How Payment Options Can Drive Your Cross-Border E-Commerce Growth

Cross-border expansion is one of the most exciting yet a complex way for e-commerce to grow. In fact, almost all e-commerce nowadays have one thing in common; they want to grow faster in the right market. According to a statistic done in Asian e-commerce market, the number of users is expected to grow to 1,585.7m and US$1,116,811m revenue by 2022. It indicates that e-commerce market in Asia will keep growing rapidly.

Aside from the logistics costs that worry you, you also need to pay an undivided attention to customers' cross-border payment options. You can no longer afford to treat payments as a mere commodity, instead see the options as the backbone to your business and customers. Planning and deploying the cross-border strategies alone can be tempting, hence here are five proven payment strategies that can help to narrow down on how to stimulate your cross-border growth:

1. Find your market-focused payment gateway

A report by Business Insider indicated that 46.1% shoppers in e-commerce abandoned their cart at the payment stage. Apparently, it also tops other abandonment factors. This happens when the wrong payment options are offered to the wrong market which at the end, no conversions will be obtained. The cross-border payment is even more challenging but as long as you have specified your market, you will find the right payment gateway to help you.

As you start, put your market in mind in any decisions you make. Going global at once is tempting but starting off with your region can help you to develop quickly once you have marked your foothold stage-by-stage. Regional payment gateway can help to connect your e-commerce with the payment options favoured by the users and this will help you to be more focused on your future global expansion.

2. Make customers feel safe to pay

From time to time, the way we pay has been constantly changing and that always happens when a simpler payment option is introduced. However, it is undeniable that cybercrime has seen increasingly worrying for e-commerce users. Report by MyCERT shows that 7,962 cases reported in Malaysia on 2017, with the highest case is fraud. Thus, security in digital payments presents a unique challenge especially in cross-border expansion.

Payment gateways provide a safe payment platform for online transactions across channels.  Various security systems have been introduced to ensure the safety of consumers. For example, Razer Merchant Services provides Secure 1-Click Payment which implements tokenization service that keep users’ information safe. Tokenization is applied to data security which substitutes a sensitive data element with a non-sensitive details, referred to as token which has no exploitable meaning or value.

3. Give seamless experience for payment channels

Seamlessness is a quality that is needed in any cross-channel customer journey where the transitions from one stage to another involves zero or minimal effort for users. If users have to switch to another website for the next stage, the experience will feel bumpy and again, it will affect the conversion. In this case, Razer Merchant Services Seamless Integration can help your payment stage to be clear and easy for any users across the payment channels to comprehend.

4. Give value to your payment options

Implementation of the value-added payment solutions are able to attract buyers’ loyalty. Variety of payment options will also add the values to the payment process, such as invoice. Other than your flexibility to accept payment, you can implement a reward program for users to double the joy from their purchases. The trend of loyalty program usage has become a new phenomenon every business has started to introduce.

5. Serving the underserved

Most of the rural area find that it is difficult to get involved in e-commerce due to some uncatered issues. There are still people who do not have any bank accounts and internet banking. Even the access to banking services is not a problem, some people prefer using cash. Nowadays, you can serve this group of people by applying service that provides online-to-offline (O2O) payment option instead, for example, over-the-counter payment option in the local convenience stores.

To discover how Razer Merchant Services can help you expand your payment options and increase sales, schedule a free appointment with our team today.