One of the key elements in operating an online business is payment. They are crucial to both merchants and customers for both to have a wonderful shopping experience. What if your website's payment system is subpar, though? Consequently, your users will have a bad experience, eventually leading to a decline in sales as they lose faith in your brand.
But do you have any options for improving your users' payment experiences? You could, however, choose reliable, quick, and secure international payment gateways that assist you in offering a shady payment experience. However, most business owners or start-ups are unsure which international payment gateway to utilize because there are so many on the market.
So, no need to worry. For this reason, we will list some essential factors that help you choose the best international payment gateway. So, let's start with the definition of an international payment gateway.
An international payment gateway is a technique for receiving or processing payments from all over the world. An international gateway supports many currencies and communicates with various regional languages worldwide to ensure that transactions go smoothly.
Debit cards, credit cards, direct bank transfers, etc., are all possible transaction methods. Payment gateways typically combine the features of merchant accounts and global payment processors to enable transactions.
The bank's server or payment network receives the payment information from the merchant's page and then returns with a response.
A high-risk merchant account is a special bank account for accepting debit/credit cards and electronic payments. It allows the merchant to receive the funds from the customer safely and promptly. An acquiring bank or financial service provider is responsible for providing a suitable merchant account.
To receive international funds from customers, merchants need a high-risk account. A traditional merchant account does not support multi-currency payments.
The payment gateway deposits the funds from a customer's payments in the merchant account. Due to this, a merchant account is required between the time customers submit their card information and the time the acquirer transfers the payments to the business account so that the merchants can collect the money.
In essence, a merchant account streamlines the payment process by allowing your payment gateway to gather payments in one place and deposit them all into your bank account at once.
Four steps to choose the best International Payment Gateway?
Many international payment gateways are available, but choosing the best one takes time and effort. So, before making any decision keep the below points in your mind. It will help you to choose the best International payment gateway.
Selection of Payment Methods According To the Target Locations -
Payment preferences differ from nation to country; if the customer does not get their preferred payment methods, they can easily switch to other sites. Before making any decision, the merchant must do lots of research regarding their target locations and their preferable payment options. As a merchant, you should also research some questions -
- Are the payment preferences consistent?
- Which electronic wallets are accepted there?
- Is there any local payment method available?
Just remember that some choices are global in addition to regionally specific payment methods. For instance - the most widely utilized online payment method, is credit and debit cards. Merchants must be able to accept Visa and MasterCard credit cards because they are the two most widely used credit cards in the world and are frequently used to pay for goods and services online in several nations and areas.
Adjust Transaction Currency -
It would help if you considered different currencies when looking for the best payment gateway to employ for international business transactions.
Transaction currency is the currency your customer sees while purchasing from your online websites. No matter what currency their bank accounts or credit cards are set up in, customers are always charged in the one displayed on the website.
When the transaction and settlement currencies differ, the acquirer is typically responsible for determining the foreign exchange rates and any additional costs.
Although the issue of the settlement currency should surely be considered, the customer will view the transaction currencies you offer as of the greatest importance.
Since only some people are familiar with currency exchange rates and, more importantly, do not have the patience to calculate the final cost, prices in several currencies may perplex some individuals.
Ensure Transaction is Secure -
As merchant, you deals with international clients, so its your responsibility to offer your clients a secure network to complete the transactions. So, the merchant should go with the organizations that are PCI-Compliant. It is the guidelines that have safeguarded consumed data. Along with this, also go with the payment gateway that your consumer can put their faith in.
Manage Sales Tax for Each Country -
Most of the International payment gateway offers functionality for calculating sales tax, and it is used throughout the checkout process for recurring payments and any modifications to subscriptions.
Which International Payment Gateway is Best?
Today, merchants can get many payment gateways for their international businesses, but not all are suitable for all enterprises. So, without wasting any time, we recommend you go with PayCly.
PayCly is one of the leading and most popular payment service providers whose services are available worldwide. As "PayCly," we offer you an international payment gateway according to your business needs. But, the international gateway is expensive, so not all merchants can afford this. So, in this case, the merchant should go with our high-risk gateway. A high-risk payment gateway offers you many benefits of the international gateway.
For example - If you are running a forex business, we can offer you the forex trading merchant account and forex payment gateway.
With us, the merchant can get many benefits. Some of our best benefits are -
- We deal with all types of businesses, such as low-risk, high-risk or mid-risk.
- Ability to accept multi-currency.
- Accept the majority of credit cards from worldwide. Along with the credit cards, we allow the customer to make payments via net banking, mobile payments, debit cards, e-wallets, and crypto-currency.
- Our integration process is simple and hassle-free.
- Invoicing support
- 24*7 real-time reporting and customer support
- We cover all PCI-DSS issues. We also offer security tools like – anti-fraud tools and anti-chargeback tools.
Final Thoughts -
The merchant needs to have a suitable international payment gateway for global businesses. An international payment gateway allows merchants to accept international payments from their foreign clients hassle-free.
But, the most challenging work is to find a suitable international gateway. Above, we have discussed 4 points. Keep these points in your mind while choosing the best international gateway.
You can also go with our preferable international payment gateway, i.e., PayCly. It offers you the best possible services. With PayCly, you need to focus on your business growth rather than other things.
You can contact the expert team to learn more about the PayCly services.