Selling goods online worldwide can seem daunting to a small business owner. Between foreign currencies and multiple payment options, it can become tricky finding a merchant account solution that works for you and your business. Below are some tips and benefits to accepting international payments online for your small business.
Benefits of Accepting International Payments Online
Accepting international payments for your small online business will drastically increase your customer base and revenue. The e-commerce market extends globally, so limiting payments to your local currency will hinder your customers and lead to more shopping cart abandonment. However, accepting international payments will take your small business to the next level and will open your business to the world.
The timing couldn’t be better to accept international payments: A recent study by German business development outfit Arvato revealed that 1/3 of 200 U.S. online merchants surveyed are planning to take their businesses cross border into Europe — particularly Germany, France, Belgium, Holland, italy and Luxembourg — by the end of 2018.
Tips for Accepting International Payments
Although the risks may seem overwhelming, as long as you have a strategy in place, accepting international payments should only benefit your business. The following tips for accepting international payments can get you started.
- Have a Plan: Make sure you are working with a merchant account service provider you trust. Plan your strategy to accept international payments and make sure your money is secure.
- Know the Exchange Rate: Know the most recent exchange rate for the currency you are accepting to know whether you will be making or losing money from the transaction.
- Processing Options: Make sure the credit card processing options you accept can convert from your customers’ local currency to your own local currency.
- International Processing Fees: Your acquiring bank may have an international processing fee. Even if it claims it does not, your bank may include this fee in the exchange rate.
- Recognize Fraud: Be weary of the countries you are serving. If you accept customers to purchase from your site that live in a high risk country, be sure to monitor the transactions to detect credit card fraud.
Know the Risks Before You Accept International Payments
Accepting international payments online also comes with some risks. Among them is fraud, which usually makes small business owners hesitate when processing credit cards online. Business owners want to avoid fraud, but it can be difficult to take action against offenders in other countries. When selling goods online internationally, a business owner must pay particular attention to who his or her customers are.
International Payments with Instabill
With Instabill, you can safely accept international credit card payments without all of the hassle and worry. You can start accepting payments worldwide and increase your revenue with the secure and easy-to-use payment gateway of the acquiring bank with which me match your business. Instabill merchant accounts allow you to protect your e-commerce business against credit card fraud and protect your customers from identity theft.
To learn more about accepting international payments with Instabill, please contact us online or call us at 1-800-318-2713.