4 Things To Think About Regarding Multiple International Payment Platforms

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in Blog
on Tuesday, 12 April 2016 18:08

No matter your business, the right payment platform is essential. But operating globally complicates payment processing. An international payment platform must be flexible and robust to handle everything that global payment processing throws its way.

Whether your company is starting to offer your products and services internationally or you’re getting involved with international franchising, you’re now entering the multi-currency world of global payments. The same is true if you operate a business that provides payment services to companies that are involved in international sales. You need international payment software that’s up to the challenge.

As you expand into the international payment world, you need to keep the following four questions in mind:

Will settlement be possible in a single currency or must transactions be settled in the authorization currency? To charge customers in a local currency and then settle the international sales in a single bank account in a preferred currency, you need a single acquirer that can support dynamic currency conversion. If settling in the local currency is necessary, a relationship must be in place in each locality with a local bank. This requires a more complex payment ecosystem to be put in place and more robust international payment processing software.

Which are high priority and low priority regions for online payment processing? You’ll need to have an estimate of transaction volumes for pricing negotiation in a region, and setting up a relationship with a payment processor and making all related technical integrations is never easy. Because so many issues and complexities are involved, you’ll have to prioritize which regions are most important to you since bringing all areas online will take time.

What kinds of transactions will you need to process? Will you be dealing with card-present or card-not-present transactions? Will you need a software vendor that can support EMV and EMV terminal solutions? Card-not-present solutions are usually easier to find, especially since there are local regulations in many areas involving chip cards. In some places, you may be required to use special local technology that you will find difficult to incorporate into your payment processing solution’s ecosystem.

What specific mechanisms are involved in integrated with banks, setting up merchant accounts and more? In North America, payment gateways are available that integrate with several banks and processors, making establishing technical relationships easier. Internationally, relationships may be more difficult to establish. There may be only a few acquiring banks in some regions. You need to know where you stand with every region and understand how complex it will be to accept and process payments there.

At PayVisors, we help companies find ways to deal with payment challenges - and we can help you. Contact us now to learn about how our business consulting company can connect you with a robust and feature-rich payment gateway that will solve many of your international payments challenges.

The payment world has issues, and PayVisors has solutions.

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