Managing International Payment Solutions is challenging for businesses of all sizes. Whether you’re expanding your business overseas, or want to take advantage of international customers, there are many complexities involved that can be difficult to navigate without the proper guidance.
Ultimately, the best way to approach international payments is to use a payment gateway. These are specialized companies that allow you to accept payments from customers worldwide and process them quickly.
The best payment gateways for international transactions come with a range of features, including security, speed, and reliability. They’re a great solution for any business looking to grow internationally.
Wire Transfers – One of the most common payment options, wire transfers can be a great way to make a large remittance. However, they can be costly and should be avoided when the payee or beneficiary isn’t needing funds immediately or when the transfer cost is a significant percentage of the payment amount.
Card Networks – In order to accept credit cards for international transactions, you’ll need to work with an international payment gateway that offers the capability to integrate with the major card networks. These payment gateways offer a variety of options, including Visa, MasterCard, American Express, Discover, and PayPal.
Banks & Credit Unions – Another popular option for acquiring payments is to work with a bank that provides international bank accounts. These accounts can be used to accept a wide range of payment methods, such as bank transfer, online credit/debit, and prepaid cards.
Local Bank Debit – If you’re selling internationally, it’s also important to offer your customers a local payment method that is accepted in their countries. This will help increase sales volume and provide your business with a stronger customer base.
PayPal – PayPal is an extremely popular payment option for consumers across the globe, and it’s easy to set up. Once registered, users can choose to have their money sent to a bank account or kept for online purchases with stores like Amazon.
In addition to being a great payment option for a wide range of customers, PayPal also has a high level of brand recognition, which can be helpful when you’re trying to get your brand off the ground in a new country.
Faster Payments – The global payments ecosystem is evolving to real-time processing spawned by the Faster Payments Service (FPS) initiative launched in the UK. This technology will allow money to flow faster between banks and recipients, which can save you time and money on international payments.
Blockchain Solutions – Some of the leading payments companies are starting to embrace blockchain technology, which will transform the cross-border payment landscape in the future. This will likely reduce transaction costs and offer a better user experience, as well as streamline the entire system.
When it comes to selecting the best international payment gateway, you’ll want to consider a number of factors, such as the currencies you accept and whether they support e-commerce or brick and mortar. Additionally, you’ll need to consider what type of customer you’re targeting and how you intend to market your product or service.