International Credit Card Processing to Reach Every Country in Which You Do Business and Then Expand Beyond

International businesses can easily lose control of local markets if they fail to understand local payment preferences. Making international payments is not easy. Fortunately, the payments landscape is rapidly changing to make global payments faster, more secure, and simpler than ever before. In this article, we’ll show you how to significantly improve your cross-border payments experience.

What is the Process of International Payments?

International payments are a method of simultaneously paying multiple recipients located all over the world. When done cross-border, manually sending payments to thousands of recipients, also known as batch processing, is a time-consuming process. The best service providers will allow you to upload a spreadsheet containing all of the required data to a secure payments application programming interface, or API. This enables you to send payments to recipients in a variety of countries around the world in their preferred currency.

The international payments challenge

Enterprise and B2B businesses frequently rely on a complex network of payment vendors, each of which serves a different need or has a regional specialty. Smart businesses, on the other hand, are streamlining their payment vendors in order to reduce costs and increase operational efficiency. These businesses select vendors who meet all of their business requirements and long-term strategy. When choosing a vendor, many businesses overlook the importance of reach, speed, and technology, which are all discussed in detail below.

Make cross-border payments as soon as possible to increase loyalty and capture market share

Global businesses require real-time payments to facilitate faster settlements and to foster trust and customer loyalty. However, these frequently necessitate significant additional steps to integrate with multiple systems. The ideal provider will enable you to quickly disburse funds to your sellers, suppliers, and employees in various currencies using their preferred payment methods and your company’s preferred payment types, such as direct bank payouts, recurring payments, subscription payments, and split payments. Finding the right payment is critical.

Companies that want to make payments in countries or regions with poor banking infrastructure but high mobile use should take extra precautions when making payments. Such companies should consider developing a white label ewallet solution that will allow them to quickly and directly push payments to employees and suppliers. Companies can save money by using ewallets because the fees are lower on both sides, and workers are paid faster, even if they don’t have traditional bank accounts.

Avoiding pitfalls with cross-border payment processors

Make the mistake of selecting the wrong partner, or one with limited or expensive functionality. There are several factors that can make or break global transaction success, so when deciding between cross-border and international payment processors, keep the following in mind:

Expensive currency conversion rates

Merchants require multi-currency support from their payment processor. Allowing your global customers to view prices and make payments in their local currencies will increase sales, but it will cost you. You must consider the cost of currency conversion in addition to the other costs associated with accepting payments, which can vary between processors.

Making certain that the international payment gateway with which you partner can provide competitive conversion rates ensures that you will not be hit with unexpected charges when it comes to reconciling payments!

Using a processor that does not provide tailored fraud protection

Protecting your company from fraud is critical, especially for ecommerce companies. Online payment fraud attempts are on the rise, and if successful, can be extremely damaging, if not disastrous, for businesses attempting to trade internationally. Working with a payment processor that provides expert risk reduction services such as fraud detection, KYC (Know Your Customer), and built-in AML (Anti-Money Laundering) monitoring can make all the difference.

You must also have control over fraud filters to ensure the lowest possible declines, allowing legitimate transactions to be processed. Consider how your customers would react if they attempted to make a legitimate payment and it was flagged as fraudulent—likely it’s they’d shop elsewhere!

How to choose an International credit card Processing Provider?

Knowing what distinguishes good cross-border and international payment processors from bad will make a significant difference in your global trading success. PayCly has covered some of the most common selection mistakes made by merchants, so you know what to avoid. Merchants and businesses looking to conduct business should look for a payment processor that can do the following:

• Provides transparency in the fees and charges levied on payment transactions.
• Accepts a variety of payment methods, including local and alternative payment options.
• Strong anti-fraud and compliance measures make it easier to accept payments.

Choosing which cross-border and international payment processor to work with is a critical decision for your company if you want to do business successfully. Don’t rush into your decision; instead, wait until you’ve thoroughly investigated and satisfied yourself that they check all of the boxes.

Summary

Accepting international payments is more than just finding the right payment processor if you’re an ecommerce business looking to trade globally. You must not only be able to accept payments from customers in all of the countries with which you intend to do business, but you must also ensure that if payments fail, your business will not lose both money and customers.

It is critical to select the best cross-border and international payment  gateway processor for Europe. Getting it right will save you countless regulatory and logistical headaches, as well as costly cross-border and FX (foreign exchange) fees, and will assist you in growing and scaling your business internationally.