offline businesses that transact in any currency
A payment gateway is an important tool which most businesses employ to validate their clients card details, thus making them essential for online or offline businesses that transact in any currency. Even if you have a fully integrated merchant account and payment gateway, two of the most crucial pieces of required software that are needed to process card sales are also necessary. These 2 pieces of software are the card acceptance software and the gateway service. If they are not working together smoothly, you cannot achieve optimal performance from your business. In this article, we will discuss the importance of accepting various international currencies.
Accepting international credit and debit card payments is one of the main advantages of setting up merchant accounts and payment gateways. There are many reasons why a business should adopt this strategy, but the most prominent reason is the large amount of transaction which takes place each year by online stores and shops. The following table gives some of the more common payment gateways and the major benefits they offer to retailers.
a larger customer base
Merchant accounts that allow customers to accept credit and debit card payments in multiple currencies provide a significant competitive advantage. By offering customers the ability to pay in a number of currencies, your business will be exposed to a larger customer base, which will potentially increase your customer base significantly. Many high risk merchants which are based in low income countries and regions are looking to accept credit and debit card payments in multiple currencies. High risk merchants are generally small or mid-size business, or they operate online.
Establishing an international merchant account is usually the first step in the process of establishing a local business. This is because it makes economic sense to do so. International merchant accounts are processed at a much faster rate than a local account and in most cases you don’t need to submit your payment gateways to international destinations, which saves time and money. To open an international merchant account, you’ll need to apply for a SEB visa (if you’re applying to set up a shop in Europe) or an EU Regulation CDD (if you’re applying to set up an offshore store). Once you’re approved, you’ll be required to provide business documentation such as bank statements, business permits and contracts in order to register with the relevant authority in your country. Applying for an international payment gateway multiple currency account also requires a high risk high volume merchant account, which is designed to meet the specific requirements of SEB/ECBS approval.
the conversion rate of one currency
When operating in multiple currency markets, it is important to be aware that there can be huge differences in fees and charges between the currencies involved. For example, the conversion rate of one currency to another can have a very significant effect on the fee charged, as well as the time that it may take for payments to arrive. Therefore, when setting up an international payment gateway provider, make sure you choose a company that is flexible in its rates and fees in order to provide the best service to your businesses. In particular, look out for a SEB-approved payment gateway provider who will offer a range of currencies and charge a fee according to the specific market you operate in. This can make a huge difference to your bottom line, particularly if you accept a large number of currencies.
As your business develops and grows internationally, it may be the case that you require the services of international payment gateways to process more currencies. However, this is where choosing a wrong provider can prove costly. By choosing the wrong service provider, you’ll find that it takes longer to receive payment for the currencies you process. You might also find that payments are held up due to insufficient credit lines and insufficient funds in your bank account. On top of that, you may even find that the amount you initially paid as fees could be a lot higher than what you would save by processing with a local service provider. If you want to ensure that you always have access to the right services, look out for SEB-approved payment gateways that are SEB-approved.