The Internet is bringing the world closer together as the days go by. The increasing use of the Internet and the ongoing development of technology are bringing enterprises to a global scale.
Whether you are just starting to think about establishing your online store for foreign customers or are currently testing various target markets, checkout is where most international customers abandon their purchases.
Did you know that one of the main reasons overseas customers have to give up on their purchases is the availability of payment methods? The reliability and security of the global payment gateways are additional essential factors. Clients must trust the payment gateway, and they also need to feel at ease and be able to use their preferred payment method while paying in a familiar currency.
Do you want the checkout process for your consumers to be as simple and secure as possible? The easiest way is to have a safe and straightforward International Payment Gateway.
A payment gateway is a mechanism online businesses use to accept their customer's credit/debit card payments. For example - If you are running a high-risk forex business and already have two essential software, i.e. forex payment processor and a forex merchant account, which is necessary for card transactions. Then also, you can't receive the payments if you don't have the forex payment gateway or international payment gateway.
But, no need to worry because nowadays, most service providers offer an all-in-one solution.
Online businesses that take international payments need an international payment gateway because an international payment gateway comes with unique features like multi-currency payments, interface with multiple languages, etc., which is essential for global businesses.
Why does Some Merchant Need an International Payment Gateway?
The global payment processing market is worth over 300 billion dollars, and today, everyone wants to explore their businesses at the international level.
Generally, traditional payment gateway or you can say that domestic payment gateway allows processing only in a single currency and, i.e. local currency. So, to accept international payments from worldwide, it is essential to have a global payment gateway.
Choosing the best international payment gateway is quite challenging, but once you partner with a global service provider, you can hassle-free take your business international. It is much easier than you think because you need a suitable global payment service provider for your online businesses.
Once you decide to go globally with International Payment Gateway, you can get many benefits. Some of the best benefits of using the global payment gateway are -
Boosting conversions -
It doesn't matter what type of business you are running. You can quickly increase the conversion rate by optimizing more favourite payment methods of the customers.
The top three most popular payment methods can increase your sales and conversions by 71%. Conversion is automatically increased through frictionless checkout, smooth payment in multiple currencies, and an effortless buying experience. Introducing an international payment gateway to your online store can give clients the necessary convenience.
Avoid Extra Charge -
Online payments can result in various extra costs, such as currency conversion, taxes, convenience fees, etc., when you operate a business in numerous countries and use different currencies. It implies that maintaining brand loyalty will cost more for your customers.
But, with an international payment gateway, you don't have to worry about this. Customers can pay in the currency of their choice when you integrate global payment gateways and provide multi-currency checkouts. It helps by getting rid of any extra fees on top of the price of the goods or services.
Because it finally pays off handsomely to keep your customers happy and loyal to your business.
Streamline Accounting Consolidation -
Accounting reconciliation requires a lot of effort and resources. Each month, the accountants' manual reconciliation of the payment gateway transactions takes several days. As more and more international online retailers switch to accepting online payment methods, payment gateway transaction volumes are rising faster than ever. Managing accounting for online stores also becomes difficult.
When the global payment gateway is integrated, automatic reconciliation using a simple tool for payment reconciliation is provided. With this tool, you may quickly get your lost orders back if there are any payment issues or similar problems.
Ensure Customer Loyalty -
Customer loyalty is the cornerstone of any business, especially for an online store. A healthy and growing industry will consistently receive repeat business from loyal customers. When great comfort and convenience are available to online buyers at the ideal time and price, they tend to return to the exact location.
Since consumer satisfaction with payment is one of the top priorities, you must make the payment process straightforward and safe if you want to win their continued business. A secure platform guarantees a smooth payment solution with all the security compliances for an online store. The platform conforms with PCI DSS requirements for global payment gateways and guarantees fully functional, secure websites.
Increase in International Businesses -
Integrating an international payment gateway that allows you to accept multiple currencies to operate your online businesses globally is essential. Today, most customers like to make a purchase cross-border, so it gets vital to integrate an international payment gateway. It helps you to grow your businesses.
Manage refunds, chargebacks, and online frauds -
These words are frequently used in the context of online businesses. Do you believe a satisfied customer received the product exactly as they had hoped? That isn't always the case, though. Many elements are in play to achieve the highest level of customer satisfaction.
Getting customers to return to your e-commerce site depends critically on how you manage refunds, chargebacks, and safe foreign payment gateways. The payment gateway serves as a gatekeeper for the payment information from your customers. It uses secure data encryption techniques to prevent fraud and undesirable threats from reaching sensitive data. Along with deception, payment gateway integration shields your online store against other dangers, such as exceeding credit limitations, having insufficient cash, using expired cards, and so forth.
Reduce Shopping Cart Abandonment -
Nothing should stand in the way of your clients having a seamless buying experience when you're running an online site. They might, however, leave the shopping cart if the payment options are complex. The result of these actions is that your prospects and sales are hampered. Integrating worldwide payment options for your global online businesses can significantly lower your shopping cart abandonment rates.
Nowadays, integrating multiple payment methods is relatively easy. Many service providers offer various payment methods with PCI DSS-compliant payment security.
How Can PayCly Help You to Expand your Business in the Global Market?
Integrating an international payment gateway is vital for any global online business in this age of the global online world. Today, you can get many service providers but selecting the best is challenging. So, to make your work easy, we recommend you go with PayCly.
PayCly is one of the leading and best service providers in this world. As "PayCly", we thoroughly understand the importance of online global businesses, so we offer you the best solution for all your payment-related issues. Some of the benefits that make PayCly the best international payment gateway are -
- It is an all-in-one solution. You can get the payment gateway, merchant account, and credit card processing with us.
- We support all types of businesses, low-risk, mid-risk and high-risk, like forex, adult, IPTV, etc.
- Our services are available worldwide.
- We can accept most currencies from all over the world.
- We support the majority of credit cards worldwide. Along with credit cards, we also accept net banking, mobile payments, e-wallets, and even crypto-currency.
- Our customer support team is the best in the market.
- We have PCI DSS level-1 compliances. We also offer anti-fraud and chargeback tools.
Final Thoughts -
An international payment gateway fulfils all the merchant's requirements with a global presence. Today, you can get many service providers but choosing the best takes a lot of work. Select PayCly as your international payment gateway without any second thoughts.
PayCly offers you all the benefits we discussed above, and it never lets you down. You can contact the expert team to learn more about our services. Our team will always be ready to help you.