If your business accepts credit card payments, you know that there are plenty of issues to anticipate. Credit and debit cards offer convenience for consumers and businesses alike, but they can come with certain risks, such as fraud. For businesses who use a credit card payment processing company, there’s also the chance that the fees they are charged will be so high that making money off of credit card payments can be difficult.
However, when a business has the right credit card payment processor, it can make the transaction process go smoothly. It can also offer additional benefits, such as international payment processing. International payment processing is used to transfer funds from one country to a business operating in another country. Businesses that require this service can find out what is covered if they have access to their payment processor’s full list of international currencies.
How can you tell if international payment processing is something that you need? Here are some instances where you may require this service:
1. If your business operates near a border: While this goes for anywhere in the world, this is especially true of the United States and Canada. At least 37% of the world’s bargain hunting “power shoppers” live in Canada and go regularly into the U.S. to shop. Being able to take a payment from a customer with an international card means that you won’t have to turn them away to go elsewhere.
2. If you run an online business: If your online business sees a lot of international credit card payments, you’ll need an eCommerce solution that can accommodate for these types of transactions. Many online businesses will limit where they ship items to in the world depending on what kind of payment processing they have. However, by accepting all international global currencies, a business can expand their reach throughout the world.
3. If you have many business-to-business (B2B) clients overseas: Some businesses have clients or business partners that operate in other countries. Although it’s possible to have funds transferred without any problems, there can be banks fees for those exchange rates. Having a payment processor take care of these responsibilities can add a new level of convenience to any business deal.
What conveniences would you have with international payment processor services? Tell us in the comments section.