4. Cross-border transactions
Did you know some countries prefer Cash on Delivery (CoD)? Do you know your Alipay from your Apple Pay?
Preferred payment methods vary hugely from region to region, with Visa holding the primary market share for international credit cards in the Middle East and Africa and Discover - boasting 57 million cardholders worldwide – popular in Brazil.
Furthermore, e-Wallets are becoming more popular around the world, with Apple Pay the leader in the US and 48 per cent of Chinese shoppers using Alipay. Cash on Delivery is still popular in the Middle East, although credit cards such as Visa and MasterCard are catching up.
Understanding the different markets and adapting your payment solutions accordingly, is essential.
To work effectively in other markets, your business will have to accept payments in the method customers prefer and put in place robust payment procedures to implement this.
SQLI partners with many different payment solution providers that can provide international solutions, including Klarna and Tabby which allow customers to make a purchase from a website and pay back in monthly instalments or up to 30 days after delivery - and checking-in without using a debit card.
While merchants are continually looking to improve the customer experience, consumers are increasingly expecting to find different ways to pay for their goods online. Merchants must be prepared to leave behind the one-size-fits-all approach to payment, with research on each country, industry and consumer-type crucial in deciding which fit is right for your region and business.