How Alternative Payment Methods Can Help eRetailers Accelerate Their International Revenues

Launching a global eCommerce operation gives you the ability to reach more customers from all over the world. Of course, reaching people is not enough; they must be able to purchase from you with ease, in the payment type, currency and language of their choice. If you are only set up to transact using credit card payments, you close off your revenue potential from many countries. Working with a payment processing partner capable of taking all the forms of payment your clients want to pay in gives you access to greater sales potential you might not otherwise have.

Not Everyone Uses Cards

Consumers in the United States tend to use credit cards for online purchases or use debit cards from the major card brands such as Visa and Mastercard. When you sell to customers in other countries, though, you find that people tend to buy not just using in their local currency, but different payment methods as well.

For you to gain maximum access to revenue from international customers, you need to offer an effortless payment journey up to and including the checkout by supporting purchases in multiple currencies and the favored payment methods in each country.

Offer it all and increase your conversion rates both locally and globally. Credit and debit cards, mobile payments, eWallets, bank transfer, prepaid and cash vouchers. Do it seamlessly by customizing the checkout experience based on your customers’ preferred payment method and location.

Alternative Payment Options

Depending on the nation your marketing targets, many alternative payment methods (APMs) exist. For instance, consumers in certain countries regularly pay by bank transfer, a general payment method used by few in the United States. Others use specialized mobile and online payment platforms like Alipay or PayPal, debit cards that require a physical presence, or even in-person payment for online transactions. Failing to adapt your processes to the nations where your customers live and shop essentially closes off those markets to you, no matter how effective your marketing campaign may be.

If you do not offer these APMs, with a swipe of a finger or the click on their mouse, your customers will choose to shop elsewhere. So be sure you can accept it all. Tap into new markets and sell to just about anyone anywhere with local payments your customers know and trust. Make the world your local marketplace.

Worldwide “2019 UPS Pulse of the Online Shopper global survey” conducted between December 2018 & January 2019, Statista Inc.

Know Your Customers, But Automate the Journey

Perform market research to determine who is most likely to purchase from you. Determine regional and cultural differences that you must adapt to. Above all, ensure that you choose a payment provider that can support your transactional requirements in different countries and regions. The greater choice, the greater your revenue opportunity.

A sophisticated payment processing provider could accept many forms of payment, adapting to the needs of customers all over the world. With Nuvei, one integration offers access to 450 payment methods and 150 currencies ensuring you have the scale and flexibility to grow your business on your terms. Moreover, our platform can automatically detect your customers’ region and language, to make the purchase and checkout process as frictionless as possible.

Get in touch with me to learn more and discover a world of opportunity!

How Alternative Payment Methods Can Help eRetailers Accelerate Their International Revenues

About the Author

Paul Kluzak, AVP, Business Development

Paul specializes in building relationships and educating a wide demographic on Nuvei's competitive advantage with specific focus on high volume accounts’ payments processing. He helps merchant resellers and payments industry professionals capitalize on opportunities with high volume.

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