Accepting global payment through the merchant account facility has been one of the top priorities for the business. In the coming years, there will be more than 17 billion credit and debit cards will be in circulation worldwide. All the major card brands are targeting the consumer globally, this consequences the rapid increase of the usage of debit and credit cards for global e-commerce payments. Accepting different credit cards for your business is essential.
The savvy international online shoppers look outside the borders of their country while he product or services. In fact, the US e-commerce market has higher international sales than domestic online purchases. There are millions of international shoppers who visit the US websites and are eager to buy services from US merchants. Luxury goods, fashion and cosmetic products, entertainment and, all types of goods and services in the US are in huge demand worldwide. This shows higher business prospects for e-commerce merchants in America. EskayPay is one of the prominent payment gateway service providers in helping the merchant with a Global Merchant Account that will allow the merchant to have an international presence of his business in the market.
Global Payment Revenue and Nominal GDP in the Last Decade
Over the last decade, payment revenues have exceeded the Nominal GDP growth.
Between 2010 to 2019 GDP has roughly grown from 5.0% in the regions where online payments are accepted.
While payments revenue has grown at 7.4%.
Payment Revenue versus GDP
If compared the two statistics in the last decade you will notice that the global payment revenue is 1.5 times more than the Nominal GDP.
In 2019 payment revenue has grown up at 5.0 percent which is 1.01 times higher than the GDP growth.
Increasing benefits from the International credit card processing
A domestic merchant account is responsible for processing the payments from the local customer located in the same region as the acquiring banks. Though, the international payments processed through a domestic bank have a higher prospect of decline. A decline transaction intends to provide lost sales and decreased profits.
International credit card processing when processing the payments through the domestic acquiring bank, also enhances the expenses expecting a higher cross-border fee. Another issue involves the foreign exchange that fluctuates over time and can’t be controlled or managed.
Getting Global Payments Merchant Account is the best option to reduce processing costs which will also result in increased sales. You are just to take services from the acquiring banks that are located in the same region as your targeted market. Suppose your acquiring bank is in the US and you are targeting the US customer or your acquiring bank is in Europe and you are targeting the European market.
You will have an effective network of banks for processing your international payments. All global payment gateways are managed on a single dashboard and provide you with better functionality to look upon weekly, monthly, or yearly based payment transactions.
When you implement the global merchant account services, you can continuously enjoy a higher approval rate. And you will be able to witness higher profit margins, lower expenses enhance customer experience.
Multi-Currency Payments Acceptability
If you are looking to enroll in international orders then multi-currency pricing is important. Hence, multi-currency processing is the standard feature that is available on all international merchant accounts. Star enrolling multiple currencies for your business and receive a settlement in some of the major world currencies.
Multi-currency availability enhances your volume of sales from the international savvy shoppers. Making available different currency option allow the customers with the liberty to make payment in their native currency. The customer also gets attracted to your business. Next time when you will be seeking for making an online purchase chances are they will reach out to your business.
Making the shopper stick to your business or website is very competitive in today’s world. When a potential customer land on your business website it means that he was searching for your product or services.
Shoppers don’t have any interest in calculating currency conversions. They went on to buy the product or service if they already have the conversion listed in their native currency. So it makes it easy for your customer to make purchases on your website.
It builds rapid trust with your customer starts accepting payment in any currency that your customers prefer. Trust ensures customers get back to your product or services. So accepting global payment is a convenient option for your customer.
Get higher flexibility and lower processing cost with a Global merchant account. If you are a merchant looking to accept the International currency for your business then you can easily come in contact with the EskayPay payment.