Did you know that worldwide, approximately 32.8% of global spending comes from MasterCard credit cards accounts? Being able to accept credit card payments is a significant step for any business, but it is really only the tip of the iceberg. Once you are able to accept credit cards, you might find that your business needs even greater capabilities.
For example, if you are accepting credit cards on the border of two countries, or your business serves foreign tourists, you have probably encountered a few problems. Foreigners struggle with making credit card payments abroad, since not every credit card merchant can accept international currencies. Here are some of the difficulties that your customers might be grappling with.
- Extra fees.
- Complicated expense tracking.
On your end, if you are unable to accept international currencies, you might struggle with several issues as well.
- Customer service complaints.
- Lost sales.
- Excessive transaction costs.
So what is the solution? You might consider credit card processing providers that offer the technology that you will need to accept international currencies. These solutions make it possible for customers to use their international currencies in your store. For some customers this is an incredible benefit, as using their credit cards to pay in your currency could cause them to incur fees as high as 7% of the purchase price.
But what if you are taking payments online? According to Forrester research, in 2013 eCommerce will grow by approximately 13%. There are available solutions for online credit card transactions as well. Imagine that when a foreign customer visited your online store, they were able to see what the cost of an item was in their own currency? Some credit card processing companies offer this unique solution so that a customer can pay in Yen, and you will receive payment in your own home currency.
Perhaps the most valuable characteristic of these solutions is that it simplifies the transaction process for both you, and your customer. Whether payment is accepted in a store, or online, the world isn’t getting any bigger, and if you are not already seeing foreign customers, you will be soon. You can help satisfy your current foreign customers, or ensure that future customers will have a stress-free shopping experience, by upgrading your technology so that you can accept international currencies. Read more.