6 Considerations When Selecting a Global Payment Processor
Guest Post Written By: Manny Pansa, Global Payments, Operations and Relationship Management Executive, BlueSnap
If you’re selling globally, fantastic—you’re part of a thriving economy that’s expected to grow by a whopping 141% between 2016 and 2021. And with cross-border eCommerce sales expected to grow twice as fast as domestic eCommerce, your global mindset will serve your business well.
But you need the right tools to help you take advantage of all that potential—particularly, you need a global payment processor. By now you’ve probably realized that not all payment gateways are global payment processors; you may have even added gateways to extend your reach into multiple countries. Before you keep going down that road, take a minute to consider the advantages that come with using a single, full-service payment gateway for cross-border sales—and how it can help you avoid the headaches and extra costs that spring from managing multiples.
Here are 6 Considerations When Selecting a Global Payment Processor
- Dynamic language conversion. Most shoppers will naturally abandon their purchases if they can’t understand the checkout page, so your provider must have the ability to detect the shopper’s location and automatically display the page in their language.
- Dynamic currency conversion. Your payment provider should be able to automatically display the purchase price in the shopper’s local currency. Asking your customers to do currency calculations themselves adds friction to the process.
- Support for local currency. Shoppers should be able to pay in their own currency, so they know the exact purchase price. Otherwise, the issuing bank will have to convert the purchase to the local currency, and customers won’t know what the exchange rate will be at the time of purchase.
- Support for international payment methods. A small percentage of shoppers will abandon a purchase if they don’t see a local payment option they prefer (or, at the very least, they’ll be less satisfied with the experience!). It’s not enough to simply offer the major credit cards; outside the U.S., the vast majority of sales are done using other payment methods, anything from cash vouchers to bank transfers to online banking options.
- Partnerships with numerous banks around the globe. Cross-border transactions sent only to U.S. banks have a higher probability of being flagged for fraud. So look for a payment processor that partners with many acquiring banks around the globe, and will send every transaction to the bank most likely to approve it.
- Cross-border fraud protection. Global eCommerce payments open up undeniable opportunities for merchants. But cross-border eCommerce, compared to pure domestic eCommerce is inherently riskier. There are a number of “unknowns” when selling cross-border. Unknown fraud risk and benchmarks. Unknown cultural differences for consumer buying patterns. Unknown shipping to name matches. And other unknown data points that are not easy to find. To eliminate these unknowns, BlueSnap partnered with Kount to provide merchants processing payments globally the protection they need to boost sales and beat fraud.
These considerations can provide a significant return to your bottom line. Having the right tools to take advantage of the global market must include the right global payment processor. Working with multiple providers creates headaches and extra costs, is that right for you? There is a better way, but the choice is yours: Should you get it all from a single global payment processor or from multiple processors? BlueSnap is a global all-in-one payment platform with advanced features to help boost your bottom line, and also a Kount partner.