Securely Accept International Payments for Your E-commerce Business with OmniPay

When expanding a business to accept international payments, you as a merchant have various options, including partnering with merchant service providers (MSPs). 

MSPs can help businesses by providing the ability to process payments in multiple currencies and offer cross-border transaction support and foreign exchange services. 

Working with an MSP that offers a robust suite of features and services for businesses looking to process international payments is essential. In addition to processing payments in multiple currencies, they should offer:

• Fraud protection
• Chargeback management
• Cross-border transaction support

Selecting merchant service provider for International Transactions

Researching how people in your target market pay is one of your first steps in accepting international payments online. For example, a UK retailer expanding to Japan should consider the payment methods available in that area. NETS, Visa, and Mastercard have significant market penetration; they are well-known brands in countries where most consumers make card payments. 

Online transaction is the most popular e-commerce payment option in today’s digital era. However, depending on your merchant service provider, your payment approach and checkout experience will differ considerably.

When selecting an MSP, merchants should consider the following: 

Process payments in multiple currencies: Ensure the MSP can support the currencies you wish to accept. 

Fraud protection: Look for an MSP that offers fraud protection services, such as chargeback management and fraud scrubbing. 

Cross-border transaction support: Ensure that the MSP can support transactions between your business and customers in other countries.

Foreign exchange services: Some MSPs offer foreign exchange services, which can be helpful if you plan to process payments in multiple currencies.

How do international authorisation rates work for your Business?

Understanding how authorisation rates affect your bottom line is another critical issue while expanding. For example, domestic transactions often have a higher approval rate when an issuing bank sanctions a transaction.

Cross-border transactions typically have a higher risk of fraud or other problems. It means that when merchants switch from cross-border to local processing supplied by your payment processor, we witness an increase in authorisation rates and, as a result, profitability.

When comparing cross-border transactions to processing with a local firm, a complicated set of considerations, such as taxation, must be considered. You can seek help from their payment partner to effectively handle these concerns and identify the optimal mix for each expansion strategy.

OmniPay: Helping e-commerce businesses accept payments internationally

When you accept international payments, you essentially allow customers worldwide to purchase their goods or services using their preferred payment method. Therefore, you will need a merchant account with a service provider like OmniPay that supports international payments. 

OmniPay works with the customer’s bank to process the payment and ensure that the funds get transferred to your merchant’s account. You will then be responsible for shipping the goods or services to the customer.

We help your e-commerce business accept international payments easily and offer a robust payment suite; you can stay rest assured that your business will be able to process payments quickly and securely.

To know more about our international payments, book a call now!