Posted on 23 September 2016
International sales represent a significant growth opportunity for most online merchants and the advent of e-commerce has created an ever expanding market where consumers anywhere in the World can buy online from merchants, and easier than it’s ever been.
A key hurdle for you though is how to ensure that you get paid, given that customers want to buy and pay in lots of different ways, and with the increase in complexity as you sell into more countries? Did you know, for instance, in many large European economies such as Germany card payments account for less than 25% of non-cash payments?
Where does this leave you if you’re just offering the traditional Visa and MasterCard options and are not able to accept local payment types such as Carte Bleue in France or iDEAL in the Netherlands. To further complicate matters, new payment types and mechanisms are being introduced regularly and forecasts predict significant growth for eWallet systems, such as MasterPass and Apple Pay.
The answer is to use a payment partner who understands the complexities of the global payments market and who’ll have already integrated the World’s most popular payment types into one single platform that will empower your business; maximising profitability, reducing costs, safeguarding payments for you and your customers.
Besides enriching your customers experience the available risk management tools could significantly reduce your abandoned basket rates for European transactions by up to 35%, helping you reach 100% of customers and achieve two key outcomes, minimise chargebacks and minimise ‘false positives’, that is to say, genuine transactions that are falsely identified as fraud attempts.
There will also be the ability to integrate your existing UK merchant acquiring facility into the platform, enabling the reporting tools to cover a trading view of all payment activity, across all payment types, channels and countries.
UKTI research shows that 70% of British businesses do not consider exporting so if payments are a barrier for your business then choosing the right payments partner will help you access the undeniable benefits of exporting your digital or physical goods.
If you are considering international payment acceptance and would like any further information or assistance with your existing international payments platform please feel free to contact Richard.Bradley@upgplc.com