Do you think your online products/services can be of use to customers across the globe? If you answered yes, then here’s a question for you! Why stick to selling them locally when you can make it big in the international market. According to a recent survey, almost 25% of customer's shop for products from websites that are outside their native country.
Earlier it used to be a rather lengthy process to get in touch with international clients. But thanks to digitalization and the growing online industry, merchants can now easily access the global market with eCommerce websites and international payment gateways. The global online trade is expected to reach 3.5 trillion by 2020 which is good news to anyone who sells products online.
Online businesses that are capable of providing effective solutions to their customers worldwide are expected to grow tremendously with digitalization rather than businesses that have presence only in the local market.
For small and medium-sized business owners integration of international payment gateways can prove to be a USP over competitors. Mexico being a testament to the aforementioned statement, has seen the largest growth of online export sales with a percentage of 27.4% in 2014.
Let us try to find out what factors need to be looked into for an international online payment gateway.
1. Multiple Currency Benefits:
Expanding your business internationally expands your customer base but this also means an increased competition from other merchants. The only way to outrun them is by providing payment support in the client’s native language and currency. There are several payment gateways like PayTabs that can process payments in more than 150 currencies and convert them into USD.
2. Efficient Currency Conversion:
It is very obvious that the customer would prefer to buy your services and products when the exchange rates for the local currency to USD are in their favor. An efficient international payment gateway is one that is able to advise the merchant on setting the price for their products and keep track of the conversion rates.
3. Efficient Settlement And Reduced Complicacy:
The most common issue that business owners face is settling the international transactions for each batch. Instead of having a number of bank accounts in multiple countries, a business owner can completely rely on their local payment gateway for settling and authorize their international transactions.
4. Safety, Security, and Minimized risk:
Even though the EMV Chip technology has proved to be very effective in minimizing the present card frauds in offline transactions, it has failed to prevent online frauds. International payment gateways like PayTabs incorporates the required technology and security to any e-commerce website preventing online fraud in the process.
Conclusion:
An international payment gateway can prove to open up a new world for your online business. Why not take the advantage of the increased digitization rather than sticking to existing local clients.
Earlier it used to be a rather lengthy process to get in touch with international clients. But thanks to digitalization and the growing online industry, merchants can now easily access the global market with eCommerce websites and international payment gateways. The global online trade is expected to reach 3.5 trillion by 2020 which is good news to anyone who sells products online.
Online businesses that are capable of providing effective solutions to their customers worldwide are expected to grow tremendously with digitalization rather than businesses that have presence only in the local market.
For small and medium-sized business owners integration of international payment gateways can prove to be a USP over competitors. Mexico being a testament to the aforementioned statement, has seen the largest growth of online export sales with a percentage of 27.4% in 2014.
Let us try to find out what factors need to be looked into for an international online payment gateway.
1. Multiple Currency Benefits:
Expanding your business internationally expands your customer base but this also means an increased competition from other merchants. The only way to outrun them is by providing payment support in the client’s native language and currency. There are several payment gateways like PayTabs that can process payments in more than 150 currencies and convert them into USD.
2. Efficient Currency Conversion:
It is very obvious that the customer would prefer to buy your services and products when the exchange rates for the local currency to USD are in their favor. An efficient international payment gateway is one that is able to advise the merchant on setting the price for their products and keep track of the conversion rates.
3. Efficient Settlement And Reduced Complicacy:
The most common issue that business owners face is settling the international transactions for each batch. Instead of having a number of bank accounts in multiple countries, a business owner can completely rely on their local payment gateway for settling and authorize their international transactions.
4. Safety, Security, and Minimized risk:
Even though the EMV Chip technology has proved to be very effective in minimizing the present card frauds in offline transactions, it has failed to prevent online frauds. International payment gateways like PayTabs incorporates the required technology and security to any e-commerce website preventing online fraud in the process.
Conclusion:
An international payment gateway can prove to open up a new world for your online business. Why not take the advantage of the increased digitization rather than sticking to existing local clients.
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