Why international payment processing is gaining in popularity
In a time of Brexit, online payments are the ultimate speaker of an important global language: money. And nowhere is the opportunity to appeal to consumers and to offer frictionless commerce more evident than through online and eCommerce sales. In today’s global online marketplace, even the smallest of businesses should prepare themselves to handle international shoppers. In fact, a lot of businesses are "accidentally international". That's to say, they're processing payments from international customers whether they know that or not.
Social media referrals drive international traffic
Thanks to online search and social media sharing, your products or services could become an overnight sensation the world over. 70% of total Internet users cite Facebook as their preferred social content sharing channel. In fact, 24.63% of the Internet’s referral traffic comes from Facebook shares. With 1.28 billion daily active Facebook users on average for March 2017, traffic to your eCommerce site from referred international users could be substantial. Don’t miss out on capturing business from new international shoppers that have learned about your brand via social media sharing.
International online shopping—a truly global phenomenon
With all this potential for traffic to your site from virtually any country at any time, your eCommerce site should be ready to process payments from all corners of the globe. For web searches on British consumer goods, international consumers comprise:
- 62.5% of searches on luxury fashion
- 39.2% of searches on beauty products
- 28.9% of searches on mainstream clothing
(Source: OC&C; Google)
People in China—one of the world’s fastest growing economies—are avid online shoppers of goods from other countries. Consider results from the following 2015 iResearch study of cross-border online shopping in China:
- 45.7% have purchased cosmetics and personal care items
- 39.3% have purchased mother and baby goods.
- 38.6% have purchased food and health care items.
- 38% have purchased clothing, shoes and hats.
- 30.6% have purchased electronics.
Welcome shoppers with many types of currency
The volume of international shoppers who regularly buy consumer goods commonly purchased online is just too large to ignore. You should have the ability to offer multiple currencies for transaction. That might even include making the decision to present payments in the customer's home-country currency. So, if you're in France looking at an American eCommerce site, for example, you're seeing prices displayed in Euros vs. dollars. If you think accepting international currencies has to be complex, don’t worry. You can choose to settle in U.S. dollars, or—for more advanced businesses—to settle in foreign currencies. Your payments processor can help make selling to international customers as simple as possible.
Future-proof your online sales with international payments processing
International credit card processing is critical to your eCommerce site’s success as online sales from international buyers show no signs of slowing down any time soon. Whether you sell clothing or electronics, jewelry or pet supplies, equipping your online business to accept international currency can help ensure sales growth for years to come.