Offering customers multiple ways to pay for products and services can drastically improve conversion rates and sales revenue. E-commerce websites in the US tend to limit themselves to transactions completed in dollars with only major credit cards accepted. This is due to the perceived costs and complexities of global transactions.
Complex Payment Platforms
Traditionally, different platforms were needed to offer secured transactions in multiple currencies. The management and cost of maintaining those platforms are prohibitive for smaller sites and new E-commerce ventures. The analytics become confusing because they are disjointed and require summarizing before owners can use the collected information.
All Processing in One Platform
The concept of offering secured check out pages in many languages to over one hundred countries once a single platform has been realized. Currencies can be instantly converted to dollars for smooth transactions and payment options such as Paypal, eWallets, and international credit and debit cards for customer convenience.
Once payment is received by the merchant, it goes through checks for fraud protection and is then routed to the closest acquiring bank. The payment then goes through the source card network and onward to the payout bank. Fraud checks are completed at every stage of the process.
The advantages of one platform that handles all payment options for E-commerce sites include one contract, one payment for services, and one set of analytical reports and tools. Technical support and help with chargeback management are also benefits of one solution for global payments. Lower costs are a benefit as well because pricing is a low percentage plus a few cents for each transaction.
Getting started with most payment platforms requires a setup fee, a monthly fee in addition to per-transaction fees, and a fee for integrating with the current business system. All-in-one options, such as BlueSnap, eliminates all the added-on fees associated with global transactions. The platform integrates with most E-commerce business systems so there is nothing to change in terms of how the site operates.
Higher Conversion Rates
Customers, especially international ones, will take the time to first look at forms of payment accepted before browsing the site. If there is no way to pay for items or services, a new site is researched and explored. This costs businesses customers and revenues. Multiple payment options eliminate the barrier and naturally result in higher conversions.