If you're selling to customers all around the world, you're going to find out that preferred methods of online payment vary. Money is not handled, discussed and thought about in the same ways throughout the world. In the U.K., people like to use credit cards, in the Netherlands they prefer to do direct online transfers and in Spain debit cards are most commonly used. If you want to sell to a specific group of people or a certain geographic area of the world, you have to make those people feel comfortable spending their money with you. One way of doing this is to give them options to make online payments in the way that they want to.
Some areas of the world have preferred methods of payment that are confined to that geographic area. Take, for example, Denmark. In Denmark, a debit card called Dankort is used for most online transactions. While most of the Dankort cards are also co-branded with Visa so that international payments can be made, not all of the cards are both. Because around 80 percent of people in Denmark use Dankort, If you wanted to ensure that you could sell to all Danes, you'd have to be able to accept payment from a regular Dankort card.
Local options like the Dankort are common around the world, and while many of these payment options are being integrated with other payment options to make it easier for consumers and retailers, you need to be aware and be able to process local preferred methods of paying.
Offer several ways of paying
Online retailers will benefit most by providing people multiple ways of making online payments. That way, there is a better chance of offering a person's specific preference. While you can try to cater to local needs, ultimately preference is a personal thing. By providing people a number of payment options, hopefully the one they want will be available. Always offer the most common options of payment in the area, then consider offering ACH payments, credit and debit card payments and checks.
Payment processing companies
For many global ecommerce retailers, it's a good idea to outsource payment processing to an outside company that specializes in online global payment processing. A global payment processing company will help you offer the payment options you need to offer your customers and they can help you identify what payment options are necessary.
Brought to you by PacNet Services, your one-stop global payment processing solution.