Selling globally requires a thoughtful look at the payment methods you offer at checkout. While nearly 25 percent of prospective customers in the U.S. abandon their shopping cart if you don’t offer their preferred payment method, abandonment rates in other regions run much higher. In Europe, for example, non-conversion rates run as high as 45 percent and they can be greater than 50 percent in some Latin American markets.
Why do so many eager customers bail out? In international markets, card use is less prevalent. Alternative payment methods (APMs) – such as direct debit, real-time bank transfer, and eWallets – account for a much larger share of online consumer spending than they do in the U.S.
To address this challenge and help businesses capture this growing global market opportunity, Vantiv is introducing support for the highest share APMs in the largest and fastest-growing markets.
In January, Vantiv released SEPA Direct Debit (serving the Eurozone) and later in Q1 will add support for iDEAL, a real-time bank transfer method that accounts for more than 60 percent of online spending in the Netherlands. Other APMs will follow throughout this year.
As with all of Vantiv’s international payments offerings, no additional integration is required and you get all your reporting and reconciliation from Vantiv iQ for eCommerce, just as you do for domestic U.S. processing.
For more information about accepting payments globally, please contact your Vantiv eCommerce merchant or partner relationship manager. Click here to download our international processing capabilities data sheet.
Did You Know?
Vantiv eCommerce merchants can boost conversions by “presenting” to their global credit/debit card customers payment in nearly 150 different currencies. Additionally, Vantiv helps merchants reduce costs and increase approval rates by receiving net settlement in up to nearly 20 currencies.