For international businesses, accepting payments globally becomes more complicated as they add more countries and markets. Processing cross-border payments can quickly become cumbersome and overwhelming, and what works in one geography may not work in another.
While many payment vendors do not offer the full suite of solutions to truly support and optimize global online payment processing, there is hope. Businesses just need to know what to look for when choosing a solution to help them accept payments globally. With the right insights, it is possible to find an elegant solution that makes global online payment processing simple for its customers. Here are three questions to ask as you evaluate payment solutions for your international eCommerce.
1. What Bank Relationships Does the Payment Processor Have?
When selecting a payment processing partner, it’s important to choose one that has relationships with high-quality acquiring banks in the geographies where you need local acquiring in place. While local acquiring is essential for improving transaction approval rates, it won’t do your business much good to work with a provider that only has relationships with small, local banks that lack the experience and capabilities of larger banks. These smaller banks:
- Accept fewer cards
- Don’t have strong fraud detection capabilities
- Likely will be able to approve fewer transactions
BlueSnap’s network includes high-quality banks in-market and familiar with local acquiring in every country we operate. We partner with large, established banks that have experience with international companies, and our pre-existing relationships with them allow you to take advantage of their size and capabilities without building the relationship on your own from scratch. Additionally, we ensure redundancy in these relationships so that if there are any issues with one bank, a backup processor is available. This is all orchestrated to give BlueSnap customers higher authorization rates while reducing fees.
Be sure your provider has strong relationships with top-tier banks to get you all the benefits you expect from local acquiring.
2. What Fraud Detection and Remediation Abilities Are Available?
Another critical piece of global online payment processing is fraud detection and remediation. Fraud becomes more of an issue when you’re selling across borders, and it’s part of the reason cross-border payments can cause so many problems for businesses. Your payment processor should have flexible options when it comes to fraud prevention that include robust fraud detection capabilities and demonstrate that they make fraud prevention a priority.
The challenge you’ll encounter with payment processors is that companies with expertise in processing payments may not have the adequate expertise to build and maintain a complex fraud detection engine or understand how you want to implement the right fraud program for your business.
At BlueSnap, we understand that companies have different needs when it comes to fraud prevention. Have your own fraud team and/or existing tools that you like to use? The All-in-One Payment Platform can easily integrate and work with your current processes and systems. Additionally, the platform has an integration with award-winning fraud prevention software built-in with multiple levels to choose from.
We partner with Kount, an Equifax company, for their world-class online payment fraud prevention. While many payment processors have homegrown solutions, their efficacy is limited by their data pool. By leveraging data from thousands of global businesses, Kount’s built-in machine-learning technology can stop fraud intelligently in real-time without introducing customer-facing friction. In the end, more of the right types of payments are allowed, helping to grow your bottom line.
Be sure your payment processor’s approach to fraud prevention adequately supports your need to accept payments globally and is based on a strong foundation of data that will improve your overall sales while eliminating risk.
3. Do You Get the Comprehensive Approach to Global Processing with the Flexibility You Need from Your Payments Solution?
Many growing global businesses are probably frustratingly familiar with an old pattern: moving into a new country, searching for a payments provider that operates in that country, and then setting up the necessary unique systems and processes for everything to operate effectively. If your business operates this way, there’s a better way to accept payments globally: partner with a payments provider that, through a single connection, can provide global payments with local acquiring everywhere you operate.
With BlueSnap, instead of using multiple payments providers and developing disparate systems to handle each one, we can handle all of your payment processing worldwide. We have relationships with high-quality banks and intelligent payment routing that automatically routes your transactions through the right bank, helping you lower your decline rate and the fees charged to you and your customers. And when you move into a new country or territory, there is no additional work on your end — you simply let us know that you’re accepting payments in a new country, and we quickly get your business up and running.
At BlueSnap, we provide our global clients with all the tools they need for global online payment processing in a single integration and the flexibility to customize it for their business. For example, if you already have existing or preferred solutions for features like tokenization, taxes and fraud prevention, BlueSnap can work with them, or you can use the high-quality options built into our platform. This comprehensive yet flexible approach allows BlueSnap to provide a better way for growing companies to accept payments globally.