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Benefits of Global Payment Methods

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The GoCardless content team comprises a group of subject-matter experts in multiple fields from across GoCardless. The authors and reviewers work in the sales, marketing, legal, and finance departments. All have in-depth knowledge and experience in various aspects of payment scheme technology and the operating rules applicable to each. The team holds expertise in the well-established payment schemes such as UK Direct Debit, the European SEPA scheme, and the US ACH scheme, as well as in schemes operating in Scandinavia, Australia, and New Zealand. See full bio

Last editedFeb 20232 min read

Whether you’re a freelancer working with overseas clients or an online retailer thinking of branching out into a new market, you’ll need to find a convenient way to accept international payments. There are plenty of benefits associated with today’s global payment methods. Here’s a closer look at global online payment methods and why they’re so useful in business.

What is a global payments system?

Global payment solutions enable businesses and marketplaces to send and receive payments in multiple currencies. These specific currencies and payment methods differ between systems. Most businesses will use a payment gateway that facilitates payment between more than one country. When a customer sends payment from a bank account in his or her own country, funds are automatically converted and deposited into the business’s own accounts. A global payment system describes any infrastructure allowing funds to transfer between bank accounts in different countries.

While features will vary, global payment systems typically offer services like the following:

International transfers using the SWIFT, SEPA, or similar networks
Single and multicurrency bank accounts
International payment cards in multiple currencies
Deposits of foreign currency

What are the benefits of global online payment methods?

If you’re not sure about accepting international payments, consider these benefits:

Expansion: Grow your business beyond its domestic borders by offering convenient payment options to an international audience. Accessing a wider market can increase your sales and make you more competitive in your industry.
Security: Global payment methods keep card and bank account details secure using built-in fraud detection protocols. A good international payment gateway will be PCI DSS compliant and capable of detecting unusual red flag behavior.
Experience: You can improve your customer experience for better retention and satisfaction. Online businesses will lose international customers at the checkout stage if they don’t see any global payment methods offered. High foreign transaction fees could also be a turn-off. When overseas customers see payment options tailored to their needs, they’re more likely to make that purchase.
Currencies: The best global online payment methods will automatically display prices in your customer’s local currency. Alternatively, some systems let customers switch between currencies. This lends authority to your website and builds customer trust.

Are global payment methods secure?

We’ve already touched on security as a benefit of global payment systems, but how do you know if they’re truly safe? If you’re using cloud-based processing systems, make sure that they use the latest encryption and tokenization tools. These obscure customer card details to keep data safe in the cloud.

A good global payment system will also keep records of transaction amounts, vendors, buyers, and geographical locations. You can sift through this data to analyze buying patterns and identify any unusual buyer behavior that could indicate fraud.

How to choose the best global payment method

If you’re ready to get started with accepting international payments, the first order of business is to compare your options carefully. You can choose from an array of services like PayPal, Stripe, Braintree, and others. Each gateway offers its own advantages and disadvantages. For example, PayPal offers a high level of brand recognition and trust but comes with high fees. Stripe offers broad global coverage but is better suited to businesses with some development knowledge. It’s also a card-first company and isn’t optimized for global alternative payment methods.

Whether you’re looking for a supplementary service to your existing payment gateway or a full global banking solution, GoCardless is a great option. It lets businesses collect one-off and recurring international payments directly from customers without any need to open a foreign bank account. Payments are taken at the real exchange rate, saving your business time and money on currency conversion costs. Our built-in payments intelligence reduces fraud and increases success rates, for a seamless customer experience.

We can help

GoCardless is a global payments solution that helps you automate payment collection, cutting down on the amount of financial admin your team needs to deal with. Find out how GoCardless can help you with one-off or recurring payments.