While some companies are more than happy to stay in their region and stick to what they know, others have dreams and aspirations of venturing outside their comfort zone and expanding into new territories. Whether you launch your products and services across Europe, Asia, North America, or Down Under, to tap into the growing global business market, you need to make sure you have secure online payment methods for consumers.
Different countries and regions have different payment preferences. Because of this, companies need to provide a range of payment options to ensure they don’t miss out on potential sales. Here we will explore some of the payment methods available to companies who want to go global.
Global Business Payment Platforms
This payment method essentially rolls all the below into a single platform. There are a wide selection of alternative payment methods to explore, including various forms of digital cards and wallets to choose from. However, some methods are more popular in certain regions or countries than others. For instance, in China, customers like to use payment methods that may not be available in the United Kingdom. You can pick a global payment platform like Silverbird that gives you more freedom. They go into detail on topics like receiving payment from customers and paying your suppliers.
Credit cards are arguably the most popular payment method across the globe. What’s more, they’re accepted by the majority of offline and online merchants. Global companies can accept payments from customers who have American Express, MasterCard, Visa, and other major credit cards. The great thing about credit card payments is they’re fast and secure. This makes them one of the more convenient options for both customers and businesses.
While debit cards share many similarities with credit cards, the key difference is they draw money directly from a customer’s bank account. Debit cards are widely accepted across the globe and provide a more convenient payment option for customers that prefer paying directly from their bank accounts. Businesses that operate worldwide are able to accept payments from customers who use debit cards. This is provided they use major card networks like Visa or MasterCard. If you opt for credit cards or debit cards as a payment method, make sure to provide adequate security for customers. This is to prevent a data breach from occurring.
Another popular payment method for international transactions is bank transfers. Customers are able to directly transfer funds from their bank accounts to the company’s bank account. This method of payment is preferred by numerous customers, especially if they’re hesitant to use credit or debit cards when online shopping. However, one of the downsides to a bank transfer is it can take longer to process when compared to other payment methods. Also, companies may need to wait several days before they receive the payment.
E-wallets are digital wallets that enable customers to house their payment information safely and securely when making online purchases. Popular e-wallets include Skrill and PayPal. E-wallets offer a secure and convenient payment option for customers that aren’t keen on sharing their debit or credit card information with merchants. You’ll find e-wallets are widely accepted by global companies, making them an essential payment method to offer to customers. One thing that must be noted is that some e-wallets don’t work in every country, so it’s your job to check the conditions carefully.
In recent years, cryptocurrencies like Ethereum and Bitcoin have grown enormously in popularity, and for good reason. Global companies can accept cryptocurrency payments by setting up a digital wallet and directly accepting payments from customers. One of the major downsides to cryptocurrencies is they’re still not widely accepted as a mainstream payment method and may not be the most viable of options for all companies.
In the digital world we live in, just about everyone seems to own a mobile phone. Don’t just take our word for it. It’s suggested that by 2025, roughly 63 million people will be using a smartphone! Because of this, it’s no wonder why mobile payments are a popular choice with customers. Businesses who want to expand globally need to make sure they can accept payments via mobile devices. Customers can make payments using their smartphone with the likes of Google Pay, Apple Pay, and Samsung Pay. These mobile payment methods provide a fast and convenient way for customers to make payments that are safe and secure.
Global companies need to offer a variety of payment methods to cater to customers from all four corners of the planet. Whether it’s credit cards, debit cards, mobile payments, or global business payment platforms, using any of these options will boost your customer base, increase sales and give you a better chance of tasting success in the global market.