Gaining access to consumers all over the world is becoming increasingly easier due to the rise in people’s online usage. But, although reaching them and getting your brand in front of their eyes is now possible, you still need to have the right fundamentals in place to ensure the payment process is smooth. Without it, you may see a decrease in authorisation rates which won’t do your reputation, your customer’s experience or your bottom line any good.
So, if you’re looking to expand your business and explore the international market, that’s where a global payment gateway and local acquirers come into play.
In this blog, we’ll delve into the basics of the payment gateway for global processing and how they can benefit your business to future-proof your expansion goals.
What’s in this article?
Just like a generic payment gateway, a global payment gateway is the bridge between your online store and the bank that processes your customers' payments. It securely authorises credit card transactions and ensures that funds are transferred from your customer's account to yours.
However, using a payment gateway that is globally connected to a large network of acquirers and provides the functionality for you to accept a range of currencies and payment methods will help you to break through any international barriers[I(1] and accept cross-border payments. On top of that, they can also provide an interface that allows the use of multiple languages to improve your customer’s experience.
Here’s a quick step-by-step on how the payment process works.
If you’re considering whether to improve your processing and upgrade your payment gateway to accept international payments, then let’s take you through the benefits to show it is, more often than not, the right choice.
With a global payment gateway, businesses can reach customers worldwide, regardless of their geographic location. This opens up a whole host of opportunities to tap into new markets and diversify your customer base that may not have been accessible otherwise. By eliminating barriers related to payment processing overseas, businesses can attract customers from anywhere in the world.
Accessing global markets means accessing more potential customers. The ability to accept payments in multiple currencies and from various regions enables businesses to capitalise on international sales opportunities. This can result in increased revenue streams and overall business growth.
In today's interconnected world, businesses need to compete not just locally, but globally. Having a global payment gateway gives businesses a competitive edge by enabling them to offer seamless payment experiences to customers worldwide. This can set them apart from competitors who may not have the same level of international payment capabilities.
Global payment gateways are designed to handle high volumes of transactions, making them scalable solutions for businesses looking to grow internationally. Whether a business is processing a handful of international orders or thousands per day, a global payment gateway can accommodate the scalability needs of businesses as they expand into new markets.
Global payment gateways often come hand-in-hand with advanced security features to protect your customers' payment information, reducing the risk of fraud. For example, here at Total Processing, our gateway comes with a fraud suite consisting of 120 fraud tools, including chargeback alerts, 3DS2 authentication, AVS checks and smart detection tools.
Most global payment gateways also come with user-friendly dashboards that allow you to track transactions, manage disputes and generate reports easily. Our Total Control dashboard does just that and more, allowing you to analyse real-time insights and create custom reporting to spot behavioural trends to help you make smarter business decisions.
Now that you understand how they work, you might wonder which one is the best global payment gateway provider for your business. Here are a few factors to consider:
For a full list, check out our blog on things to consider when choosing a payment gateway.
A global payment gateway is essential for businesses looking to expand internationally and accept payments from customers around the world. By understanding how it works and choosing the right provider, you can streamline your payment process, increase sales and provide a better experience for your customers.
If you’re ready to scale your business and open up to new markets, now might be the perfect time to take a look at the payment gateway you use. To learn more about how we can help you expand, get in touch with one of our specialists.
