If you’re operating a niche business, sometimes your customer base is spread over a wide area. That can be a challenge when you’re trying to run something the size of a mom and pop operation and your customer base is national, because it introduces shipping and payment challenges, so you will need a good payment gateway software. When your customer base is international, it introduces even more challenges, and you need to be ready to work with those customers if you want to keep growing, because international communities of interest are becoming more and more important to the socialization and professionalization of many, many people. That means giving up sales in another country can cost you future sales in your own.
The Tools You Need For International Sales
There are a lot of payment processors that take multiple currencies and convert them for you, but they require you to use their tools for payment processing and collection. That can meet the needs of some of your customers most of the time, and it can automate a lot of your processes. It doesn’t meet every need, though, especially if your sales are driven by forces other than traditional ecommerce. If you reach customers through international print media or video advertising of a telephone sales number, you need to be able to take payment in multiple currencies without redirecting people to a website they might not be able to access. There’s also the issue that you can’t always count on a payment processor to cover every currency you operate in.
International customers require not only international marketing and delivery, but also flexibility when it comes to payment. Finding the right way to send money to Colombia to pay a supplier or refund money to a customer can make the difference between having the sales you need to break even and having the sales you need to succeed. You will also need to be able to work with those tools to ensure your customer is well-supported at every stage of the transaction, so finding a payment partner with a great approach to meeting customer needs is vital.
You need both marketing and payment processing tools to reach outside your home country. That means SEO content in the language of the countries your customers live in, as well as storefronts and other commercial information they can navigate. Without those forms of online presence, it will be hard for people outside your home country to find your products, much less decide they need them. Messaging is also vital–you don’t want your pitch to be lost in translation.
Remember Your Bottom Line
Not every payment method is created equal, and that’s why a lot of businesses are foregoing some of the big names in online payment processing to use traditional methods of international currency transfer and digital payment. The right cost structure for your payment processing and currency conversion will depend a lot on how you do business and where your sales originate. That doesn’t just mean the location, but also the payment method. Remember these key points when reviewing whether you have found a cash transfer company you want your customers working with.
- How fast is payment processed?
- What are the fees for currency conversion?
- How can the payment be accepted?
- What insurance or guarantees are there on the transfer?
- Is there delivery confirmation and notification?
- How much extra work does this put on the customer and your staff?
Sometimes, paying more to get the most up-to-date conversion rates and fastest digital processing is worth it when you look at your bottom line. Other times, you just want to minimize your costs even if it takes a little longer to get your money. Making the right choice for your business isn’t easy, but it will help you get the international sales you need, not just the ones that come through one marketing channel.