Today it’s crucial for businesses to accept international payments to compete on a global stage.
As a business owner, you should understand the ins and outs of accepting international payments to ensure your business’s competitiveness and security.
Safe2pay has compiled a list of common issues to prepare you for the often tricky process of international payments.
According to APCA’s 2017 data (Australian Payments Clearing Association), overseas counterfeit and skimming fraud increased by 19% to $33.4 million.
Whenever an online transaction occurs, there is always the possibility of fraudulent action and data theft. To protect your business and your customers, it’s crucial you have a certified Level 1 PCI (payment card industry) payment gateway such as Safe2Pay that can ensure your company is protected from fraud before it even has the chance to occur.
Chargebacks are a result of disputed transactions whereby the customer claims that he/she never made the purchase. When a chargeback occurs, the merchant reverses the transaction, and the customer receives the money back. Chargebacks are in place to protect your customer’s interests but are very rarely in a position to favour the merchant. Consistent chargebacks can damage your business reputation and even result in the closure of merchant accounts.
3. Card Data Security
One of the largest concerns when accepting international payments should be card data security. It’s crucial that your provider complies with the Payment Card Industry Data Security Standards or (PCI DSS). As a merchant or business that accepts credit or debit cards you’ll need certification that acknowledges you meet their security measures which include the following:
- Construct and maintain secure network and systems
- Protect cardholders data
- Maintain vulnerability management programs
- Implement strong access control measures
- Regularly monitor and test networks
- Maintain an information security policy
Customer and card data security should be your payment processors top priority. Preventing online payment security issues is a must for anyone doing business online. To ensure you’re providing the best level of card data security sign up with Safe2Pay that strictly follow these standards.
4. Accepting Multi-Currency Payment Methods
The global e-commerce climate means allowing a variety of payment methods and currencies.
Some gateways only allow payments in the local currency. For your foreign customers, of course, this isn’t the preferred way to pay.
Think about it from their perspective. They have initially seen the products listed in their local currency, and now, when it comes to checkout, they must pay in yours — not to mention the unhappy surprise of the currency conversion fee or foreign transaction fee.
Giving your international customers the comfort and convenience of paying in their currency is a function of your chosen payment gateway.
So, it’s important you pick a payment service provider with the necessary infrastructure already in place to provide immediate, solutions to those problems. For this reason, Safe2Pay allows multi-currency support to make sure you can provide your customer’s with their preferred method of payment.
When it comes to accepting international payments, it’s important to consider the integration of your online payment system with your existing hardware and software platforms. If they are not integrated correctly, it will result in processing, and payment delays lost transactions and expensive fees, which is not a good result for any business.
The bottom line is that custom integration is crucial to creating a comfortable, seamless and secure transaction process. Safe2Pay provides multi-currency support, integration, and security.
And pick a provider that has low domestic and international fees per transaction as well as multi-currency support such as Safe2pay.
There are lots of options for accepting international payments online, however, if you don’t have the right payment gateway you and your business will suffer. Make sure you sign up with Safe2pay who is looking forward to supporting your business securely and conveniently leaving you to manage your business in the best possible way.