Most used international payment systems

Diego Katzman

Diego Katzman
Published 12/01/2021 · 3 min read

Certainly, every international sale is affected by the relationship of trust between seller and buyer. It makes no big difference wheter it is physical goods or online products. You should know that there is always a certain level of risk. And for the most part, it depends on the payment system you choose.

Fortunately, technological advances have brought us a wide variety of international payment methods, both physical and online, and today we want to share them with you.

Let’s get started!

 

What are the most popular international payment systems?

Usually, buyers always opt for the cheapest and easiest to use payment method. Of course, those businesses that offer a greater variety of payment methods get a significant competitive advantage over those with some limited options.

Let's look at the most widely used international payment methods:

  • Letter of credit. It is a very secure system for both parties, as trusted financial institutions are involved. In short, payment is made through the buyer's and seller's banks.
  • Documentary remittance. Both the buyer's and the seller's bank facilitate the transaction, so the consumer sends the required documents to their bank. This option is usually cheaper than the letter of credit, for example.
  • Consignment. Payment is made only after the consumer receives the order.
  • Payment in advance. The consumer pays for the product before receiving the goods. That's why it's a very attractive option for sellers, but it involves a high level of risk for buyers. Payment in advance can be made by bank transfer, credit card or other option.
  • Virtual POS. This is a system that allows you to accept payments through credit or debit cards. The transactions are carried out through some payment platforms that already include it in their offer, payment by card once our data has been entered, etc. In addition, it guarantees data security and serves as an intermediary between the business and the client.
  • PayPal. It is one of the preferred payment systems for Spaniards thanks to the privacy with which transactions are made and the security it provides. It is a safe and fast way to make international transfers. 
  • Other payment gateways. Without a doubt, it is the most complete payment method of the moment. There are numerous payment methods adapted to the needs and demands of users. PayXpert, Stripe, and PayPal Payments are some examples. However, the payment gateways offer many payment methods for Chinese (AliPay, WeChat Pay), Russian (Mir) businesses, etc., as well as new channels (payment by voice recognition, selfie pay, SMS, link, QR code, Virtual POS, etc.).

Sales, sales and more sales. Online shop owners can't lose sight of these options. When it comes to making money, it's critical that the user has a good, smooth and satisfying shopping experience. Without a doubt, the payment process is decisive, the most important moment of the purchase.

 

Why use payment gateways for international purchases?

Integrating different payment options that add value to the experience is essential for e-commerce. Customers who find their favourite payment method in your business will be satisfied customers. And that's priceless.

On the contrary, if they encounter a system at checkout that they are not familiar with, they will most likely reject the process and leave the cart. They need trust, simplicity and satisfaction. They want simple and fast methods, no complex processes.

Broadly speaking, payment gateways are a safe option for both eCommerce and the buyer. This is just a payment method with which customer payments are processed and authorised. Fast and safe.

In addition, they take care of the most technical tasks, such as encrypting sensitive information, complying with standards, obtaining the necessary certifications to carry out secure transactions, etc. They not only save time, but also effort, and eliminate the need to manually handle and enter data.

 

Advantages of using different payment methods through a gateway

It doesn't matter if you're a physical point of sale or an online shop, because in any case, you'll always feel the need to build up customer loyalty. We all know that payment is a key moment to materialise a purchase. To move from the intention to a real sale. And the payment gateways are a turning point for several reasons:

  • They allow you to offer alternative payment methods and centralise them in a single platform.
  • They facilitate the analysis of customer behaviour in terms of purchases and payments.
  • If a transaction fails, there is always the option of being redirected to another payment option to ensure the purchase is successful.
  • It facilitates compliance with PSD2 regulations with the aim of bringing new electronic forms of payment to life.
  • It optimises rejected operations and allows you to track your business in a single click.
  • It gives access to limited lists of filtered transactions.
  • The client can operate in both serviced and unattended environments to make transactions.
  • It enables the internationalisation of the business.
  • It guarantees security and confidence to the client.
  • It offers an omnichannel experience with many alternative payment methods.
  • It is comfortable and easy to use.

Are you ready to grow your business? Discover the platform that best suits your needs and those of your customers and start accepting payments everywhere.

 

Conclusions about payment systems in eCommerce

E-commerce is a turning point in the way we buy and sell our products. With the buyer and the seller as protagonists, the internet as the stage, and payment systems as the plot that brings the film to life. Today more than ever, we need to make the way easier for consumers, who are increasingly demanding and with a competition that continues to grow.

The democratisation of the internet, the implementation of new payment methods and the improvement of the interface in online business platforms have opened a path full of new opportunities for the payment systems offered by eCommerce.

Don't be left behind!

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