6 Key considerations for International expansion: The payments checklist
So you are all set to expand your business overseas? After selecting the countries, the market segment and the products you are about to launch in an unknown territory, here¬ís 6 things you should consider to make sure your jump across the border is definitely going to be your passport to business expansion.
1. It’s all about localisation
Think about Currency and the 3Ls - Language, Logistics and Layout.
Display prices in locall Currency. Make sure the payment pages are lin native language.. Plan to t localise Language, Logistics and Layout
Find out if you payment provider can accept payments in multiple currencies.
2. Think beyond the credit card
Research local payment methods
Research the most popular payment method offered in the overseas market. Invoice payments, deferred payments , bank transfers and more such options are popularly used in other countries. Consider local vs global acquiring. Use an efficient collecting service.
Use a payment provider that can offer a one-stop shop for all your international payment options
3. Think Omnichannel
Anytime, anywhere, any device
Make sure you offer a seamless payment experience
both in-store and online. Offering tokenisation, in-app purchases and mobile checkouts
help further conversion.
Check if your payment provider has an omnichannel offering.
Also make sure your payments service support snew trends as in-app purchases and has the ability to scale to new developments in seamless payment options.
4. Watch out for Fraud
Fraud costs you money and chargebacks can cut Into your profits. It is important to ensure you have the right fraud checks in place before you start trading overseas
!! Ensure your payments provider can support you on comprehensive fraud checks
5. Build Trust
Don’t overlook the importance of building trust with the overseas consumer. Be clear about pricing , shipping costs, returns policy and delivery times. Think about using reviews and ratings.Show logos of local payment options and display prices in local currency.
Using a reputed payments provider that has local presence can help build trust
6. Measure, Measure, Measure
Measure, test, learn, apply and repeat! Accept that you may not get it right all the time. But if you measure results, you can apply learnings and overcome barriers to your success.
Use a payments provider that can support you with analytics. Know where customers drop off and how to increase your transactions using data and analytics is key to your expansion plan.
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