The economy is slowing down every year by 10 percent and as a result, merchants are constantly searching for new and never before used ways to increase their share in the market. As a matter of fact, the international markets also present a great opportunity for domestic USA merchants to attain a new customer base and market share.
In this big drama show, payment processing is still the basis of all activities because the economy needs to survive, right? This payment processing needs a huge network of banks to work properly. And as far as the mode of payment is concerned, we all know how that works. Days and days for the check from customers to actually reach you and then the additional time for the banks to process it.
Along with echeck services and card payments, merchants should also look for other rather localized payment options that might benefit the business. To support this suggestion, I’ll present you with the fact that over 50 percent of the online sales revenue is from modes of payment other than card payments. Other modes of payment such as checks, eChecks, bank transfers, help to capture the opportunity to make sales from consumers who do not have credit or debit cards. Merchants who present multiple modes of payments as an option to their customers experienced a spike in sales figures by almost 40 percent.
The International Banking System
The primary role of the international banking system is to tie together a series of banks from different geographical regions on a singular payment platform responsible for processing those payments. Through this method, the supposed account reconciliation and account management are basically simplified. The benefits of this network are follows:
Expanding International E-Commerce Markets
Recently there has been a lot of noise in the media about the booming E-commerce markets in regions like Asia, Africa, China, India, and even Russia. These regions are experiencing double and even triple times the growth due to the advent of E-commerce.
This might be tempting to read, but the reality is something different. The infrastructure is really weak in these areas and the economy is fractured. Most people do not have credit cards or debit cards and do not have access to secure online banking portals. Coming back to the point, as far as America based merchants are concerned, the ideal places for attracting foreign customer from are Europe, Australia, New Zealand, and last but not the least Latin America.
The world is changing and so is the economies in it. In the above-mentioned scenario, it would never hurt to try and expand horizons and look beyond what looks comfortable.
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