The Global Payment Processing for e-commerce is over $300 Billion Dollars and since the internet is worldwide why not take your business global?
Most domestic payment processors only allow you to process in one currency – US Dollars, but when you partner with a global payment processor and a global payment gateway you can take your business international. It’s easier than you think because all you need is an international payment gateway and an ecommerce website. Here are the benefits in processing payments in your customers local currency utilizing an international payment gateway.
1. If you do not process your international credit card transactions in the local currency of your customers you will have a higher rate of shopping cart abandonment because shoppers are not able to quickly figure out how much they are paying for your goods or services. So why not allow your customers to check out in their local currency so not only you will reduce shopping cart abandonment, but also increase website conversions.
2. The total payment amount upon checkout is clear and recognizable because it is displayed and charged in your customers local currency. By displaying charges in your customers local currency it prevents any ambiguity relating to the price of your goods or services. Having clear and concise prices in customer’s local currencies reduces refunds and chargebacks.
3. If the credit card is processed in your customer’s local currency they will not be charged international transaction fees by their card issuing bank which not only saves them money, but it reduces your customer support efforts when having to explain that it is not a charge made by you, but rather a fee from the bank that issued their credit card.
4. Credit card payments that are not made in the local currency for which the card payment was issued have a higher decline rate because card issuing banks may view the transactions as potential fraud.
Partner with T1 Payments and our global gateway to take your business global.