Visa and Mastercard can assist buyers in completing any purchase while the issuing bank handles the exchange rates and transaction. Why then provide the option and flexibility of payment in native currency? Here are some of the reasons.
Cart abandonment: Cart abandonment occurs when a buyer spends a significant amount of time on a website selecting products, adding them to the cart, and entering personal information before completing the transaction. If the payment gateway option does not accept local currency, there is an additional step of converting and verifying the final amount.
The additional task prolongs checkout and, in most cases, puts your buyers' patience to the test. The end result is increased cart abandonment rates.
Conversion fees: When a customer makes a transaction in which they must pay in foreign currency, your bank charges a fee for the conversion. When this charge accumulates at the checkout, it raises the final value of the product that they have chosen. This does not provide the buyer with a clear picture of the cost.
This disparity between the charge on the website and the one at the checkout can be discouraging to the customer. Another factor contributing to a low churn rate.
Shopping experience: At a time when smooth checkouts are at the heart of a customer-centric experience, no business would want to create any level of friction for a buyer. The inability to pay in the customer's native currency degrades the overall shopping experience.
It disrupts the process's smoothness. Furthermore, if your competition accepts multi-currency payments, the customer is likely to switch to a platform that accepts payments in the customer's native currency.
Payment gateway development solutions vary and are influenced by a variety of factors. Let's go over the main steps a merchant should take:
1. Determine whether your company can use a payment gateway integration solution that does not require your website to be PCI compliant.
2. Compare the following features of the best eCommerce payment gateways:
- Serviced currencies
- Countries that backed
- Credit cards accepted (Visa, Master Card, AmEx, etc)
- Fee schedule:
- Setup fee.
- The monthly fee
- Transaction Fees
- Payment methods for chargeback's are available
3. Once you've narrowed down the best solution for your company, check for compatibility with your website platform.
4. Select an integration method
5. Determine whether you need to apply for a merchant account based on your preferred method of integration and your provider, or if a regular business account will suffice. The answer will be determined by the country of residence as well as other factors.
6. If you've chosen a payment gateway for an eCommerce website that requires one, apply for a merchant account.
7. Obtain PCI DSS compliance if your chosen provider and integration method require it.
8. Follow the payment gateway solution's specific instructions for your website and integration method.
PayCly assists merchants in accepting payments in all major currencies and transferring the funds to their account. During the transaction, customers can use a variety of payment methods, including net banking, wallets, and credit and debit cards.
Here are some key points to keep in mind when conducting international transactions for both buyers and sellers.
- Supports over 100 currencies
- Allows for real-time currency conversions.
- Transparency in transactions is ensured.
Furthermore, the additional features that solve integration, settlement, and other problems make payments simple.
- API integration: If your company already serves domestic customers through the Payment Gateway, you do not need a separate API integration to begin accepting international payments. You can enable transactions in other currencies immediately.
- Drop-offs by users: The Payment Gateway simplifies the checkout experience for the customer and, most importantly, displays the correct product price in their local currency, resulting in a decrease in cart abandonment.
- Bank settlements: This is a huge benefit for businesses in terms of ensuring a consistent cash flow. All payments are settled on the next business day, regardless of bank holidays..
In addition to the transactions report, you can use our dashboard to view the details of all foreign transactions. It contains information such as the exchange rate, user markup rates, transaction currency, and so on. The dashboard is useful not only for understanding the value of transactions, but also for making business decisions based on overall data and numbers.
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