely because of the the industry type.  

Reputation Risk for Processors

Most businesses value debt collecting agencies because they are responsible for getting money from customers and partners who are withholding payment for goods and services. Debt collection agencies offer vital services that allow businesses to recoup some return on what they owed.  They also assist those who owe the money by allowing them to pay in some form, even if it’s a fraction of what is owed.  

Some agencies, though, work outside of the inherently good nature of the business by using dishonest tactics to go about the debt-collecting process, such as calling debtors at inconvenient times and places and harassing them.

Other factors contributing to the negative reputation debt collection agencies have with merchant account providers are unfortunately not under the control of the agencies themselves. 

Collection agencies know that a lot of people will agree to make a payment and then cancel it after the fact.  This is known as a chargeback. Consequently, banks fear that the agency won’t be able to cover risks & expenses of chargebacks.  In this case, the banks & processors are then stuck with the liabilities.  

Collection Merchant Accounts

You need a credible, high-risk merchant account provider, such as PaynetSecure,  that understands the complicated debt-collection industry.  We can get you the processing capacity you need to grow your business.  While helping protect your collection merchant accounts from fraud and chargebacks.

An experienced high risk merchant account provider offers a range of services to collection firms.  Thanks to the modern financial world, collection agency owners are no longer restricted to the services of their local bank.  Instead, you have a choice of working with a banks that offer attractive rates, specialized services & extraordinary customer service.  

Does your business need a collection merchant account?

Contact the PaynetSecure.net team to learn more.