Maintaining an online ecommerce story isn’t easy, but every business owner wants to be able to reach the international market so that they can expand their business. The prospect sounds easy, but the method of accepting international payments is a little more tricky.
It’s best to have a diversity of online payments so that people in different countries have different methods of payment, in case one of your options isn’t available in their area. In order to cover all of your tracks, here are five ways to easily accept international payments.
Using Online Payment Gateways
This is using third-party payment options like PayPal (or whatever else is available in your country). Sometimes it’s as easy as setting up a payment button with a link to the right gateway, and the rest of the work is done for you. However, it’s important to remember that these gateways do charge a fee, so it’s a good idea to shop around to see which one is capable of fitting into your budget.
Shop around to see which gateway has the supported features you’re looking for. Do you want a gateway that accepts credit card and debit card payments? Do you want one that supports payment in cryptocurrency? Knowing what your options are will help you to make a better business decision.
Having a Multi-Currency Account
It’s a good idea to set up a multi-currency account with your bank in order to accept payments in other currencies, rather than having to set up multiple bank accounts in other countries. This spreads you too thin and makes it difficult for you to keep track of all of your bank accounts.
Making Bank Transfers Without Using a Bank
A bank transfer involves money being sent from one domestic account to another bank account in a foreign country. Instead of using a bank and having to pay fees, there are international companies who will complete this process for you and charge much lower fees. One good example is Western Union.
PayPal has become one of the most popular methods of making international payments. This is because there are no fees to set up an account, so you just set up with an email and password, and go. However, PayPal isn’t known for its great exchange rates and they tack on transaction fees for small business owners. However, taking small payments through PayPal can still be better than using a bank.
Cryptocurrency isn’t that new, but the infrastructure is finally there for businesses to use. The problem lies in setting up a system in order to receive Bitcoin. It can get pretty complicated, which makes it not worth it for some business owners. Another big problem with Bitcoin is that you can end up losing out when the exchange rate kicks in, resulting in receiving fewer funds.
Not every methods of accepting international payments is full-proof, but diversifying your options can help to spread that risk around, minimizing your risks and chances of fraud.