With the rapid growth of eCommerce around the world, both local and international online merchants can now use offshore services to unleash numerous business opportunities.
Furthermore, the rapidly increasing global internet penetration, advancements in mobile payment technology, and an increase in the use of smartphones and mobile wallets for a variety of activities are some of the key drivers driving International payment gateway market expansion.
People can now do practically everything online. It is now a matter of convenience to make a deposit, write a check, or pay your energy bills. All of these things can be done from the comfort of their own home using their computer.
Advancement in technology results in higher cross-border payments
Online shopping, in particular, is one of the most profitable areas of online banking. Hence, these transactions demand safe online payment systems.
Online buyers want a flawless purchasing experience, which necessitates good service as well as simple payment alternatives. When customers buy things on a website, online merchants provide them with a variety of payment choices. Choosing the correct online payment method might be difficult with so many options.
Many people still prefer to pay for things online with credit cards. The rise in credit card fraud and identity theft has made many people wary of using their credit cards online. This has also pushed credit card firms to beef up their security procedures; Visa and MasterCard are widely used by online businesses and are secure to use since they employ security precautions.
EskayPay is one of the leading market players in the online payment processing world. We simply act to diagnose the streaming of payments so that our merchants can enjoy the benefit of smooth and flexible payment transactions. We promise to maintain the highest industry standards with our International Online Payment Gateway so that global expansion will no longer remain a dream for our merchants.
How does international payment processing work?
The card schemes have divided the world into regions. To obtain processing in a particular region, you must have a legal entity registered in that region. They may try to demand physical presence in some cases, but there are fairly simple ways around this.
Each region has its own set of interchange tables. Interchange tables are the most basic fees that card schemes charge to process transactions. Don’t get distracted; you’ll never pay the interchange rates because an MSP will mark up those rates to obtain their share. And it may be marked up several times depending on how many intermediaries are involved in delivering the end result. In general, these organizations will charge anywhere between 0.15 percent and 1 percent more when doing high-risk business. And less when doing low-risk business, and more when doing low-volume business, and less when doing high-volume business. The reasoning is simple: providers need to make money, and the higher the processing volume, the less they need to mark it up to be profitable.
International Regulation and Cross-border payment limitation
Some products simply cannot be sold. Hence, it will not be accepted in certain regions, such as gambling-related transactions, health products, pharmaceuticals, porn, and so on. Depending on where you live, you may not be able to obtain processing. On the other hand, if you can set up your processing in a different region, you may not have any problems at all.
Currency is a similar issue. If you process in the United States, for example, you may only be able to accept USD. For some purposes, if you’re in Canada, you’ll most likely be able to accept USD and CAD, as well as possibly EUR and GBP, though this is unlikely. If you’re in Europe, you’ll most likely be able to accept a wide range of currencies. This may or may not be useful depending on the nature of your business, the location of your customers, and so on, but it is another advantage of being adaptable.
Rising eCommerce sales and faster internet speeds are expected to propel the payment processing solutions industry forward. Because of modern payments, smartphone transactions, and the increased use of online credit card payments, retail is moving away from traditional business models.
Choose the right payment method to grow your business internationally
Retailers are focusing their efforts on developing innovative mobile payment applications, risk management, and online and offline customer service. While some aspects of this evolution will occur naturally, there will be numerous opportunities for various parties to shape the outcome.
We at EskayPay offer an easy-to-use payment system with user-friendly plug-ins and software that will help you get a smooth and flexible payment transaction for your business. Our advanced technological resources allow us to offer recurring bill payments to merchants with subscription-based services. We include the Best International Payment Processor for merchants looking for cross-border payments or planning to expand their business overseas.
High Risk Merchant Accounts 