The international credit card processing ecology can be very complex. Consider cross-border costs, foreign exchange fees, currency conversions, and local laws, and choose the right international payment gateway from hundreds of possibilities when accepting payments from customers worldwide.
The way people share knowledge and experiences has completely altered thanks to the internet, which can greatly affect online business. Your potential earnings will reach skyrocket when you start accepting international payments. But for this, you need a suitable International credit card processing.
Credit card is one of the most popular payment methods all over the masses. More than 41% of online transactions are made via credit card globally. According to Statista data, in 2020, approx 188 billion transactions were made through Visa cards. This data is only from the Visa credit cards, and other credit card companies are not included.
With every passing day, credit card use is rising. It means that it is essential for the merchant to accept the credit card at the global level. Before accepting international credit cards, merchants should be completely aware of their complexity and greater risk.
Despite this, international credit card processing is distinct from domestic processing. The transaction procedure considers various currencies, exchange rates, card issuer fees, and more. It's critical to comprehend how everything operates to decide if this is the best option for your company.
Here, will discuss in detail "International Credit Card Processing." So, let's start with the definition of International credit card processing.
Before moving to International Credit card processing, first, try to understand what is credit card processing. Payments made with a credit card require a multi-step process called credit card processing to be completed correctly. Transactions can happen almost everywhere in the modern digital world.
Numerous parties are involved in credit card processing. It covers the customer, the business, the payment processor, the card network, the issuing bank, and the acquiring bank.
In the same way, International credit card processing works at the International level. It means that it allows the merchant to accept credit card payments at the global level.
Along with international credit card processing, the merchant also needs an international merchant account and international payment gateway that suits your business.
An international merchant account is a business account that allows the merchant to accept online payment worldwide, but the customer makes the payment in their local currency.
To make it more clear, take an example. If you are a Singapore merchant and selling your products or services to Malaysian customers, then, in this case, an international merchant account allows you to accept the payment in MYR (Malaysian Ringgits). At this point, your selected International payment gateway converts the foreign currency or its route to another bank account specifically set for that particular currency.
Generally, most merchants open an international merchant account so that they can provide their services to foreign customers and also accept payments from worldwide in a hassle-free manner and cost-effectively. With an international merchant account, the merchant can quickly and easily accept International payments.
We, PayCly, help you to open your international merchant account and also offers you the best international credit card processing services for your online businesses.
Nowadays, expanding your business in a new market is a small deal because many credit card processing services offer their services at the global level. Today, most customers prefer to make payments through credit cards. But offering these payment modes is insufficient for any business as many customers prefer something other than credit cards to make payments. Along with the credit card, you should also offer another payment mode.
Let's look at why sometimes it becomes difficult for the merchant to accept the international credit card even if they have a suitable international credit card processor, international merchant account, and international payment gateway.
Many credit card schemes allow making payments only at the domestic level. With this type of credit card, customers cannot make the payment cross-borders.
One can set up local entities with each jurisdiction to overcome this problem. Another alternative solution for this problem is merchant has to set the localize checkout experience to accept other payment methods except for credit cards. Some other alternative payment method is – local bank transfer, e-wallets, mobile payments, etc.
Almost every payment provider accepts the most popular credit card, such as JCB, Visa, Elo, Union Pay, American Express, etc. But this is not enough. Only some customers have a popular credit card. As a merchant, if you truly want to accept payments from all over the world, you need a payment provider that accepts various credit card schemes, just like PayCly.
PayCly services are available in 150+ countries and accept more than 100+ currencies. It can accept most credit cards worldwide. So, with us, you can hassle-free accept credit card payments.
When an overseas transaction is sent for authorization, and a merchant only uses one acquiring bank in their home market, the transaction is perceived as foreign and is more likely to be detected for fraud. If a merchant prefers the international payment gateway, the transaction is always regarded as local, and the chance of getting authorized will increase.
So, once you expand your global business, you must obtain an international merchant account. PayCly can approve your international merchant account with minimal documents because we have a contract with most of the acquiring banks and financial service providers. So, the chance of getting approval increases.
The merchant should be familiar with the fraud risk in any country where they want to explore their business, and the merchant should always be ready to take action to migrate them. If accepting an international card, you should have a fraud management solution.
As "PayCly", we offer you futuristic security tools to protect you and your customers from fraud. We also cover all PCI issues.
PayCly international credit card processing offers many features that help merchants to accept global payments hassle-free and also help to increase the revenue of the businesses. Some of the best features of using international credit card processing are -
Offering your customer's the best payment options can increase trust and comfort. As a merchant, you also need international credit card processing solutions to accept payments from all over the masses.
But accepting payments from all over the world is hassle work. You have to face many challenges. But, dealing with a suitable payment service provider like PayCly helps you to overcome these challenges.
PayCly service provider helps you to open an international high-risk merchant account and offers you the best international payment gateway and international credit card processing for your global business. It helps you to increase your business's cash flow, and as a result, you will gain more and more profits.
Contact the expert team now to know more about "international credit card processing."