With the rise of digital commerce and global payments and the increasingly interlocking global nature of business of all kinds, small business owners have a whole host of new tools and options at their disposal to compete in the marketplace. One wonderful facet of this new reality is that small business owners can enjoy patrons and clients from all over the world.
With this relatively new development comes, of course, new challenges. How will international customers pay for your products or services? Even leaving aside the huge potential benefits of expanding on a global scale, offering your customers as many payment options as possible is simply a good business tactic. From credit to debit cards, cashiers checks, direct deposit, automatic withdrawal, money orders, and online payments, the more options you give your clientele through an international payment gateway, the easier it is for them to pay you. Your customers will be happy, your small business gets paid and you can focus on continuing to excel and expand.
Order efficiency—in the form of a providing a variety of payment options to your customers—can boost your small business in a number of ways. It can improve your clients’ satisfaction and can help your business stay one step ahead of the immediate competition.
The following article will specifically focus on what, exactly, small business owners and operators must look for when considering acquiring an international payment platform. There is no one-size-fits-all approach, but a small business stands to gain immensely from taking advantage of the truly worldwide scope of early 21st-century commerce.
There are dozens of options in the realm of online and international payment platforms. Questions must be asked before choosing a service. Such questions include the international potential of your business, how many orders you anticipate on receiving, and of course your budget.
Whatever online payment platform you choose, it is highly advisable to offer customer support—in as many languages as is appropriate—at the point of sale, primarily if your business has or anticipates having an international customer base.
There are three main points to consider when searching for an online payment platform that fits your needs:
Security features and data safeguards
Online security and data fraudis a prominent and controversial issue these days. Acquiring the services of a thoroughly reputable online payment gateway that proactively works to secure both your and your customers’ data is more important than ever before.
A non-demanding, easy-to-use interface that works fast and reliably is another important consideration. As mentioned above, a robust customer support capability for non-English speakers is also advisable.
Range of payment processing
The next consideration is crucial. What is the range of payment processing options and what countries are supported? There are platforms that facilitate and simplify the conversion of dozens of different foreign currencies. This can serve to save a small business a hefty sum of money and effort.
Taking into account the above factors as well as the nature of your business, its sales volume and its budget, choosing the best online and global payment platform for you will require research and careful consideration. The potential rewards of opening up your business to a variety of payment processing options as well as from a diversity of geographic locations, however, could turn out to be completely worth the effort.