The international payment processing in the eCommerce sector has reached a massive amount of $300 billion and with the wide availability and increased use of the internet, more and more businesses are taking themselves into the global markets. A majority of local payment processors only allow the merchants to accept payment in their domestic currency, but when you partner with a payment gateway for international payments or a global payment gateway, you can take your eCommerce business global and ensure higher success and growth. The best part is, integrating with a payment gateway for international payments is much easier than one can imagine, you just need to select the right service and that’s it. This article is all about the benefits of having an international payment gateway for your Ecommerce business. Let’s find out!
What is An International Payment Gateway?
A payment gateway is a tool or software that allows businesses to confirm the banking or card details of their customers and ease down the transition process. Because these transaction tools help in authorizing the payments, every business requires them for better and smooth transaction management.
Even after having a merchant account and a payment processor, you can’t really receive a payment if you don’t have an online payment gateway. It is a must-have for every online and offline business. The good thing is, the majority of providers offer excellent payment gateway solutions to the merchants at affordable rates.
So, what essentially is an international payment gateway? Unlike the domestic payment gateway that allows merchants to receive payments in a single local currency, an international payment gateway facilitates the eCommerce businesses to accept payments in multiple currencies from multiple countries. Not just that, it offers multilingual support that makes it easy for your customers to use your payment methods. In simple words, an international gateway for payments is a must-have for businesses operating on the international level!
Benefits of Having International Payment Gateways
Below are some of the biggest advantages of having a payment gateway for international payments by your side :
1.Higher Conversions and Reduced Cart Abandonment Rate
When your international customers don’t have any payment option available in their local currency, they become reluctant to make purchases. They can’t really purchase your products even after liking them because of this unavailability of desired payment options. This leads to a higher cart abandonment rate. By having an international payment gateway, you can offer your customers the flexibility to make payments in their local currency and thereby reduce the digital cart abandonment rate. And when this happens, you are able to see a higher conversion rate and more profits.
2. Eliminates Chargeback and Refunds
The total amount of transactions is clearly visible and understandable at the checkout pages in the local currency of customers. By displaying payment charges in the local currency helps in preventing ambiguity regarding the prices of services and goods. This in turn eliminated the chances of refunds and chargebacks.
3. Gain Trust of Customers
When your customer’s credit card is processed in their own currency, they don’t have to deal with additional charges for making international transactions by their card providers. This not only saves their money but also helps you gain their trust and loyalty. By signing up with an international payment gateway, you can keep your customers happy and satisfied.
4. Enhance Your Security Level
Credit card payments that are made in international currency increase the risk of security breaches for the customers as well the businesses. This problem gets solved by having a payment gateway for international payments. It reduces the card decline rate and chances of online fraud.
As you can see, an international payment gateway can help you operate globally and widen your reach in the most efficient and secure way. So, what are you waiting for, take your eCommerce business to a new height and find the right international payment gateway today!