Going global can be an exciting and important step for your business. However, it would be best to create a secure and professional way to accept payments internationally.
The best global payment method for your online store depends on the location or country of your customers.
If you decide to accept international payments, carefully research all the facts, such as their local banking structure, and choose a secure payment method that allows you to receive payments easily and quickly.
- Carefully researching foreign markets, required payment options, and other pitfalls will increase the probability of success for your business.
- International payments can be difficult compared to receiving payments from local customers.
- Choose the payment method that best suits your business. Bank transfers work best when you work with clients who make large payments. It is also important to consider transaction fees, whether they are for conversion, transfer, processing, or any other applicable fee.
- Another factor to consider is speed; pay attention to how fast you can withdraw your money. Regardless, here’s a quick guide to accepting international payments for your e-commerce business.
1. Create a secure online payment gateway.
To accept international payments, you need to create a payment gateway that offers a wide range of payment methods and securely processes the potential customer’s payment information. There are several ways to create a secure online payment gateway. You can hire an outside developer or use your own web development staff to create a custom gateway. Third-party software can also be useful.
If your online store is still new, choose a payment method such as PayPal or eBay. This payment platform allows you to receive, store, and convert money in foreign currency. All you have to do is open a currency account and integrate it with the payment gateway of your online store. In addition, such payment options minimize the hassle of online shopping by providing fast, secure, and user-friendly payment solutions. The more payment methods you provide on your online payment portal, the larger your market will be and the easier it will be for your customers to pay.
The most commonly used payment methods in e-commerce are:
Credit and debit cards: It is important that customers can pay for products or services by debit or credit card, as most online customers expect this from all online stores. The most popular cards used are MasterCard and Visa. It’s even better if your payment system supports multiple brands.
Digital Wallets: When using this payment method, you and your customers must have the same payment service provider. Then connect both your accounts to the digital wallet to deposit and withdraw money. Digital wallets are gradually becoming more common; therefore, it is best to offer this payment method for your customers’ convenience.
Bank Transfers: Most people still prefer this traditional method of money transfer. Therefore, it would be great if your payment system supported it. Customers must also be given your bank account information.
Developing a secure and functional gateway is critical. You will also implement computerized processes that save you the time and effort of manual processing, especially when you expand your online business and start hosting large events.
2. Set up recurring billing
Recurring billing allows you to set up an automatic billing schedule for your clients, making it a prerequisite for your online business if you offer services on a weekly, monthly, or annual payment plan. For example, most video streaming platforms offer their services for a monthly fee.
In addition, NGOs have found it convenient to send recurring invoices, which allows organizations to quickly collect funds from regular donors.
Most payment processing software includes recurring billing features.
Some sites provide all the requirements to set up custom automatic recurring billing if you have an existing payment processing system. Automation is essential to your online business because it eliminates errors and verifies invoices and payments. To achieve this, your customers only need to accept recurring payments with a few clicks, and you don’t have to worry about the regular turnover of your customer base.
3. Mobile Payments
These days, most people are more likely to have a handheld or portable smartphone than a credit or debit card. In addition, mobile payment applications have become more reliable than ever. Online payment methods such as Venmo, Google Pay, and PayPal also have mobile apps with a significant market share.
Mobile Payment enables your customers to transfer money using leading brand apps or a mobile-optimized website on their phone.
4.Use invoicing by e-mail.
Invoicing by e-mail is a practical way to receive payments from your foreign customers. You can add a link to your payment gateway that directs the customer there or share the payment document via email. Although it is an important part of online payment processing for many e-commerce companies around the world, email is not the most reliable means of communication. Therefore, most online shoppers have trust issues with this payment method.
5. Accept electronic checks (eChecks).
If you want your customer to use eChecks for payment, create a platform where the customer can easily enter their information that is viewable through the payment processing application or software. It is a way for customers to pay for their purchases online by check. Electronic checks are faster and more reliable than sending a manual check in the mail, so using them in an international payment system makes the process easy and hassle-free.
6. Accept cryptographic payments.
Accepting cryptocurrencies is one of the best ways to reach a large online market. Some sites have all the tools you need to accept online crypto purchases, request payments, post invoices, and collect money for mileage applications.
Cryptocurrencies cover global trade and exchange. Therefore, it can give extraordinary benefits to your online business. You can accept payments anywhere in the world without currency conversion, bank, or transaction fees. The possibility of fraud is also minimized.
7. Use payment links
Payment links are one of the most convenient ways for your customers to make purchases. These links are safe shared URLs.