Unlike payments in the U.S., most companies have far more payment methods beyond credit cards. International payment processors or PSPs (Payment Service Providers) provide merchants with the ability to accept payment methods across the globe and also work with the merchant to determine the best strategy to determine which currency to present in, settle in and how to repatriotize the funds processed outside of your domestic region. Accepting multiple payment methods can increase sales and conversion rates, while presenting in the right currencies. can lead to more authorizations and less fees for processing international currencies. Some PSPs and international payment processors specialize in one or two specific regions while others provide payment processing around the globe.
MERCHANTS OFTEN USE THIS FOR:
CNP merchants that have websites specific to geographic regions outside their domestic region should consider working with a payment processor that specializes in providing international payments. Their domain expertise and pricing allows them to provide you with a specific strategy to your business and the regions you wish to accept payments in. Selecting the right partner tonprocess payments internationally depends on the global strategy of a business, the volume in eachngeographic region, the payment methods that their target market prefers to utilize in each region,nthe method of connection to the processor and a few other factors that may vary based on the
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A recent survey on global fraud shows that merchants decline 2.6 percent of all e-commerce orders due to suspected fraud. For orders worth over $100, the rate of transactions declined over fear of fraud is 3.1 percent. For a retailer selling $25 million online annually, this means rejecting orders worth more than $600,000 every year. But the true cost of declines is actually far higher than just the lost sales revenue.
To understand the full cost of declines, one must...
Language, culture, logistics, regulation, taxation and payment preference can all vary significantly from one country to another. How a merchant chooses to present itself to consumers through its Website in another country will contribute mightily to the success that merchant enjoys in that part of the world. Another factor that varies, naturally, from region to region around the world is currency. Offering products and services in a currency a consumer is comfortable with is vital, but comes with pitfalls.
Fraud controls, tokenization schemes, chargeback management, all need to be integrated into multiple platforms for merchants that want to sell overseas. And, one of the most complex issues is offering local currencies. Managing multiple conversion options is complicated enough, but having to integrate to a separate platform each time a merchant wants to add a currency is costly and time-consuming.
In our bustling e-commerce landscape—today’s most competitive market—it’s hard to believe that many online merchants, particularly those based in the U.S., avoid access to global transactions. When considering U.S. cross border e-commerce is expected to bring in $203 billion by 2021, it should be a no-brainer for online merchants to consider capitalizing on the growth potential that exists beyond American borders.
But even with online transactions being more popular than ever before, payments fraud and security scams run rampant across the online commerce exchange—a paramount concern for merchants apprehensive about expanding to international markets.
Ensuring consumers’ data is safe and secure is a top priority for many American-based online merchants. And, no merchant wants to fall victim to fraud, but how can they be sure transactions are secure?
As e-commerce continues to enable global expansion for merchants, companies that want to leverage European markets are subject to several recent regulatory changes. A panel of experts at this year’s CNP Expo in San Francisco talked compliance in Europe with the second Payment Services Directive (PSD2), the most recent evolution of 3-D Secure authentication (3DS 2.0) and the General Data Protection Regulation (GDPR).
One component of PSD2 is strong customer authentication. However, the idea that...
How to Convert 90% of Failed Payments into Approvals | Webinar
The subscription model is ultra hot, but organizations that want to leverage it will find out quickly that card declines can kill potential revenue gains. There are strategies, though, that enable subscription businesses—online and physical alike—to capture that recurring revenue without losing so much of it to declines that can lead to increased churn and reduced lifetime customer value.
Join Austin Millius of eCard Transactions along with Karla Norris and Kelly Hunter of the YMCA of Middle Tennessee and DJ Murphy, Editor-in-Chief at CNP as they examine how effectively using Account Updater, re-presenting soft declines to the issuer, starting a dialogue with the subscriber and communicating with your gateway can combine to recover up to 90% of the revenue potentially lost to issuer declines.
How currency strategy can catapult or kill your success as a global eCommerce player
As the world becomes increasingly connected by the Internet and its various offspring platforms, the payments landscape has been radically altered for merchants selling their products and services internationally. That means your currency management strategies will have a significant impact on your profitability.
DJ welcomes Michael Bilotta (Head of FX, North America & Latin America at Ingenico ePayments), for a webinar that dives into how currency strategy can catapult or kill your success as a global eCommerce player.
At the holidays when your sales volume explodes, it's easier for fraudsters to hide their activities. E-Gift cards are very popular and as a result are a primary target for fraud. But, with the right fraud management strategies and vigilance, retailers can tap into this lucrative market, while minimizing risk.
Join Brett Glass, CEO at GCI, an Incomm company; KC Fox, Senior Vice President, Technology Services at Radial; and DJ Murphy, Editor-in-Chief at Card Not Present for a live webinar to uncover actionable strategies to turn high-risk gift cards into profit.
When it comes to payments and fraud, ensuring frictionless transactions is invaluable. That was the message CNP attendees took away from today’s Payments and Fraud Boot Camp, presented by Radial.
Because card-not-present (CNP) transactions have an inherently different payment profile than card-present ones, speakers from Radial explained the basic elements of CNP payments (merchant account, interchange, cost and security) for attendees new to the industry.
The payment and the fraud both...
Companies are largely unprepared for the E.U.’s revised Payment Services Directive (PSD2), scheduled to go into effect in September 2019, with concerns mounting that the stricter requirements will drive fraud from Europe to other regions, according to a new report from Aite Group.
The report, PSD2: Advent of the New Payments Market in Europe, commissioned by iovation, found that the U.S. and other regions will likely see...
As if the payments and fraud industries don't have enough acronyms, the governing bodies in the European Union have recently added a few more. And compliance (or noncompliance), if you don't fully understand the ever-changing mandates represented by this alphabet soup, can mean a lot of changes and/or expense to your company. In this session, our panel of experts will get you up to speed on:
- What each of these recent security mandates mean for your business
- Updates on new mandates and rules
- Important dates and what it takes to be in compliance