It’s nearly impossible for a modern business to succeed without accepting credit cards. Choosing the right credit card processing partner that accepts foreign currencies is key.
NerdWallet cited a survey that found businesses that don’t accept card payments lose approximately $7,000 in sales annually. Accepting credit and debit cards allows businesses to process international orders both online and over the phone. Still, with so many different payment processing companies, how does a business select the right one? Here are a few things to consider when looking at potential credit card processing partners:
1. They accept payments in foreign currencies
Imagine a Chinese customer trying to purchase a product online, but their only available payment options are in Australian dollars. Few people are inclined to look up the current exchange rate and convert the numbers before clicking “complete order.” In addition, your business would have to establish an account with a foreign bank before it could accept payments – a considerable feat depending on how many countries your organization operates in.
If your company strives to succeed in international markets, partner with a credit card processor that accepts payments in foreign currencies. Doing so makes it easier for you to localize your online payment pages and make them suitable for international customers.
2. They work with multiple industries
Businesses that operate online or in brick-and-mortar locations only are in increasingly short supply. Physical retail establishments understand the importance of an online presence, and it’s rare to see a brick-and-mortar locale without a corresponding website. Even organizations that originally functioned as online-only businesses – for example, Warby Parker and Tie Bar – have begun opening retail locations and pop-up stores.
To compete in this environment, businesses should use a payment processing company that works both in real life and on the web. Partnering with a company that only offers online or in-store payments might suit your business needs for now, but what if you want to expand operations further down the line? Publishers, mail-order companies, nonprofits and direct response television marketers all have unique needs that most credit card processors can’t accommodate – namely, the fact that the customer isn’t always present. In addition, several companies in these categories operate via call centers and accept payments over the phone. The situation is even more complicated for companies working internationally, as the card processor has to manage multiple payment types and currencies.
3. They protect against fraud and hackers
Transmitting and storing payment information is risky, especially for small and mid-sized businesses. The resources needed to protect customer data are extensive and include utilizing firewalls, establishing encryption and regularly monitoring computer networks. Additionally, in order to be be verified by the Payment Card Industry Security Standards Council – a group of the top five card issuers dedicated to maintaining payment security – businesses must complete a self-assessment questionnaire. The more payment information a business comes into contact with, the more complicated the questionnaire.
“You should investigate how a credit card processing company handles security before agreeing to work with it.”
Choosing a payment processor that keeps customer information off your servers makes it easier to comply with PCI standards. Not all processors provide this benefit, so be sure to investigate how a company handles security before agreeing to work with it. It’s also beneficial to choose a company that offers hosted payment pages. This allows the processor to receive payment information on a web page that falls in line with your business’ branding while reducing its liability.
In addition, your payment processor should screen transactions for signs of fraud. Frequent and high-value charges sometimes suggest fraudulent activity that can cost your business significantly.
Brought to you by PacNet Services, your one-stop global payment processing solution.