Business is continuously changing, and checks and cash are not the number one options consumers use. Payment options such as debit and credit cards are growing popular daily, and having an international merchant account for your business is not only a sound business decision, but it will also allow you to accept international payments in multiple ways, including debit and credit cards.
In the modern era of technology, we live in, running an e-commerce business would be difficult without an international merchant account. Millions of consumers use both debits and credit for payments online.
An international merchant account makes it easy to sell your items or services across the borders and take payments in different currencies. Most international merchant accounts handle ACH transfers, credit cards, and cryptocurrency transfers for online sales.
These international merchant accounts hold more value for your business than you ever thought possible. Below are some of the advantages of owning an international merchant account for your business.
International merchant account eliminates hidden fees
During the payment process, either your business or consumers might incur some hidden charges. Most companies that process a large number of payments or a massive number of international receivables are paying far more than they should in transaction fees. If you want to do transactions, then try soar pay for high-risk merchant transcations.
Some of the flat fees charged of incoming wire transfers are often disclosed until the payment is received. Rather than blindly walk into any transaction without clarity on the fees, you will be charged. International merchant accounts offer a way to skip these bank charges or rather have you pay some portion of it, cutting your costs altogether.
Additionally, you’ll have some peace of mind when you only think about your transactions and not all the external factors potentially impeding your access to those funds.
International merchant accounts work to remove any hidden fees for you and your customers by processing direct debit/AHC transactions with no costly international wires. Some international merchant accounts also terminate the flat fees paid on deposits made to your account. Thus, you don’t have to pay to receive any money.
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Prevents online fraud
If you run an e-commerce business, you risk being defrauded online by con artists posing as customers. Online fraud is an issue that all e-commerce businesses have to handle regardless of their scale. Issues such as unauthorised transactions and charge back disputes will not only worsen your business’s credit score, they can taint your business’s image.
International merchant accounts are more than just accepting debit and credit card payments. They help fight against bounced checks and online frauds who are out to make a quick buck from your business. Most international merchant accounts have payment gateways and processors that help against fraud.
Thus, you can accept any digital payment while avoiding the risks such as bad checks. And because international merchant accounts have databases that keep records of all transactions, you can even win any chargeback disputes against bad customers. Still, most importantly, your image and credit rating remain safe.
So, use an international merchant account for safe payments and transactions for the sake of your business.
Improved foreign exchange rates and reduced losses
The unpredictability around foreign exchange has proved to be detrimental for many businesses in the past. The foreign exchange rates seriously impact both parties, the payer and the receiver of the transaction.
Payers want a cost-effective foreign exchange rate that is fair, and businesses want to avoid any short payments that may come up due to the consumer incorrectly accounting for the rate.
International merchant accounts have set foreign exchange rates, and they’re always on display, so the payers are never caught off-guard by the fluctuations or interchange fees.
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Ensures you always get paid in international payments and on-time
This is a massive benefit to your business. If your international customers don’t always pay on time, that may impact your business in various ways. First off, slow international payments may negatively affect your business’s cash flow. Secondly, the uncertainty around those international invoices can halt the growth of your business.
Having an international merchant account always ensures your consumers not only pay but pay faster.
Various international merchant accounts provide an opportunity for your international customers to pay, and you can immediately confirm the receipt of the funds.
International merchant accounts remove the need for you to continuously reach out to customers to verify if payment has been made. Also, customers have a more familiar transactional flow and can pay more quickly.
Removes the need for local bank accounts
When your business ventures into the world of international payments, there’s no need to create foreign bank accounts to conduct business in those markets effectively. International merchant accounts remove the need to open a foreign currency account to receive payments in that specific currency.
There’s a lot of competition in the global marketplace, and you need to have a streamlined payment process for your consumers that isn’t challenging or complex. International merchant accounts take off the burden of these complicated processes.
Some international merchant accounts have a regional and global banking network that eliminates setting up and managing complex foreign accounts.
You can access these already established global banking networks without wasting valuable time and effort establishing foreign bank accounts by having an international merchant account. Your customers will pay in their desired currency, and you receive the fund in your preferred currency.
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You gain competitive advantage
Having an international merchant account puts you in a position of global expansion over your competitors. For instance, a business that expands its markets to where its competitors don’t operate has the advantage to take over.
This allows them to create strong brand awareness with the existing consumers before its opponents get there. Additionally, international expansion can open up your business to new technologies and industry ecosystems that may, in turn, improve your operations significantly.
International business can also improve your company’s image as global operations build your name brand and set you up for recognition. New opportunities like contract negotiations and new marketing campaigns also come up thanks to international expansion.
And there you have it, six benefits of having an international merchant account. Owning one will also improve your productivity and reduce the time needed to do complicated calculations. Additionally, the all-inclusive payment mechanism will strengthen your business relations and show consumers you’re a trustworthy business.
Regardless of your business venture, you need one if you have an online and global market. There are many trusted international merchant account providers out there, so pick one that works for you.
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