How Accepting Universal Payments Will Help To Expand Your Business

Posted on Sep 18 2017 - 1:36pm by Editorial Staff

Global sales world over have only risen since the advent of the internet, and today if you are a business like online casino or offline physical stores, you are not tapping into your full potential if you don’t have a working, functioning and thriving online presence.

Since the dawn of the internet, businesses have seen a different sort of rise. Now whether you were a small time – operating from a spare room in the house- kind of business or a multimillion dollar company that had its branches spread world over, your scope to reach the globe was the same. This level plain field works tremendously when you have a great product, or service and you know exactly who your audience or your buyer is.

Although there are great heights to achieve when you reach out to your customer and make a gateway for everyone in the world to access your products, there is a catch. Till about recently there were limited ways in which one could make payments to brands/businesses online for services or products of their choosing. Then new ways have been developed like Paypal or Skrill to make it easier to buy things, and more recently you can even have a play at online casino from your mobile and pay by phone bill.

When you have a potential customer who is eagerly browsing your site wanting to make a purchase, the last thing they need is a vague or a non-universal payment mode. Not only do you loose the customer who was genuinely interested in buying your product/service, you also lose out on loyalty points, which can be hugely beneficial when it comes to spreading the popularity of your site and product.

It is about simple mathematics in the end

If you are a garments business working out of a developing country, says India, you have the potential to reach globally. Now the demand for good and ethnic fabric is world over, so you can have your business wings spread far and wide, right from China to USA. But if you have a payment mode that only accepts payment in the Indian sub-continent, you will be giving up on a huge chunk of revenue. Setting up a system that accepts global payment of cards that work overseas as well, is paramount so that you don’t alienate customers and make new ones. So the more universal your mode of payment, the better it is for your business.

Keeping in mind rules in different countries

Now as far as finances are concerned many countries have different modes of transaction. For example credit cards are wide spread in the USA or European countries, but are not very common in countries like Bangladesh, the Middle Eastern and other North African countries. Although India and China have a fair share of people who have credit cards a majority still prefer to use local bank portals or debit cards for payment. In fact India is seeing a sudden boom of virtual money that works on a pre-paid basis. Local vendors both online and offline a quick to make the necessary changes to their payment portals to accommodate these requirements, making it a smoother shopping experience for their customer, which is a great learning lesson for vendors overseas. We recommend that you pay close attention to local markets to adopt and change when needed. In fact experts say that it is always nice to have someone in the country to give you best advice regarding the current state of affairs.

Accommodating

After all this, there are times when you are faced with yet another challenge. Sometimes all online mode of payment is not enough for the local buyer. Although net banking, credit cards and debit cards are the popular modes of payment you will find that brands that operate in the Middle East for example, still have provisions for a cheque drop off. Services like PayPal for example have limited access in South Africa, where local bank transfers are preferred. While in India online ecommerce sites have found a new way to appease to their financially finicky customers with ‘pay by cash on arrival’ working like a charm. Here the customer does not pay till they receive and accept the package. Such flexibility is paramount for the survival of your company in out of home waters.

All in all a keen eye on the local market and awareness is absolutely pivotal in ensuring your business not only does splendidly, but also bears fruits in a foreign land.

About the Author
Editorial Staff

Editorial Staff at I2Mag is a team of subject experts led by Karan Chopra.