Global Digitization for US Based Companies Is Full of Challenges but Payments Doesn’t Have to Be One of Them.
Table of Contents
Digitization is a vital part of business continuity, even more than new offerings or service expansions. And while global expansion can be difficult, accepting payments from international buyers doesn’t need to be. To compete and thrive within global online markets, businesses need to leverage preexisting payments infrastructure. Investing in the right technologies and partnerships to clear the path for cross-border payments will result in stability and growth.
in addition to the added complexity of accepting local currencies and preferred local payment methods, American companies who are competing to win international business often find themselves limited by foreign payment systems that are more diverse and intricate than in the United States. But, as Eric Rosenthal, Rapyd VP of Americas, states in a Recent PaymentsSource editorial, ” failing to provide solutions for the hundreds of local methods that are utilized by the 4.5 billion people worldwide without credit cards is not a recipe for success.”
The Era of International Digital Commerce
As the global pandemic unfolds, digital payments have accelerated and demand continues to climb. To adapt, businesses must create digital experiences that meet quickly changing consumer expectations and needs. As stores closed, re-opened with limited services, and are still adjusting to changes dictated by the COVID-19 pandemic, digital transactions are a must for both businesses and consumers. For digital transactions to work for a global business they must be localized to the needs and expectations of each market. For example, in Mexico, many customers prefer paying with cash for online transactions. In India, people are adopting real-time bank transfers via UPI.
Flexibility with digitized payment methods is vital to a global workforce because they are fast and secure. Without them, international expansion may not be attainable, and complex regulatory and logistical challenges will present themselves. It’s all about conversions and if consumers cannot find the methods they need to finalize purchases, they will go somewhere else.
Cash Is Still Critical in International Markets, Especially in Developing Countries
In 2021 we will see significant change in the form of consolidation, specialization and re-consolidation in the payments sector, and as cashless payments gain in popularity, merchants take care not to exclude unbanked and underbanked consumers. Cash-over-the-counter, kiosks and cash vouchers offer ways to accept cash payments for digital transactions, foster financial inclusion and grow a loyal customer base in markets across Latin America, Asia, Africa and Eastern Europe.
International Payment Solutions for US Companies
Rapyd is unifying fragmented payment systems worldwide by allowing merchants to accept local payment methods, including cards, bank transfers, ewallets, and cash in over 100 countries through a single integration.
Learn How to Go Global by Localizing Payments
Download the Rapyd Playbook for the New Era of DigitalCommerce