Growing your business internationally is more manageable than ever before. An effective eCommerce site lets you reach literally anywhere a potential customer lives. Building out your market research and lining up shipping channels will help. Whatever you do, though, your ability to accept payments from other countries will determine the outer limits of your international growth potential. Work with a processing partner who will help you push further into the cross-border markets that will lift your performance.
On the most basic level, you must simply be able to process payments in multiple currencies and payment forms. Accepting bank transfers, prepaid cards, and mobile payments should be the bare minimum of your capabilities before you look to expand overseas. Different regions and countries have their own currencies and preferred payment methods. A processing solution that can convert payments and complete your transactions must be in place, or reaching everywhere in the world will not help you grow.
Your technical ability to take payments solves the issue of working among different financial institutions. This only helps you if you get the customers to buy. In that regard, one of the biggest barriers to overcome is providing transparent pricing for those customers. If your website lists prices in your home currency, many who find your site in other countries will have no way of knowing what they are actually paying.
Unfortunately, this can be a key source of cart abandonment. If your eCommerce solution lists prices only in your home currency, you leave online shoppers three options: they can buy anyway and hope, they can run the conversion themselves, or they can opt-out and buy what they want elsewhere. All too often, they will take the last option, and your site's limitations will cost you the sale.
Convenience and Comfort
Even outside of your customers knowing what they will need to pay, they want to be able to shop in a way that is convenient for them. Accepting Visa and MasterCard will help you in North America, but some parts of the world will find that much more limiting. If you know the regions you plan to target with your online marketing, you should take the time to understand how those who live there prefer to shop. The more roadblocks you place between your customers and your sales, the fewer customers you will have. Know what those roadblocks are, and remove them.
In this regard, you can go as far as your processing partner will take you. Discuss your expansion plan with your account manager, and make sure your current solutions will help you grow internationally. Payment processing can be your greatest asset or your greatest liability for international growth. Make sure you are working with someone who can get you where you want your business to grow.