Looking for strategies to set your B2B eCommerce company up for success in the global market? Utilizing a global payment processor that can navigate the complexities of international payments (like BlueSnap) should be high on your list of priorities. Whether that means ditching an underperforming gateway or consolidating multiple regional gateways into one, you’ll end up with a single, easy-to-manage payment platform that provides complete global coverage—and increases your revenue at the same time.
How can a global payment provider have such a big impact on my B2B eCommerce company?
Cross-border payments require special attention. For one thing, international payments processed by banks outside the region in which they originate (for example, a European bank trying to process a U.S. credit card) are up to 30% more likely to be declined. BlueSnap has numerous bank partners around the globe and routes every transaction to the bank most likely to approve it, increasing your cross-border conversion rate.
Another way we increase your revenue is by providing “localized” checkout experiences for all your customers, no matter where they’re located. They’ll see the checkout page in their own languages, purchase prices in their own currencies, and payment methods they are familiar with. Many so-called “global” payment providers offer limited services in these areas; you need a complete menu of options to successfully sell in all corners of the world.
How to Start Transitioning to BlueSnap
If you’re interested in seeing what a switch to BlueSnap can do for your business, here’s a good path to follow:
1. Review your current online infrastructure, process, and results.
Examine the way you’re currently handling payments, including things like:
- How many days it takes you to receive customer payments.
- Your process for invoicing and accepting payments.
- The payment methods you accept.
- The amount of effort it takes on your part to complete a payment.
Document it all to get a clear view of the costs associated with your payment process and where it might be failing.
2. Assess your cross-border payment needs.
Know where your customers are coming from so you can tailor your payment infrastructure to those regions. If you’re a U.S. business, for example, what percentage of sales are made in Asia, Africa, the EU, UK or other regions? Some B2B companies that have made the switch to BlueSnap have seen a 25% uplift in conversion rates simply by having a payment partner with the right mechanisms in place (like intelligent payment routing) to support transaction approvals.
Don’t take our word for it—ask us to set up a trial run so you can see the difference our payment gateway makes for yourself.
3. Identify the full cost of using multiple gateway providers.
Whether you have two gateways or 30, working with multiple providers is more costly than working with one. You have to invest more manpower into keeping all those integrations up to date. You’re also missing out on some significant economies of scale. You’ll get a markedly better price for moving 30 million euros through a single gateway than for moving 1 million through 30 gateways. Finally, consider the business opportunities you might be missing out on because you have no real way to compare and contrast payment data in different regions. With so many payment systems in play, there’s no good way to make a meaningful comparison.
4. Document CNP fraud trends and gaps.
An unfortunate B2B eCommerce trend is the rise of card-not-present (CNP) fraud. Every business that conducts online transactions more than likely has some level of fraud protection in place to help lower the risk, but it’s not always easy to know how well it’s working. The first step in evaluating your fraud controls is to document trends. Note the levels of fraud you’re seeing in different parts of the world and compare them. Also note the regions in which you don’t have fraud protection. Once you’ve identified all the difficulties and the gaps, you’ll be better able to evaluate your current provider’s fraud solution against that provided by BlueSnap. You’ll also have a basis for experimentation when it comes to adjusting fraud rules.
5. Compare the features of your current gateway(s) vs. BlueSnap.
You may think that by switching from many payment providers to one you’ll miss out on certain features, but that’s not the case with BlueSnap. Compare your current gateways to BlueSnap’s All-in-One Payment Platform, and you’ll see we not only have extensive global coverage but a host of other features that accelerate sales. For example, do all your gateways accept digital wallets (or eWallets)? Apple Pay, Paypal, Visa Checkout, and more are all becoming preferred payment options, and therefore a necessary component of your payment platform; you’ll get support for them all with BlueSnap.
Want to know more about how BlueSnap accelerates B2B eCommerce?
Download our whitepaper for more information about the necessary features of a global B2B eCommerce payment provider and the BlueSnap All-in-One Payment Platform. With our global reach supporting your cross-border efforts, you’ll have an international growth strategy that can take you anywhere you want to go.