Introduction
Expansion of your business globally is no longer an option;
it has become necessary. Digitization and globalization are the focus reasons
for global trade achieving new milestones every year. The UNCTAD Report on
Global Trade Statistics 2019 shows that international e-commerce trade has
reached $26.7 trillion. Both business-to-business (B2B) and
business-to-customer (B2C) trades are growing steadily every year. In the
respective year, the global eCommerce trade (B2B & B2C) was equivalent to
30% of the worldwide GDP. This number is insane, showing the significance of
cross-border online businesses. Now you might get why we quoted that: global
expansion is not an option anymore but necessary. But with these alluring
numbers, problems also arise, and the most important one among them is international
payment processing.
Banks and traditional financial institutions hesitate to work
with international merchants. Not only do they hesitate, but they even refuse
to provide payment solutions to cross-border merchants for various reasons.
They consider online global businesses as high-risk and keep themselves away
from these ventures, which creates the biggest problem for MNCs -payment
processing. However, the vacuum is filled by many merchant service providers in
no time by offering high-risk international payment processing, such as
international merchant accounts and payment gateways. In this blog, we will
explore the solution for global payment problems, so if you are one of those
merchants who have them, then be with us to find the best international
merchant account for your global payment problems.
What is an International Merchant Account?
An international merchant account is a financial account that
empowers businesses to accept payments from customers across the globe,
facilitating cross-border trade. Unlike standard merchant accounts,
international merchant accounts are tailored to handle transactions involving
various currencies and international payment methods. These accounts enable
businesses to expand their customer base and reach a global audience by
accommodating diverse payment preferences. Integrating with global payment gateway,
they ensure secure and seamless transactions. Furthermore, international high-risk
merchant accounts help businesses navigate the complexities of international
regulations, risk management, and fraud detection, which is essential for
mitigating potential challenges associated with cross-border commerce.
Benefits of an International Merchant Account?
International merchant accounts
offer several benefits to businesses that want to expand their reach and accept
payments from customers around the world. Some of the key advantages include:
Benefits of an International Merchant Account
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Global Market Access
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Multi-Currency Support
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Diverse Payment Options
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Competitive Advantage
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Increased Sales
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Risk Management
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Streamlined Settlement
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Expanded Business Reach
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Customer Trust
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Compliance Assistance
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An international
merchant account (IMA) allows businesses to access a global customer base,
increasing their potential for sales and revenue by reaching customers in
different countries.
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It empowers you to
accept payments in multiple currencies and provides a hassle-free currency
conversion experience.
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IMA supports a wide
range of payment methods, including credit cards, debit cards, and various
local payment methods preferred by customers in different regions.
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It gives you a
competitive edge in the global market.
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It helps you
increase conversion rates and overall sales by providing international
customers with a convenient and familiar payment experience.
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IMA safeguards you
from any potential fraud.
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Offering
international payment options can build trust with international customers.
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It helps you comply
with international regulations.
While international high risk merchant
account offer numerous benefits, it's essential for businesses to
choose a reliable provider with experience in international payment processing
to ensure a smooth and secure payment acceptance process across borders.
Additionally, businesses should carefully consider the associated fees and
currency conversion rates to optimize their international payment strategy.
Conclusion
Global business expansion is the
need of the hour in this evolving digital age. And we know that cross-border
businesses face challenges when it comes to international or offshore payment gateway
processing. However, a high-risk international merchant account solves all
global payment problems. It offers numerous benefits for online global
businesses and helps them grow. So, be careful while acquiring an international
payment service provider, and conduct thorough research before finalizing one.
However, we have also analyzed many payment service providers and concluded
that WebPays is gaining popularity among high-risk international
businesses. They serve all seven continents worldwide and can empower you to
accept 100+ currencies and alternative payment methods. They utilize top-notch
security measures and advanced fraud and chargeback prevention tools to
safeguard merchants. In one world, they are the “best” MSP offering global
payment solutions for even unregulated industries.
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