The Internet is bringing the world closer as the days are passing. The continuous evolution of technology and the internet widespread are taking businesses on global levels. And India is not an exception to this.
Many businesses in India today have many clients spread across the globe. And along with businesses, freelancers are also gaining popularity abroad. Many applications along with social media are helping businesses in advertising, marketing, and sales.
But when it comes to selling stuff online, it is inevitable that online payment methods are the one and only option. And to accept online international payments, your business indeed needs an international payment gateway.
So, let’s get started on everything you need to know about international payment gateways.
First and foremost, what is a payment gateway?
If you deal in online business or accept online payments, you ought to know about payment gateway – Here is your guide on payment gateways.
India is the land of entrepreneurs. Many aspire to start their own business or freelancing work and to spread their work across the globe. So apart from accepting international online payment what purpose does an international payment gateway serve for Indian merchants?
As the scope of your business increases so do the problems. Even if the merchant is on the local level, he may face problems like chargeback, data theft, cybercrime, etc. so you can imagine the range of problems that can come along with the international business.
Aspects of international payment gateway –
As aforementioned, today we live in a world where doing business in multi-country and multi-currency is common. An international payment gateway allows customers to pay in their own currency, no more currency converting. When the potential customer sees the product price in his/her native currency he is more likely to purchase the product as he/she can easily benchmark the price.
So, while choosing an international payment gateway, you have to make sure that the chosen payment gateway deals in the countries you want to offer your services.
If you are accepting online payment it makes you responsible for the data security of transactions and customers. Now, for every country security standards are different and as a merchant, you have to adjust accordingly. An international payment gateway can take care of this aspect for you, so while choosing an international payment gateway for your business, you have to make sure that the chosen payment gateway offers security standards and follows the guidelines by every country it is processing money for.
While the multi-currency transaction is an obvious checkpoint while choosing an international payment gateway, you have to do thorough research on different things before finalizing the international payment gateway.
When you are dealing with different countries you want to offer your services, you have to do market and customer research on what type of payment methods are popular. Different countries deal with their preferred payment methods, cards. The payment gateway you choose should provide multiple payment methods that are popular among customers of respective countries, like credit cards, digital wallets, etc.
When it comes to research, you have to do your research on international payment gateways. There is n number of options for you to select from, and every payment gateway has it’s own terms and conditions. Each has its own set of fees, which you have to consider keeping your budget in mind.
Though it is important to choose an international payment gateway based on its features, ease of integration, compliances, security, add-ons, etc, the most important thing is the payment gateway’s cross border transaction approach and business requirements on geographical levels.
Lyra’s International payment gateway: With the numerous subsidiaries Lyra offers multi-currency management and support for each country. With the following features, Lyra offers you a hassle-free and easily integrated payment gateway that can accept online payments over the world.