While it is great to accept payments through a payment gateway, there is always a scope for you to expand your business beyond the national frontier. With the help of an international payment gateway, you can easily do this. The international gateway works in a similar manner as domestic payment gateways do but with the additional advantage of accepting payments from other countries as well.
It is just the thing you are looking for to make your business go global. A payment gateway that accepts payments from different countries will help your business and provide numerous advantages.
How Can International Payment Gateway be Significant for Merchants?
Following are the ways in which getting an international payment gateway will significantly help you in your e-commerce business.
Accepting Payment from Abroad
One of the biggest advantages of having an international payment gateway is that you, as a merchant, can easily accept payment from anywhere in the world. Getting payments in international currencies is always a tedious process that requires both time and several important transaction protocols. But with a payment gateway that accepts international payments, you will have a singular platform from which you will be able to accept both national and international payments without much hassle.
How Does it Work?
Firstly, the payment gateway sends necessary transaction information to the merchant processor. The task of the merchant process is to verify this information. Once the verification is complete, the merchant processor sends the information to the international credit card brand. The credit card brand then sends this information of the transaction to the issuing bank of the cardholder. The bank verifies all the details of the transaction and checks the customer’s credit score and transaction limit. If everything is fine, the bank will credit the amount and issue it to the credit card operator. All that the credit card operator or network has to do now is to share this with the merchant’s account through the payment gateway. And in this way, the international credit card payment is made.
Another major advantage of using an international payment gateway is that it provides a sense of security to the merchant. Security is one of the biggest concerns for any merchant or customer when it comes to online monetary transactions. Hence, safety is something that cannot be compromised upon on any grounds. The best way to overcome this doubt is to use a payment gateway. The use of encryption technology in a payment gateway makes it next to impossible for any hackers to crack the details of the cryptic transaction. Moreover, with international payment, where two different currencies and laws are at stake, a payment gateway simplifies things and provides a safe and secure transaction.
More Customers to Cater To
Why limit your business to a domestic level when you can enter the international e-commerce arena? One of the deterrents for merchants to avoid offshore business expansion is that it brings in many complexities regarding payments. But this no longer holds true. With an international payment gateway, you can swiftly get your customers to make payments. With convenience in monetary dealings, both you and your international customers will be more than happy. This will give you a tremendous boost in expanding your business and bringing in a new customer base for your services.
Apart from this, the currency conversion issues with an international payment gateway is also solved. Therefore, as a merchant who is planning to expand his business internationally, getting a payment gateway for international transactions would be highly beneficial. The payment gateway will make things so easy that accepting payments from abroad would be just as similar as getting it domestically.