Posted on March 13th, 2010Online merchants can significantly boost their revenues by expanding their business to an international market. Following a few simple guidelines will ensure online merchants can accept global payments without exposing themselves to unnecessary risks and compromising their business:
Get a Payment Gateway – There’s no question that international sales carry a much higher risk than domestic ones. Employing a reputable payment gateway can give you access to a myriad of features designed to manage and minimize your risk.
Offer Local and Popular Payment Methods – While credit cards may be the most commonly used payment method in the United States and Great Britain, direct debit payments, personal checks, and other payment methods may be the preferred way to pay in other countries. Before you offer service in a particular country, make sure you know what the most popular payment methods are so you can offer them through your site. The more payment options you offer, the more sales you will make.
Clearly Define Shipping Policies – Make your shipping policies and other pertinent information clearly visible and easily accessible on your website. Inform international customers if they will be expected to pay additional taxes or duties, depending on their location.
Get Fraud Protection – With credit card fraud skyrocketing, especially in countries known to be “high risk,” make sure you employ fraud protection features that can help you identify fraudulent or suspicious orders.
Don’t Forget Charge-Back Protection – Similarly, charge-back protection can protect you against financial losses incurred by charge-backs. This is especially crucial if you are selling high ticket items (such as electronics) internationally.
Offer Dynamic Currency Conversion – A must for online merchants selling internationally, make sure the currency of where the buyer is located is displayed or allow customers to easily select their own currency using a drop down menu.