Although businesses have been operating in the online space for years, the Covid-19 pandemic forced many firms to shift their operations online due to the closure of physical businesses. In many cases, this prompted the business owners to find additional means of accepting payments from their customers.
And for businesses operating internationally, they had to look for global means of transacting. There are several payment methods but you should choose the ones that will ensure that you can receive payments from most of your target customers both at home and globally.
10 Methods of Conducting Global Payments
If you have a business operating globally, you must set up more than one mode of payment. This provides your customer with several options during checkout. Having more than one payment option ensures that customers do not abandon their cart because you don’t have their preferred mode of payment. Therefore, ensure you’ve installed more than one of these global payment options on your website.
This online payment method is used by businesses based inside and out of the EU, allowing them to conduct business globally. Companies can use IBAN4U to pay their employees, subcontractors, or suppliers. It’s also the perfect platform for receiving payments worldwide.
It is easy to create an account and use, and their customer service team is available around the clock. It is highly encrypted to protect and secure the funds and data from hackers. Most importantly, when it comes to EU payments, it is GDPR compliant.
Stripe is a popular payment method that has been in use for several years. Stripe allows people to make payments for goods and services received. And it accepts over 135 currencies. The platform is highly encrypted to protect your data from theft by hackers. You can find it on many e-commerce sites, such as Shopify and WooCommerce.
Stripe is easy to set up; it takes about 10 minutes to register and get your account working. They have a pretty active customer service team ready to assist you around the clock.
Slack uses Stripe to accept payments from 15 countries, and during the pandemic, this payment platform boosted its earnings due to increased usage.
PayPal is one of the leading modes of global payment methods. In 2020, the platform transacted over $930 billion. The best part about using PayPal is that you can still pay using your credit or debit cards. If your PayPal doesn’t have any money, you can pay using your bank as the transaction is rerouted there. Therefore, your purchase goes through with a touch of your finger.
PayPal is popular with e-commerce platforms like Amazon, Shopify, WooCommerce, and eBay.
One Page Pay
One Page Pay is suitable for large businesses that offer their services internationally. The platform integrates with various CRMs, such as HubSpot, and other online payment platforms such as PayPal, GoCardless, and Stripe.
One Page Pay has a dedicated page for payments and sends sales messages to your CRM. The platform is highly encrypted to protect your data and customers from hackers. It’s easy to use, and you can customize it to meet your needs.
Many businesses love using One Page Pay as it generates payment reports and follows up with your customers with feedback on their services.
Collect integrates well with HubSpot allowing you to receive payments straight from your website. It also has options to enable customers to subscribe to your services or make a one-time purchase.
It’s pretty easy to install Collect as no coding knowledge is required. Moreover, while other platforms, such as PayPal, have transaction fees, Collect does not impose fees with each purchase; you only pay for the subscription.
Authorize.net is a popular online payment method that has been in use since 1996 with more than 450,000 trusted users.
The platform handles more than $149 billion in transactions yearly, a testament to show how much businesses love it.
Authorize.net allows customers to make payments using credit cards and electronic checks, and its work is to securely authorize, capture, and settle the charges.
Although the number of people who use cryptocurrency as a payment method is still low, more people are investing in this digital currency. Thus, businesses are accepting payments in the form of bitcoin.
If you want to make an anonymous purchase, then bitcoin is the best means of payment as it is conducted in the cloud and distributed over a network of systems.
Wire Transfers are the simplest form of making global payments, especially for large transactions. It’s the process of sending money from one bank to another; the only difference is they are in different countries.
It is fast and doesn’t call for any middlemen. And the best part is you receive the money either on the same day or within 2 business days, depending on your country’s regulations. However, you’ll need to provide specific data for authentication.
However, this method is costly as you’ll be required to pay transaction fees, and should the transaction fail, recovering the money is quite complicated and expensive. Thus, it is suitable for establishing global businesses that conduct huge transactions and are aware of what they are doing.
Dwolla allows businesses to receive payments online; the best part is that it is scalable. It’s best suited for small businesses with the potential to scale, as it can be adjusted to meet the needs of your growing business. It is highly encrypted to guarantee security and safeguard your data and customers.
With Dwolla, you can use ACH (Automated Clearing House) payments, wire transfers, and balance to balance between Dwolla clients. The funds are received within 1 to 2 business days. And you don’t need to pay any transaction fees.
Apple Pay and Google Pay
These function the same: Apple Pay is suitable for Apple users and Google Pay for Android users. These are the simplest, fastest, and most secure global payment methods. With just a few taps from your fingers, the transaction is complete.
Operating a global business means providing your customers with convenient means of making payments. And it would be best to have more than one online payment mode on your website to cater to different clients with varying payment options.
If you want to make your life easier and your business prosperous, use the above payment options for your global business.
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