Posted by admin on Aug 19, 2015

 

Global eCommerce

The explosion in global eCommerce represents unprecedented opportunities to you. Customers world-wide are seeking to buy desired goods from companies, regardless of location.  

The world is becoming one giant marketplace.  Easy access to online shopping, rapid growth in emerging economies, and desire for goods drives shoppers to shop globally. As a result, ecommerce transactions now commonly flow across national borders.

Multi Currency Payment Processing Boosts Sales

International ecommerce carried out via card payments may be profitable, but it comes along with some unique challenges for merchants.  Currency conversion remains one of the thorns in the side of global ecommerce merchants.

Merchants need to display pricing for international buyers in their local currency.  Yet must be aware of how currency conversion could affect what the buyer sees on their card statement.

If the dynamic currency conversion is not enabled, the transaction seen on the card statement will be different than what was displayed on your site.  In addition, buyers may be assessed extra fees to cover foreign exchange rates.

However, if the payment processor offers dynamic currency conversion, the price customers see when shopping online will be identical to amount the customer sees on the card statement.

Global eCommerce Challenges

The success of a business that relies on international ecommerce depends on gaining access to a network of acquiring banks located in the targeted markets.

Not so long ago, merchants had to carry out the difficult task of establishing good working relations with banks situated in the countries where the customers reside.  Establishing and managing all accounts separately was a logistical nightmare.  Intricate reporting, high operational costs and communication difficulties were common.

In addition, each account had to be managed to control against fraud. While some locations presented more risk for online fraud than others, the fact remained that international payment processing presented considerable risks. Under these circumstances, it was difficult to strike the right balance between customer authentication and customer satisfaction.

Global eCommerce Platform International Merchant Accounts

A global ecommerce platform with multiple international merchant accounts solves these challenges by giving you access to a banking network comprised of acquiring banks located around the world. All processing that is carried out over this entire network is administered within a single platform.

The benefits of setting up international merchant accounts for global ecommerce include:

  • multi-currency processing increases sales from international buyers
  • lower cross-border rates reduce processing expenses
  • reduced processing risk due to diversification of accounts among many banks
  • faster time to market for quick access to global shoppers

In addition, all payments flowing through the global ecommerce platform go through a detailed, but fast vetting process that reduces risk from fraud and chargebacks.

Once you are approved to process on the global ecommece gateway, the platform is easily integrated to your website through an API.  You can then accept orders at the lowest rates from customers around the world.  

Conclusion

Global ecommerce is the fastest growing part of internet sales. Companies now regularly reach beyond geographic borders to target buyers throughout the world.  And shoppers are more willing than ever before to buy desired goods from merchants, regardless of location.

Global ecommerce platforms give you access to acquiring banks located throughout the world.  A single platform lets you easily manage accounts on a global or individual basis.  

Multi currency processing is a standard feature on all global ecommerce accounts. Offering payments in local currency increases buyers' trust in your company and accelerates sales.

Are you a global ecommerce merchant looking for cost-effective payment processing accounts?

Contact info@paynetsecure.net today.