What is Global Payment Processing?
Global payment processing helps you to accept payments and undertake financial transactions from international clients. Through this platform, consumers can have the option of making payments for their purchases in their local currency. In this way, your business can expect a higher turnover rate, as customers feel more comfortable in making payments at their national currency. It also boosts their confidence while purchasing the products since they can compare the price of the commodity with other similar products available on competitive platforms.
How Does Global Payment Processing Function?
As already pointed out, global payment processing helps in international financial transactions. When a foreign customer visits your site and decides to purchase a product, at first, he submits the order. The payment gateway, at this juncture, captures the customer’s transaction request along with his credit card details and redirects it to the payment processor. The processor then checks security features and validity of the card and send it to cardholder’s bank for approval. The bank again runs fraud checks against the transaction, and if it finds it legitimate, approves the deal. After this, the payment is made, and the processor notifies the processes to the customer via the payment gateway.
Things to Consider before Selecting the Best Global Payment Processing Platform
Here are some of the points worth considering before selecting the best global payment processor.
Services Offered by Processors
The first thing to consider before employing a global payment processor is going through in detail the services offered by them. Some of the essential features include multiple currency payment schemes, notifying customers and trader in the event of any fraudulent activity, and check the validity of cards.
Countries Included in the Service
It is a fact that the UAE is an economically strong country, and consumers from various countries browse through the online stores that are based in the UAE. To convert these visitors to probable customers, you need to have a capable PayTabs payment gateway and global processor supporting financial transaction of foreigners from multiple countries. Before finalising the processor, run a check whether countries, where you are expecting maximum clients, are included in their list.
Technical Integration
The technical integration should be simple, and customers and traders need not have to use programming skills for using the service. The seamless payment process and easy checkout offers an excellent experience to clients and improves turnover.
These were, in brief, some of the features you should keep in mind before employing a global payment processing service. Many online traders have experienced exponential growth in sales after resorting to these processors. There are many service providers available in the UAE, go through their portfolios in detail and select the best platform.
