Top 3 Tricks to Adapt Your Online Business towards the Cross Border Payment Trend

Tricks to Adapt Your Online Business towards the Cross Border Payment Trend

Traditional payment as we know it has a lot of downsides, inducing a need for change to the old infrastructure. Not only manual processing creates a lot of risk and complexities, it is also commonly vulnerable of errors, inefficient and also consists of time wasting procedures.

Take a small example about the paper PO (purchasing order) that is implemented in most businesses in Asia.

Example of purchasing order

PO is very tedious process that involves a lot of checking and documentation process. This procedure is commonly found for imported goods and services, which constantly produce extra steps along the chain of processes, not to mention the risk of losing the PO copy.

Technology develops a solution, cross border payment, for international payments, which can be implemented for B2B (business to business), B2C (business to customer) and C2C (customer to customer). Cross border payment in its simplest form is the exchange of value or money between individuals or businesses from at least two different countries.

China is currently leading the global B2C and C2C E-Commerce. It is predicted that China will be responsible for almost 4,000 Billion Yuan worth of transactions in 2015. This number is hard to believe considering the simple fact that B2C and C2C works because customer simply finds it is challenging to find affordable imported products in local shops.

On the other hand B2B is also becoming a trend as services are being exchanged between companies. While E-Commerce also plays a role in the B2B process, reports believe that professional service will catch up in number, especially after the ASEAN Economic Community (AEC) is announced. In that situation, cheaper labors to professional workers will be able to work offshore around Asia with limited regulations.

Provided with the massive and still growing opportunity, how can online business owners work with these opportunities and gain its maximum potential.

Multi-Currency Compatibility

Multi-Currency Compatibility
It’s a global economy that we are all facing. Yet, not every payment gateway can equip you with the scale of your potential market. It is an understatement as well as a harsh reality for any online business.

With the expansion of multi-currency in your payment options, your business simply expands to a whole new-untouched segment.

Excess to International Payment Channels

Excess to International Payment Channels

You need to allow potential customers outside your country to pay for your products or services. International payment channels can be in the form of local banks, local payment provider, or any other payment options. Basically, you need a payment gateway that connects to payment channels internationally to expand the horizon of your business.

This way, you can be comfortable knowing that you covered as much market as you can.

Mobile Payment Support

Mobile Payment Support

Every cautious online business players should know the growth of mobile users. Mobile trends have outcasts PC users in the U.S, which undisputedly will grow in every part of the world.

Nowadays, every website should be equipped with a responsive mobile view design. More importantly, a good user experience (UX) on mobile checkouts is also a priority for mobile users. Preparing your business with a good mobile payment is not an option, but a necessary in today’s growing trend of mobile users.

Razer Merchant Services provides all the above critical features for your online business to prepare your business towards globalization. If you are ready to take your business to a bigger market, feel free to contact us and we will be glad to assist you in any way.

Spread the word