Accepting payments globally becomes more difficult for international businesses as they expand into new countries and markets. Cross-border payment processing can quickly become tedious and overwhelming, and what works in one geography may not work in another.
When you include local languages, payment types, and methods, you can expect to see an increase in shopper engagement and conversions. By presenting in local shopper currencies, our customers see a 12 percent increase in sales.
While many payment vendors do not provide the complete suite of solutions required to truly support and optimize global online payment processing, there is still hope. Businesses simply need to know what to look for when selecting a solution to help them accept payments around the world. It is possible to find an elegant solution that simplifies global online payment processing for its customers with the right insights. Here are three questions to consider when evaluating payment options for international eCommerce.
What banks does the payment processor work with?
When choosing a payment processing partner, make sure they have relationships with high-quality acquiring banks in the geographies where you need local acquiring. While local acquiring is critical for increasing transaction approval rates, working with a provider that only has relationships with small, local banks that lack the experience and capabilities of larger banks will not benefit your business. These are the smaller banks:
- Accept fewer credit cards
- Inadequate fraud detection capabilities
- Fewer transactions will most likely be approved.
In every country where we operate, PayCly network includes high-quality banks that are in-market and familiar with local acquiring. We work with large, established banks that have experience working with international companies, and our pre-existing relationships with them allow you to benefit from their size and capabilities without having to build the relationship from scratch. Furthermore, we ensure redundancy in these relationships so that if one bank experiences problems, a backup processor is available. This is all done to provide our customers with higher authorization rates while lowering fees.
Make certain that your provider has strong relationships with top-tier banks in order to provide you with all of the benefits you expect from local acquiring.
What kinds of fraud detection and remediation tools are available with credit card processing?
Fraud detection and remediation is another critical component of global online payment processing. When you sell across borders, fraud becomes more of an issue, and it’s one of the reasons why cross-border payments can cause so many problems for businesses. When it comes to fraud prevention, your payment processor should have flexible options that include robust fraud detection capabilities and demonstrate that they priorities fraud prevention.
The issue with payment processors is that companies that specialize in payment processing may not have the necessary expertise to build and maintain a complex fraud detection engine or understand how you want to implement the right fraud programmers for your business.
PayCly understand that every company’s fraud prevention requirements are unique. Do you have your own fraud team and/or tools that you like to use? The All-in-One Payment Platform integrates and works seamlessly with your existing processes and systems. Furthermore, the platform includes a built-in integration with award-winning fraud prevention software, with multiple levels to choose from.
We collaborate with our merchants to prevent online payment fraud. While many payment processors have in-house solutions, their effectiveness is limited by the size of their data pool. We built-in machine-learning technology can intelligently stop fraud in real-time by leveraging data from thousands of global businesses without introducing customer-facing friction. Finally, more of the appropriate types of payments are permitted, which is beneficial.
Make certain that your payment processor’s approach to fraud prevention adequately supports your need to accept payments globally and is built on a solid foundation of data that will increase your overall sales while reducing risk.
Do you get the comprehensive approach to global processing you require from your best credit card processing service provider?
Many growing global businesses are probably all too familiar with an old pattern: relocating to a new country, looking for a payments provider that operates in that country, and then establishing the necessary unique systems and processes to ensure everything runs smoothly. If your company operates in this manner, there is a better way to accept payments globally: partner with a payments provider that can provide global payments with local acquiring anywhere you operate through a single connection.
Instead of using multiple payment providers and developing separate systems to handle each one, PayCly can handle all of your payment processing globally. We have relationships with high-quality banks, as well as intelligent payment routing, which automatically routes your transactions through the appropriate bank, allowing you to reduce your decline rate and the fees charged to you and your customers. And when you relocate to a new country or territory, you don’t have to do anything extra; simply notify us that you’re accepting payments in a new country, and we’ll get your business up and running quickly.
PayCly provides all of the tools needed for international payment gateway online payment processing in a single integration, as well as the flexibility to customise it for their business. For example, we can work with existing or preferred solutions for features such as tokenization, taxes, and fraud prevention or you can use the high-quality options built into our platform. PayCly comprehensive yet flexible approach enables it to provide a better way for growing businesses to accept payments globally.