Leverage advanced payment processing to simplify international merchant services
There are plenty of reasons to expand your business to international markets. Reaching billions of additional customers who may be interested in your product or service can expand sales, diversify your customer base, and in some cases, save money on production and labor costs.
But as any business owner who has looked into expanding internationally knows, it’s a move that takes a considerable amount of research and planning to accomplish successfully. From language barriers to tax codes and compliance issues, doing business in a foreign country is different from doing business domestically. Going international successfully, requires collaboration with third parties for certain tasks that already have the infrastructure for international business. Merchant services for payment processing is no exception.
International merchant services enable you to take payments from international customers. But there is much more to it than the payment itself. There are foreign currencies to manage, and fluctuating exchange rates. Not to mention tax laws, customs laws, import regulations, and banking relationships. It can get complicated fast. Choosing a payment processor with proven success in the country you’re expanding to is a great first step.
Some businesses opt to have a dedicated payment processor in each foreign country where they do business. But managing multiple payment accounts, with multiple banking relationships can become quite cumbersome. Choosing a payment processor that can handle your domestic and foreign payment processing needs with one account is even better.
With one consolidated account you can take multiple currencies, in multiple countries, without the high cost of foreign transaction fees. Each batch can be settled in-country to avoid those costly fees. A reputable international merchant services provider can also greatly simplify business management through unified reporting and support.
In addition to the many back office benefits of having one international merchant services relationship, there are plenty of consumer facing benefits as well. Presenting prices in local currency without the need to convert to U.S. dollars helps potential customers assess the value of your products instantly. And authorizing card payments in the country where the card was issued can have a dramatically positive impact on both reducing fraud, and increasing approval rates at the same time. Allowing customers to pay with the payment type and card brand of their choice both simplifies the sales process, and enhances customer service, making your international business appealing to foreign nationals.
In order to increase revenue through global expansion, with the same cost structure as doing business internationally, it’s important to partner with a reputable payment processor that offers broad international merchant services. Vantiv has extensive experience with payment processing both domestically and internationally.