When you’re a small business owner that accepts online payments, the world is your oyster. From the pound in the United Kingdom to the peso in Mexico and throughout much of Latin America, there are around 200 types of currency used across the globe. Despite widely differing exchange rates and the physical distance of selling products and services in different hemispheres, e-commerce international payment solutions have helped customers and business owners send money and accept secure payments with ease and speed.
In short, the internet has brought new meaning to international payment processing services.
“The ability to connect with your paying customers is possible through an international payment gateway.”
That being said, you and your customers’ ability to seamlessly connect with one another electronically would not be possible without an international payment gateway.
Here is a little more about what makes international payment gateways so special and why you need one if you intend to take your small business to the next level by accepting credit card payments cross border.
What is an international payment gateway?
An international payment gateway is the means by which a merchant — meaning you — confirms and substantiates their customers’ payment information. The key distinction between it and a domestic gateway is an international payment gateway allows you to process payments in many different currencies rather than one. With international payment processing services in place, the funds submitted electronically are vetted and verified before finding their way to your merchant account. It essentially serves as a clearinghouse for ensuring secure global payments.
What are currency conversion services?
When your business is located in the Midwest of the U.S. and you’re selling to someone that lives in the Far East, they obviously don’t use the same kind of money that you traditionally accept. That’s where currency payment services come into play. International payment processing services handle the conversion work for you. This payment service may be handled by the credit card company or the gateways that process credit card transactions.
There are a variety of advantages that derive from this global payment service. For instance, in addition to handling the mathematics involved in calculating foreign exchange rates, currency conversion allows customers to quickly see exactly how much they are spending on whatever they happen to be buying.
international payment processing that provides conversion services ensures customers won’t be charged international transaction fees by their card issuing bank.”
Additionally, international payment processing that provides conversion services ensures that customers will not be charged international transaction fees by their card issuing bank. Granted, fees may not break the bank, but they can really add up over time. Choosing a payment gateway that helps your customers save in this regard will be greatly appreciated.
It’s also good to go this route because it’s more secure. Chargebacks are less common when payments are processed and translated in customers’ local currency.
How do you accept international payments?
The process involved in actually accepting international payments largely depends on the payment gateway that you’re using. The beauty of payment gateways is they handle the work for you, but do it for a certain fee — or fees plural. For instance, Stripe, PayPal and Amazon all have flat fees for both domestic and international transactions, but they also charge extra, meaning on a per-transaction basis.
As a high-risk business, however, financial institutions may charge you more based on the nature of your business and the potential for fraud. T1 Payments handles things differently. We charge a flat rate and are a full-service global payment processing provider. We mean this in more ways than one, because not only do we collect payment in over 160 currencies, we own the entirety of the payment cycle. This accelerates speed, enhances quality and assures accuracy.
Choose T1 Payments
With over 175 e-commerce shopping cart integrations, deployment of the latest chargeback mitigation technology, real-time reporting and complete PCI compliance, T1 Payments is international payment processing services personified. Our in-house integration team will ensure your business can begin accepting international payments securely and in the format you want, be it credit card, mobile device, bank transfer or all three. If it’s customization you want, it’s customization you’ll get. No ifs, ands or buts about it. It’s part of what makes us the best international payment gateway around.
Contact us today to learn more.