Do I really need to consider the payment method offered by my online store in order succeed in internationalisation?
Yes, you do. The last few years have been very busy in the payments ecosystem. From a world where physical money was predominant, we have moved on to a network of various payment methods for online and offline stores with great benefits for sellers and consumers.
Are you taking your first steps in eCommerce or do you want to go over some key concepts?
Whatever your goal, here you will find all the information you need to know to launch a successful website capable of accepting international payment methods that generate value for your business and for your customers. And better still, you'll set yourself apart from the competition.
Ready to get started?
Internationalisation of eCommerce, where to start?
The concept of internationalisation has gained strong momentum in recent times in response to the growth of eCommerce in the UK and other countries around the world. Basically, it consists of "replicating the formula for success in countries beyond the company's domestic market." (Actualidad de eCommerce )
Achieving success in the eCommerce internationalisation is not an easy task, but a point for which a planned and comprehensive strategy is needed. You don't even need to move from your usual place of residence, but you should start by asking yourself the following questions.
What do you want to achieve? Who are your potential customers? Do you want your business culture to remain the same or to fit the local market? Do you want to expand your reach and offer your international customers the ability to pay with their preferred local payment methods?
In general, when it comes to internationalising a business, there are different ways, from franchising to licensing. But when it comes to an online store, things change. It is much easier because of a website's global reach and the opportunity offered by supporting different payment methods for your international customers.
Why are payment methods the key to success in internationalisation?
Globalisation and technology have opened up a world of opportunities for companies to expand, not only from the point of view of localisation, but also from the point of view of cost reduction and competition
In order to carry out internationalisation, you no longer need to think only about the type of exports (direct or indirect) or cooperation agreements, but about the type of foreign customer you are targeting and the payment method they usually use.
Do you know why? Because it will be key in their shopping decision. Integrating payment options that add value to the user is essential for eCommerce. And a satisfied customer will always be the one who finds the payment method that best suits their needs.
If a customer enters your online store, searches for a product, clicks on it, and adds it to the shopping cart and then at the time of payment finds a method they are not feel familiar with, or even worse they do not have, then they will most likely abandon the cart.
So, the key is to convey trust and simplicity, as well as to make them feel that their money is safe. How to achieve this? Read on!
Tips to increase trust with eCommerce payment methods
The payment options offered by your business are an essential point in the purchase decision and in the user experience. That's why we've put together some tips that will help you build trust:
- Research, and analyse your foreign customers’ favourite payment methods. At Payxpert we pride ourselves on being able to offer our merchant customers popular payment methods in key markets around the world. For example, for Chinese consumers, we can help merchants accept payments from popular payment schemes like Alipay and WeChat Pay. And for the Russian consumer market, we are one of the few UK-based payment processors to support MIR transactions, the Russian domestic debit card scheme.
- Have an integrated payment gateway in your business. Why offer multiple payment options separately when you can unify them on a single platform? PayXpert is here to support you every step of the way. We can enable merchants to support MasterCard, Visa, UnionPay, Discover Card, American Express, MIR, Ideal, Bancontact, Sofort, Giropay, P24, and many other payment solutions. One of the additional benefits of offering international customers the ability to pay in their favourite local payment method is the cost of processing the payment can often be lower than the fees charged by the global payment schemes.
- Have omnicanality. That is, you can have as many payment channels and methods as you want, but the important thing is to manage them from a single place where everything is connected. The user will receive a unique and consistent experience in each of their purchases.
- Take your time to choose the payment gateway that best suits your business. You should not only look at security and ease, but also integration, usability, cost of service, resources, support, and payment management, among other things. Payxpert offers a variety of secure payment integration solutions to meet your needs
What payment solutions should you offer your customers? Do you know their needs?
At PayXpert, we can help you take the step towards internationalisation.