International Payments for Merchants
International payments processing boost sales by expanding market reach globally. Consumers located anywhere in the world make online purchases quickly and easily simply by transferring money from the buyer’s local bank account to the seller’s bank account.
Our unique international payments processing system uses advanced technology to link together the banking networks of multiple countries into a single network through which transactions can be processed as local payments. The payment platform transforms international payments into low-cost local bank transactions. Processing fees are minimal. Payments are guaranteed, eliminating risk.
Benefits of International Payment Processing
- Millions of New Customers. Local bank transfers are the preferred method of payment for customers throughout the world.
- Guaranteed Payments. Once the payment is confirmed, settlement of funds is guaranteed. All payments are “cleared funds.”
- Save Money on International Payment Processing. Low transaction fees translate into big savings for merchants.
- Protect Against Fraud. Bank transfers are secure, private and safe. All transactions are vetted by the consumer’s own bank system.
- No Chargebacks. Bank transfers are similar to a cash purchase. Buyers cannot reverse transactions.
How International Payment Processing Works
International payment processing via bank transfer is known as a “push payment”. That is, consumers push the payment from their bank account to the merchant’s bank account in a highly secure transaction.
At check out, consumers chose to pay via local bank transfer and select the appropriate bank. The consumer logs on to online banking and authorizes the bank to make the payment to the merchant. Confirmation of the payment is sent to the merchant and to the buyer.
In some countries, debits from the consumer accounts are confirmed instantly. In others, confirmation of the debit occurs the next business banking day. Once confirmed, funds are guaranteed and merchants can ship the product to the consumer. Consumers do not pay any additional fees beyond what their bank would normally charge for a standard bill payment.
Credit Cards Limit Sales Growth
Businesses that want to grow target global markets. Europe, with millions of affluent, web-savvy consumers, is one of the largest markets for ecommerce in the world. Emerging markets in South America have consumers with disposable incomes and a desire to buy products online.
The majority of consumers globally do not have credit cards. In Europe, with the exception of the UK, credit cards are not commonly used for online purchases. In Germany, only 20% of the population has cards. Throughout Asia and the rest of the world, credit card penetration is even lower.
How do international buyers pay for ecommerce purchases? Local bank transfers are a familiar and trusted method of payment for buyers throughout the world. Offering consumers is an easy way to capture new sales from buyers who do not have or prefer not to use credit cards.
International Payment Processing Expands Market Reach
International payment processing solutions were developed in direct response to the needs of our clients. As the internet opened-up global markets to ecommerce merchants, clients needed ways to accept payments from customers around the world. Offering consumers a familiar way to pay locally while buying globally is the modern way to do business.
Our technology gives clients direct access to international banking networks through a single portal. Take advantage of international payment processing technology to increase revenues, enhance customer satisfaction, and boost sales from the global marketplace.
- Internet Jeweller. Selling watches to customers located around the world. Average price for a watch is $3500. The merchant required the buyer to pay via bank wire transfer. Less than 50% of customers promising to pay by wire actually sent the money. After implementing local bank transfers for international payment processing 93% of customers completed transactions. The merchant says consumers appreciate the ease and convenience of the payment method.
- Online Retailer. Selling sports apparel including a variety of name-brand athletic shoes and clothing. The merchant was accepting international credit cards but chargebacks due to fraud put his credit card merchant account in jeopardy. The merchant implemented international payment processing via bank transfers and no longer accepts credit card payments from customers outside of the US. After 18 months, international buyers represent 23% of the merchant’s orders.
- Online Hotel Reservations. Company added international payment processing local bank transfers to accommodate payments from travellers throughout the world, many of whom did not have credit cards. International travellers can now make reservations online and confirm by paying for the first night via bank transfer.