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Payments & Finance
Payments and financial services can look very different from country to country. To ensure you’re serving your global audience, you should accept more local and alternative payment methods to expand your customer base, save time by streamlining your payments and keep in mind that more transparency is better for business.
Accept More Payment Methods to Expand your Customer Base
The most popular online payment methods vary significantly from country to country. Today up to 16 percent of shoppers will abandon a transaction when their preferred payment option isn’t available (FuturePay). Many western countries favor cards, while in Southeast Asia, offering bank transfers and ewallets is a must. Work with a payments provider like Rapyd to simplify global commerce by offering local payment methods across 100+ countries with one integration.
Save Time By Streamlining Your Payments
Consider working with a single vendor to provide cross-border payment acceptance and disbursements. Accept and hold funds in different currencies and settle payments in multiple currencies. Use a single platform that can do it all with a single view for reconciliation, reporting and funds settlement across currencies.
More Transparency is Better for Business
Modern digital ledgers are critical in providing complete visibility into your cash inflow and outflow. Businesses can ensure more accurate accounts and better cash liquidity with detailed reconciliation reporting.
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Operations
Are you getting ready to scale your operations globally? It doesn’t have to be complicated. Be sure to offer responsive and multilingual customer support, make your tech-stack scale and find ways to simplify your shipping.
Offer Responsive and Multilingual Customer Support
Customers need to get their questions answered – and fast. Address these needs and keep them coming back for more with instant AI chat support to your website and multilingual customer support for more complex customer queries.
Make Your Tech-Stack Scale
Assess your technology stack to ensure that it is flexible enough to do business in new regions. Your tech stack plays a significant role in your scalability, meaning a poor tech choice can raise costs or hold-back development down the line. Be sure your stack lets you easily integrate diverse payment methods, like Rapyd Collect does with our simple API and Rapyd Checkout solutions.
Simplify Your Shipping
While different businesses will need different approaches, you may find that centralizing your regional shipping and logistics centers leads to better oversight and coordination. Whenever possible, work with local vendors who understand the local market. You can also decrease hefty shipping costs by getting smart with your packaging, negotiating with logistics companies, or passing on costs to customers.
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Organizational Readiness
Get ready, set, and go global! When improving your organizational readiness for international commerce, you’ll want to work with local experts to reduce the regulatory burden and be sure to structure your business to support a regional strategy.
Work with Local Experts to Reduce the Regulatory Burden
As a merchant, you need to understand your obligations to meet local regulatory requirements. Staying in compliance with local regulations and managing KYC and ID verification while insulating yourself from security and fraud risks can seem challenging. However, you can reduce the regulatory burden with the right vendor or partner who can handle local regulation requirements on your behalf.
Structure your Business to Support a Regional Strategy
Don’t silo your cross-border strategy. The most effective way to go global is to incorporate your global initiatives into other prioritized initiatives such as ecommerce strategies, website/user-experience efforts, personalization, and more. Plan and consider the specific cross-border impacts and how each implementation can extend your reach into new markets.
Get ready, set, and GO global
If you’re looking to do business globally, you need a fintech partner that enables you to embed local payment methods and financial services beyond just credit cards.
By utilizing Rapyd’s global payments network and flexible cross-border platform, businesses can accept international payments with local ewallets, bank transfers, cash, credit and debit cards. Rapyd is the fastest way to power local payments anywhere in the world, enabling companies to expand globally without building out complex payments infrastructure.