Establishing merchant accounts offshore is a wise business strategy to help you capitalize on the booming growth in international ecommerce. The international ecommerce market grew 17% last year to $1.22 trillion.
The world is fast becoming a single marketplace, offering online merchants the ability to acquire a global customer base, increasing sales and profits. Companies that have merchant accounts with acquiring banks in each targeted market region save money on processing, increase orders from buyers, and decrease operational costs.
Participation in an international bank network gives you access to multiple banks throughout the world. A single plug in to the network lets you manage all payment processing accounts from a central control panel. Reporting, accounting, and reconciliation functions are easily viewed on a global or individual account basis.
Merchant accounts offshore include multi-currency processing. When customers shop at your site, pricing is displayed in local currency. And the price displayed on your site at checkout is the same as what will be displayed on the buyer’s card statement.
For online sales, it is important to keep the buyer moving toward the checkout page and actually completing the sale. When pricing is not displayed in local currency, the buyer gets confused. There is the need to stop and think about what the item will actually cost in the currency in which the buyer is familiar, distracting from the sales process.
Don’t distract your buyers. Showing pricing in local currency keeps the sales process moving along. And when the customer gets their statement, there are no surprises because the amount of the product displayed on the site matches the amount that was paid.
When transactions are processed through an acquiring bank located in the same region as where the customer is located, processing costs are decreased. There are no “cross-border” fees associated with the transaction.
In addition, interchange fees vary from region to region. By processing payments locally, you save money by taking advantage of lower “in-country” rates.
International merchant accounts help you reduce operational costs. Pay local vendors, workers and overhead expenses in the region in the local currency.
Reduction or elimination in foreign exchange fees save you unnecessary expense. And give you control of your cash flow world-wide.
Offshore merchant accounts are a smart strategy for companies that want to take advantage of the fast-growing opportunities in global ecommerce.
International payment processing helps you:
Are interested in getting more orders from the rapidly expending global ecommerce markets?
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