What Are Consumer Rights in Online Shopping?
Learn about your rights in online shopping and what accepted agreements mean. Visit our blog for all the details!...
How are international payments made and which methods are used? Find out all the details in our blog post!
With the development of the internet and the rise of e-commerce, significant changes have occurred in payment methods. One of the fastest-growing payment types in recent years is “Cross-Border Payments.” So, what do cross-border payments mean? Cross-border payments refer to transactions in which the payer and the recipient are located in different countries. These transactions involve individuals, businesses, or financial institutions transferring money across borders. For globally operating individuals or organizations, receiving payments from all the countries they operate in—without issues—is crucial. If you want to grow your business and make better use of the global trade ecosystem through cross-border payments, choosing the right partner is key. Read on for the details.
When selling products internationally, it’s best to work with a Payment Service Provider (PSP) that offers an international payment gateway. A payment gateway acts as a bridge between users in the payment ecosystem, allowing for secure transfers between the customer, seller, and acquiring bank. PSPs also verify payments and encrypt sensitive financial data shared between parties. The payment gateway you integrate should support multiple currencies to help you reach new markets. Using local payment methods and currencies for card transactions can significantly improve your acceptance rates. This is because consumers prefer seeing the final charge in their own currency when shopping online. To meet this expectation, you could open multiple bank accounts in different countries, though this can be costly. Instead, you can partner with an experienced PSP that specializes in cross-border transactions. Here are a few ways to improve the customer experience in international trade and apply a successful global strategy: • **Offer Popular Local Payment Options** Research which payment methods are most commonly used in your target regions. While credit and debit cards are common in some countries, others may favor alternative payment methods, such as digital wallets. Ignoring local preferences may lead to lost customers. • **Work with a Local Partner** Collaborating with local partners helps you understand regional culture, consumer behavior, logistics, infrastructure, and regulations more effectively. • **Embrace the Local Language** Offering multilingual customer support increases loyalty. Customers appreciate being addressed in their own language, which makes them feel valued. Targeting globally spoken languages can further expand your customer base.
Credit card payments, bank transfers, and alternative payment methods are among the most widely used cross-border payment options today. Shoppers expect customized payment experiences and want assurance that their data is handled securely. Offering diverse and secure payment options can attract more customers. For example, under the European Union’s PSD2 (Payment Services Directive), you can offer safer and more competitive payment services to your customers.
To make an international bank transfer, you need certain information about the recipient, such as their name, International Bank Account Number (IBAN), and Bank Identifier Code (BIC). For online shoppers purchasing from foreign e-commerce sites, the process is mostly handled by the merchant and their PSP—requiring minimal effort from the consumer. Cross-border payment mechanisms can be complex. Lidio, with over 90 different payment solutions and secure card storage capabilities, simplifies global commerce for businesses. If you're ready to overcome the challenges of international trade, now is the time to partner with Lidio. Once you experience the freedom of seamless payments, you'll understand the value of Lidio’s quality firsthand.
Learn about your rights in online shopping and what accepted agreements mean. Visit our blog for all the details!...
What is a startup and how do you launch one? Discover key steps and insights in our latest blog post!...
Discover alternative payment methods like credit card, cash on delivery, bank transfer, and mobile payment in our blog!...
The key to secure online shopping: What is 3D Secure Payment and how does it work? Learn more in our latest blog post!...
What is open banking and how does it benefit businesses? Read our blog post to find out!...
What are the key tips for online selling in e-commerce and how can you improve customer experience? Find out in our blog!...
What security measures help prevent fraud in online shopping? Explore the details in our latest blog post!...
What are Issuer, Acquirer, and PSP? Why does choosing the right PSP matter? Learn more in our blog post!...
What is ERP and how can you track POS transactions and account activity? Read our blog post to learn more!...
What are the benefits of managing collections from a single screen in the payment process? Discover the advantages in our blog!...
Everything you need to know about Virtual POS: Learn more in our blog post!...
How are international payments made and which methods are used? Find out all the details in our blog post!...
Why does cart abandonment matter for businesses and how can it be minimized? Read our blog post to learn more!...
"What is financial liberalization from traditional payments to open banking, and why does it matter? Discover the answer in our blog post!...
Payment systems refer to all financial technologies used to collect payments in your online stores. Visit our website for more details!...
Maximize your revenue with flexible payment solutions tailored to your business needs. Discover how in our latest blog post!...
What is digital credit and how does it work? Explore how businesses and consumers can benefit from it in our latest blog post!...
What is a payment page and how can you be sure it's secure? Learn how to spot safe checkout steps in our latest blog post!...
What is payment by link, how does it work, and what are its benefits? Read our blog post to explore all about link-based payment systems!...
What is checkout and why does it matter? Learn how it impacts the customer experience and conversion rates in our latest blog post!...
What is the CVV code and why is it important for secure payments? Find out in our latest blog post!...
What is authorization (provision) and what is it used for? Learn all the details in our latest blog post!...