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Regardless if you are a 'start-up' or already selling online, the payment options in your checkout will determine your online succes. Your payment options will determine if a shopper, visitor or app-user becomes a buyer.
Different cultures introduce payment complexity
When you sell online in multiple countries and regions, payment complexity arises. Every country has its own language, currency and unique online payment culture. For example, in Belgium, shoppers prefer to pay with home-grown payment method 'Bancontact'. In Portugal with 'Multibanco', in Brazil with 'Boleto Bancario'. In many other e-commerce markets around the globe, local payment methods have a major share. Sometimes even up to 80%.
Thus, besides the global payment brands MasterCard, VISA and PayPal, there is also a need to accept other payment methods. Otherwise many shopping carts will be left abandoned. Monthly subscribers remain site visitors.
Besides offering the right payment options, you should be able to offer checkout pages in the wordings of the customer and offer a currency familiar to the visitor. Everything should be smooth during checkout. Any uncertainty experienced by the shopper, may result in a non-sale. A missed opportunity.
Local approach is key
The foregoing requires a local approach. Not only in terms of website wording or google adwords campaigns. Also in regards to your payment processing.
Global payment service providers make it easy for you to adapt to specific markets.
The benefits of a Global Payment Service Provider
First of all, global payment service providers (global PSPs) can offer an extensive set of online payment methods. They can process local and international cards, wallets and alternative payment methods.
Most often these payment methods can be accepted through just one single technical integration and one single contract. So, there is no need for extensive, time-consuming and expensive programming.
You benefit from local knowledge and know-how as these global players have office locations across the globe.
Their processing platforms are the most robust ones in the payment industry. Platform uptimes of close to 99,99% and high transactions-per-second (TPS) processing power. That's why they can serve the largest e-commerce businesses and merchants in this world, like Facebook, Amazon and Alibaba.
So, when you are targeting countries in more than one region, it is recommended to consider to use a global payment service provider.