Government Sector Online Payments
Accepting Payments for the Government Sector: A Guide
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2 March 2018
Accepting international payments for cross-border eCommerce.
Once your business has gained a foothold in your local market, it’s natural to steer towards the next question: “How can I sell across the border to international customers?”
Cross-border eCommerce is a massive opportunity and there are numbers to prove this. According to a Forrester Research report, consumers shopping beyond their home country will help generate sales of US$630 bn, which would represent a neat 20% of global eCommerce sales by 2020. Along the same lines, McKinsey predicts that the global consuming class will comprise 1.8 billion people by 2025 fuelled by the penetration of the internet.
At the eCommerce Worldwide Cross-border Summit in 2017, empowering shoppers to pay in their local currencies was a theme that prominently came to the fore. In fact, eCommerce experts at the Summit estimated that 93% of international shoppers prefer to pay in their own currency.
In light of these facts, deciding to take your products to a global market can be an exciting yet daunting time for your business. Especially daunting can be finding the best ways to accept and process international payments. In this blog, we discuss everything you need to know about accepting multi-currency payments as you go global.
In a shrinking world economy, more customers are looking for the choice to transact in their local currency. If you have any doubt about whether accepting international payments should be the way ahead, here are some reasons why it is good for your business:
Accepting payments in your customers’ local currency is arguably one of the most important pillars of your global expansion strategy.
Familiarising yourself with the nuances of your customers’ preferred local payment methods is key to winning their trust. For instance, in the United States, customers would rather whip out credit cards or pay via digital wallets while in Europe, real-time payments are highly preferred. In contrast, in many Asian countries, cash is still the king of payments.
To help you navigate the complex maze that international payments are becoming, here are some tips to build trust as you go global:
Needless to stay, ensuring you’re in compliance with local taxes, fair trade agreements, and customs regulations will help customers on foreign shores see you as a brand they can truly trust.
Venturing into the global eCommerce market means contending with a complex system of currencies and payment methods. Once you have jumped over hurdles such as import and export regulations, packaging and returns policies, and tax-related mandates, establishing a frictionless payments infrastructure will most likely be the next big challenge.
Some of the cross-border payment challenges you’re likely to encounter are:
Setting up your electronic payments system to allow shoppers to accept international payments online via credit and debit cards, mobile payments, and digital wallets
Bambora helps merchants achieve their global expansion goals with separate gateway accounts for each currency they wish to transact in. To help you create a completely localised payment experience for your international customers, we offer a raft of features such as:
Ready to start accepting international payments online? Talk to us to know how we can set you up for success in international markets today!
Victoria Galloway is Bambora APAC's Technical Copywriter, and has been writing and producing in the payments and eCommerce space for a number of years, both in the UK and Australia.