Top Advantages of Choosing a Local Payment Service Provider

Any merchant running an e-commerce website would undoubtedly need a Payment Service Provider (PSP) of some sort or the other. Payment service providers form an integral part of a business as they offer a wide range of solutions to improve the company growth. They help merchants to accept credit card or other forms of payments along with other services like risk management, transaction reconciliation and fraud protection.

With an overwhelming number of payment service providers in the market, choosing a one that meets your business needs can be difficult. As an online seller, it is worthwhile to choose a service provider who is local so that he understands you, your target audience and most importantly the local market. Here are the top advantages of using a local payment service provider.

1. Local Currency- A local payment service provider will have connections with all the leading local banks and this will enable you to accept local currencies on your website. Having a merchant account with a local acquiring bank can be arranged by a local PSP and this will enable you to accept payments from customers in local currencies.  Thus, this will not only make the customers happy but will also save you from paying conversion fees. Like for instance, a local PSP can help you to avoid converting your customer’s payments from EUR to KES. Through a local PSP, you can gain higher profits, as it will exempt you from having to deal with fluctuating exchange rates.

2. Local Currency- A local payment service provider will have connections with all the leading local banks and this will enable you to accept local currencies on your website. Having a merchant account with a local acquiring bank can be arranged by a local PSP and this will enable you to accept payments from customers in local currencies.  Thus, this will not only make the customers happy but will also save you from paying conversion fees. Like for instance, a local PSP can help you to avoid converting your customer’s payments from EUR to KES. Through a local PSP, you can gain higher profits, as it will exempt you from having to deal with fluctuating exchange rates.

3.  Local Customers- A local PSP can be beneficial for your local customers too. Through a local PSP, customers will be able to carry out their transactions in the local language. This will not only improve customer experience but will also ensure a smooth and fast payment process. Transactions in the local language will speed up the time of transaction which in turn will keep the customers happy and boost up company sales.

4. Local Payment Methods- A local PSP will not only have the complete information about the most preferred payment methods by the customers but will also have all these preferred methods already integrated into their payment platform. Accepting multiple payment methods will not only help increase the customer satisfaction but will also improve the customer retention rates. Hence, it is worth investing in local payment methods.

5. Local Fraud Risks- A local PSP will provide risk management services and protect your business from fraud. PSP will not only keep customer information secure but will be aware of the all the common local fraud risks and schemes. They will have the expertise to accurately identify any fraudulent transactions, which an International PSP may not be able to identify as they are not equipped and familiar with local types of fraud.

A Local PSP can use the knowledge and expertise to keep the business secure, at the same time keep the customers happy and satisfied, all at a lower cost than using an international PSP.