Localize Payments to Reach More Customers
Nearly 88% of merchants consider international sales essential to their long-term growth. Yet only 35% of ecommerce leaders feel fully prepared to handle international transactions. (Visa) To reach new markets, businesses need to make localization part of their international expansion strategies, and that includes offering cross-border customers and partners the ability to pay and be paid using their preferred local payment methods.
Why Businesses Are Prioritizing International Expansion
Global e-commerce sales are expected to reach $6.169 trillion in 2023. As more businesses compete online, companies are looking to expand cross-border to reach more customers and fuel growth. Over 66% of ecommerce businesses sell products internationally and cross-border sales account for nearly a third of those businesses’ revenue. Today, more than half of online shoppers globally make cross-border purchases. (Research And Markets)
Challenges for Merchants Looking to Accept Cross-Border Payments
Some credit cards and ewallets provide customers with international payment methods. But to reach the majority of global consumers, businesses need to offer locally preferred payment methods in every country where they do business.
A merchant in Europe or the US that is used to accepting credit cards, may not realize the diversity of payment methods preferred globally. From eWallets like AliPay and GrabPay in Southeast Asia to cash payment methods like Boleto in Brazil to locally issued cards and simple payments in South Korea.
Benefits of Localizing Payments for Cross-Border Transactions
- Higher conversion rates and lower cart abandonment
- Better ability to compete against local merchants
- Improved consumer adoption, loyalty and trust
How Can Businesses Simplify Cross-Border Payments?
Payments are a critical aspect of successfully growing online sales internationally. Yet, managing multiple payment method integrations, foreign exchange and compliance issues can be too complex and time-consuming for merchants to scale quickly and profitably. Instead, merchants need a solution that automatically provides the right payment methods for each market.
Rapyd’s Global Payments Network gives merchants access to locally preferred payment methods, such as credit cards, bank transfers, ewallets and cash in every market they serve. It also provides added benefits like fraud protection, efficient foreign exchange and single currency settlement.
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Research And Markets. ResearchAndMarkets.com, 2020, https://www.prnewswire.com/news-releases/2020-global-cross-border-b2c-e-commerce-insights—top-10-shopping-apps-301017233.html.
Visa. “Cross-Border Sales: Why Now Is the Time to expand Your Business Internationally.” mms.businesswire.com/, Visa, 2019, https://mms.businesswire.com/media/20191029005414/en/752747/5/GME_Infographic_10.28-PNG.jpg?download=1.
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