Global Payment Online For Delivering Multiple Payment Options For The Expansion of Your Business Globally

When focusing on value, consider your product or service from the perspective of your customers. Including how useful they perceive the service to be, as well as their budget and the price they are willing to pay. It's important to remember that not everyone can afford the same amount for a subscription service. So having a variety of options is essential. Furthermore, customers are constantly evaluating the value they receive versus the money they pay throughout the life of the subscription. And a decision is made every time a subscription reaches its expiration date with the option to renew. This is one of the times when having multiple pricing options in place allows you to offer the best global payment online solution based on their needs and perception of value at the time.

Here we have discussed the five essential features to look for when selecting an online payment provider for your business in our most recent episode.

Using a payment gateway provider that meets of your business is critical to success, especially if you are targeting international markets.

If you are just starting an online business or looking for a new payment provider, here are five factors to consider when weighing your options:

1. Various Payment Options

When it comes to expanding your business globally, one of the most important aspects is to offer your customers a variety of payment options.

Investigate the most popular global payment methods and ensure that your future provider accepts them. If you want to target specific local markets, make sure to include local payment options and currencies in your request. Consider accepting alternative payment methods, such as digital wallets, for an up-to-date, frictionless customer journey.

In terms of payments, knowing your intended provider's authorization or success rates can help you decide if they're a good fit for your company.

2. Safety Features

It is critical that you review their security protection features. And see if they are available out of the box when selecting your online payment provider. Online payments are strictly regulated, so any provider you consider should be compliant in this regard. PCI DSS compliance, for example, is required for all card payments worldwide. Working with a supplier who is PCI-certified to the highest level can make your company's compliance efforts easier. Other local or regional regulations, such as PSD2 for card payments in EU countries, may also apply, so check these security aspects as well.

In addition to compliance, experienced payment providers should provide merchants' stores with fraud protection tools. Such as address verification systems, tokenization, dynamic 3D Secure, and AI-powered and manual review processes, as these tools will keep your business safe in the face of fraud.

3. Methods of Integration

Another critical step to consider is your eCommerce store's integration options with your payment provider. Your provider should integrate seamlessly with the rest of your technology stack. Allowing for easy data aggregation and seamless integration with your ERP, CRM, or PIM.

Also, ensure that your preferred payment provider has a well-organized Software Development Kit, as this will facilitate integration for your software development team.

API integration options are a good place to start if you want complete flexibility and control.

4. Billing Automatically

If you are thinking about selling subscriptions or are already doing so, choose an online payment provider that supports recurring billing and automation. This feature allows your customers to auto-renew their subscriptions without having to take manual action each billing interval, resulting in a more pleasant customer experience. Automatic billing relieves sellers of the burden of calculating, communicating, and collecting charges for their products and services, significantly improving their retention strategy and reducing revenue leakage.

Other must-have features include automated invoicing (where invoices are instantly generated and sent to customers) and automated communication (to keep customers up to date on the status of their subscription).

5. Cost Effectiveness

Naturally, cost efficiency is an important consideration when determining whether or not a payment provider is appropriate for your business. Try to evaluate and compare the transaction fees charged by your provider with what they actually provide. Are they in accordance with the security payment guidelines? Do they provide fraud prevention tools? Can they offer you automatic billing and multiple payment methods, and can they seamlessly integrate them into your eCommerce store? These are the questions to consider when evaluating cost efficiency.

Basic providers may allow you to process online payments cheaply or even for free, but the additional costs may outweigh the immediate benefits.

You now have five key features to consider when selecting the best payment provider for your online business. It's now time to thoroughly weigh your options!

Thank you so much for taking the time to watch! We wish you luck in your search for the best payment provider for your online business and hope to see you again soon for more cool new tips!

What is Chargeback Fraud or Friendly Fraud?

One of the most common types of eCommerce fraud is "friendly fraud," which occurs when a customer makes a purchase and then initiates a chargeback in order to receive a refund while still possessing the product. Chargeback fraud accounted for 32% of registered chargebacks in 2021, according to merchants.

A friendly con artist may claim that

  • The payment was not authorized, or they do not recall making it.
  • The product was not delivered, and it does not correspond to the online description.
  • They can use a variety of claims to demonstrate that they are entitled to their money back.

Some of these claims, however, may be true. As a merchant, you have the opportunity to contest the chargeback and provide documentation that refutes the customer's claims.

Even if you win the chargeback case, your business will suffer as a result. You can implement eCommerce fraud prevention strategies to prevent chargeback fraud and protect your online business.

Why should you choose Instantcharge for getting Global Payment Online?

Instantcharge is the country's leading payment service provider, handling approximately 42 percent of all transactions. They have huge customer bases that use multiple currencies. Instantcharge works with both small and large businesses, and has eCommerce expertise in industries such as airlines, digital content, online gaming, retail, and travel.