Are you trying to reach out to the global customer? Well, nowadays, it is not a difficult task. An individual can quickly expand their business across the border. You need to understand your customer's preferences and offer them a suitable payment option to create an excellent experience. It also helps you to increase your sales.
According to MarketWatch, there is a significant opportunity for you to expand your online business, given that the worldwide cross-border e-commerce market is anticipated to rise at a compound annual growth rate (CAGR) of 15.5% from 2021 to 2027. In 2020, approx 80% of all cross-border e-commerce will be paid for using local payment methods, according to the PPRO's Payment Almanac. Accept Local payment options are required for companies that want to expand internationally.
But, to do this, it is essential to accept the preferred payment methods, both domestic and cross-border. To stay in the competition, the merchant must accept the local payment methods as it is one of the most powerful ways.
In this guide, you will learn what local payments are and why your business needs to accept local payments.
Local payment methods are also known as alternative payment methods. It is a popular payment method in a specific region. They are the most used payment methods in some areas, and payment options are only available in certain regions.
Some of the most popular local payment methods are – digital wallets, bank transfers, cash vouchers, local debit networks, open invoices, and many more.
Nowadays, there is a massive opportunity for the merchant to expand their business at the global level-
As a merchant, what you need to offer your foreign customer make your cross bored business successful -
To effectively reach online international customers, you, as a merchant, need next-generation payment solutions. This payment solution supports all the payment methods by which consumers want to make payments.
A merchant wanting to expand their business globally should offer local payment methods. Here are some of the critical advantages of accepting local payment methods -
The information must be presented in the customer's native language for complete understanding at the checkout. Local payment methods convert all vital information about the purchase into the customer's language to prevent misunderstandings.
At the checkout, the customer must be able to see the costs. Local payment systems translate the price into the client's local currency, putting the price in a context the client is familiar with and minimizing the possibility of unpleasant shocks.
Nowadays, most customers prefer an alternative payment method like Apple pay, Google pay, etc. The chargeback responsibility passes from the business to the payment service provider when a client uses an alternative payment method. Therefore, you won't have any problems as a merchant if your consumer requests a chargeback in this scenario.
Alternative payment methods are more secure than any other payment method as the customer does not have to share their personal information while making the payments. The customer has to share their address with the third party (such as, if the customer wants to make the payment via PayPal, they have to share their PayPal email address).
Local payment systems securely retain a customer's payment information so that account authentication, such as an email and password combination, or biometric information, such as a fingerprint, are all required at the checkout. It takes far less time to do this than repeatedly entering lengthy card information for each purchase.
For the foreign consumer, it is difficult to believe an international business website as there could be some difference between converting at the checkout or abandoning the cart. Local payment methods offer assurance that foreign customers can easily trust the websites.
Local payment methods have many options, some of which are too popular, like traditional credit cards or debit cards. Customers prefer to make payments via credit/debit cards in most countries. So, including the local payment methods increases the likelihood of a completed sale.
Many payment service providers offer local payment methods, but choosing one among hundreds is always tricky. Every merchant wants the best possible solution for their business.
We recommend you choose Instantcharge as your payment service provider. It has a variety of local payment methods from all over the world. Instantcharge is one of the leading payment services that is getting more popular daily.
Instantcharge services are available worldwide. It offers non-hosted integration. It means that the customer does not have to be redirected to another third-party page while making the payment. Merchant can use their logo and brand name on the payment page.
Its vast selection of payment methods helps merchant to increase their sales. The more payment options you provide, the more sales you achieve. Various payment methods also help to reduce shopping cart abandonment.
Now, you understand why including the local payment methods is essential for your online global businesses. Always select the best fintech service provider according to your target market who offers you the best local payment methods on your checkout page.
The local payment method is also called the alternative payment method. Integrating local payment methods on your website helps you gain foreign customer trust. There are many reasons to include local payment methods for your global business. These reasons are -
Instantcharge is our advanced online payment service provider and is one of the best for online businesses. It is a one-stop platform that allows you to accept a broader range of online payment methods, including local payment methods.
All you have to do is to contact our expert team.
All brand names and logos are the property of their respective owners,are used for information purposes only, and do not imply Product endorsement or affiliation with Instantcharge.Co. The Holder of Instantcharge.Co is offering Leading Merchant’s Payment processing Solutions with affiliation of various banks and acquirers as registered ISO. New applicants are subject to conditions and approval of the application by Instantcharge.Co and it's partnering banks or acquirers.