Tips for Accepting International Payments on your Ecommerce SiteNovember 28, 2018
The internet, and by extension online shopping, is without borders. Often, fast-growing ecommerce companies are eager to extend their business to the international level, but it’s more challenging than the openness of the internet would have you believe. In addition to logistical considerations, there’s also the matters of foreign exchange and payment processing. If you plan on increasing the number of international transactions on your ecommerce site, be sure to consider the following tips to provide your new customers with a user-friendly billing experience.
Research from Ingenico, an international payment processing company, has shown that 25% of shoppers will leave a website if their preferred local currency is not offered. If your ecommerce site accepts more than one type of currency, clearly mention it next to product prices, on the cart/subtotal page, checkout pages, etc.
Add conversion features
If an international shopper reaches the checkout page and doesn’t see the cost of their order in a currency they’re familiar with, they will most likely visit a currency converter website to understand how much they’re paying. If you’re trying to reduce cart abandonment, then this “checkout distraction” scenario is one you want to avoid.
Remind consumers about banking policies and fees
Many consumers aren’t aware that banks and other credit card issuers charge fees for currency conversion and/or international payment processing (and any conversion features you provide are unlikely to account for those extra fees). Additionally, transactions involving foreign currency can be flagged as potential fraud by credit issuers and blocked. To help prevent returns, billing-related customer service calls, and cart abandonment, inform your customers of these and other potential payment issues that may affect them. One way to do this is to provide the information in detail on an FAQ page, then offer to direct users there at key junctures – like when they are using your currency converter or when your checkout system detects foreign billing information.