PayCly Blog

Tips To Choose The Best International Payment Gateway For Your Global Businesses

PayCly is a brilliant example of a modernized digital payment solution, especially an international payment gateway that strives to improve the payment system regularly, with its exceptional services worldwide. The PayCly team is committed to assisting customers in every possible way to satisfy their needs, personalize their payment system, and provide security regarding transactions and financial information. We provide innovative payment processing solutions as a global fintech organization. We offer all possible solutions to help merchants so they can focus only on their business sales.

With the latest technology advancements in the fintech industries, anyone can expand their business globally. It required more strategic planning in the whole process than it may seem at first glance. One of the technical issues online merchants deal with is selecting the safe, secure, and best international payment gateways.

Here, we will discuss five tips for choosing the best international payment gateway. So, let’s start.

What is An International Payment Gateway?

Businesses that accept foreign currency and allow foreign customers to make payments in their native currency need an international payment gateway. An international payment gateway interfaces with multiple languages. This type of transaction is also known as border cross payment or global payments.

Why do you Need An International Payment Gateway?

Today, everyone wants to become a global brand. But, to become a global brand, the first thing that comes to mind is how to accept payments from foreign customers. Right?

You should need an international payment gateway to accept payment from your foreign customers. The international payment gateway is different from the regular payment gateway. The working process of the global and the standard payment gateway is the same, but the international payment gateway comes with more features and security. Some features of the international payment gateway nare -

  • With the help of the internatioal payment gateway, foreign clients can make payments in their currency without hassle.
  • The international payment gateway comes with maximum security to prevent chargebacks and fraud.

5 Tips To Choose The Best International Payment Gateway?

Today, various payment service provider is available. Each service provider has its pros and cons. Choosing the best international payment gateway that fits your business needs and requirements is always a headache. So, to make your work easy, we have some tips. These tips help you to choose the best and most secure international payment gateways.

International Acquiring Connections -

A network of acquiring banks that refers to the global is known as the global acquiring bank. The payment service provider can recommend the most appropriate bank according to international business and guarantee the best term for the merchant.

It is critical to recognize the importance of the acquiring bank network as it handles the transactions on the merchant's behalf. Today, most merchants work globally and face many difficulties, like choosing the right bank for all the locations, etc. But, this problem can be solved by dealing with international acquiring connections.

The merchant can also prefer the high-risk merchant account to accept foreign currency. Once merchants can deal with international acquiring connections, they can get many benefits -

  • As the merchant deal with the right local bank, they have to pay lower fees.
  • A reduced decline rate since the payment service provider links the merchant to a bank with expertise in processing payments for its industry.

Payment Methods According To The Geographically Specific -

Every country has its preferable payment methods. Customers can easily switch to other sites if they do not find their preferred payment method. As a result, the merchant has to face cart abandonment.

As an international merchant, you have to do lots of research regarding the target market and know the solutions for the following query before making any final decision -

  • What are the popular e-wallets solutions?
  • What are the local payment methods?
  • Are payment preferences homogenous or diversified?

Once you know the solution to these queries, choosing the best international payment gateways becomes easy.

Also, there are some universal payment options, such as credit and debit cards. It is one of the most popular payment methods globally. So, accepting credit/debit cards is a must. Other methods include accepting cryptocurrency, e-wallets, and many more.

Target Markets-Adapted Transaction Currencies -

When looking for an international payment gateway, you should also consider the currencies. Here, we distinguish two types of currencies in the context of online payments -

  • Transaction Currency: Your consumers will see the transaction currency there. Their accounts or credit cards will only be charged in the currency shown on the website.
  • Settlement Currency: The currency in which the money from the merchant app is transferred to your bank account is the settlement currency. The acquirer typically chooses the foreign exchange rates and other fees if the settlement and transaction currencies differ.

Settlement currency is always an issue, but transaction currency is the most important from the consumer's point of view. Only some customers have the patience to calculate the final amount. In this case, the customer prefers to avoid it.

Every country has its VAT rates. So, as a merchant, you should also keep this in mind. Always go with the international payment gateway that offers a broad scope of transactions and settlements to avoid cart abandonment.

Should Fully Translate The Checkout Page-

Have you ever tried to purchase from foreign websites? What do you do when you click the "BUY" button and are redirected to the checkout page in a different language? Most of us abandoned this page. Right?

The same happens to you as a merchant if your checkout process page is not translated fully. As a result, it will decrease the credibility of your website.

There are two types of checkout pages -

  • Integrated: If you choose integrated, you are free to design your checkout page according to you. But make sure that your checkout page will be translated appropriately.
  • Hosted: If you choose the hosted, your international payment gateway provider is responsible for translations.

Security -

As you are dealing with International clients, security is your top priority. Enterprises that deal with international clients are more exposed to payment fraud than one that deals with domestic clients.

So, ensure that the international payment gateway has complied with the PCI DSS level-1. Also, it has anti-fraud tools, anti-chargeback tools, etc. It helps to minimize the risk.

Final Thoughts -

As you can see, plenty of international payment gateway companies are available. Choosing the best one is quite challenging. So, we figure out some tips which help merchant to select the one -

  • International acquiring connections
  • Payment methods
  • Target method adaptions currencies
  • Checkout page fully translated
  • Security

Still, if you need help choosing the one, you can go with our preferred service provider, PayCly.

PayCly is one of the best payment service providers worldwide that deals with all types of businesses, especially high-risk enterprises. We offer the best solution for your business at the best rate in the market. You can contact our expert team without hesitation to learn more about our international payment gateway.

Enquiry Now