2 min read
Australia is the eleventh largest ecommerce market in the world, with revenue predicted to reach USD32.3 billion by 2024. For businesses looking to expand into global markets or bolster their cross-border credentials, the land of Oz represents a serious commercial opportunity.
However, you’ll need to make sure that you’re offering appropriate online payment options for Australian customers. There can be considerable differences between the world of payments in Australia compared to the rest of the world. Take open banking, for instance. There are a range of differences between Australia’s open banking infrastructure and the state of open banking worldwide, like in the UK.
Fortunately, there are a range of payment solutions for Australia to consider. We’ll take you through some of the easiest Australia payment processing options available to businesses in the US, so that you can make the right decision for your company.
International payment service provider
One of the best ways to accept cross-border payments is to use an international payment service provider. Payment service providers are tools businesses use to manage the card transaction process, and there is a wide range of international payment service providers that offer global and multi-currency payments, while also providing an interface with multiple languages. As such, the use of an international payment service provider can be a great payment solution for Australia.
There are a broad range of options to choose from, including PayPal, Stripe, Sage Pay, Worldpay, Amazon Pay, and Ayden. Before making your final decision on a payment service provider for your business, consider the pricing plans, chargeback policies, accepted payment methods, and so on.
If you’re looking to accept sizable payments in Australia, you may decide to accept international wire transfers. Although the prohibitive fees and hefty admin associated with this payment type means that it’s probably not the best choice for pure play ecommerce businesses, it can be a great option if you’re accepting payments for larger projects. Payments will be deposited directly into your business’s bank account, and because your funds will be moved via the global SWIFT network, you can rest assured of the security of wire transfer for handling Australia payment processing.
BECS Direct Debit and GoCardless
Finally, you may wish to consider GoCardless for your Australia payment processing needs. In Australia, Direct Debit is facilitated by BECS (the Bulk Electronic Clearing System), which is managed by the Australian Payments Network. GoCardless works with BECS and the Australian Payments Network on your behalf to ensure that you’re compliant with regulatory requirements, enabling US companies to collect payments in Australia.
Using GoCardless to accept payments in Australia can have a broad range of benefits for your business, including reduced time on admin, the ability to streamline your payments process with pre-built integrations with Xero and Zoho, and transparent pricing. Furthermore, GoCardless’s Success+ uses payment intelligence to help businesses manage and reduce payment failures. Automatically collecting 70% of failed payments, on average, Success+ is a fantastic tool to have in your payments arsenal, enabling you to increase revenue and save time and stress chasing failed payments. Plus, GoCardless can be an excellent option for business owners that want to accept credit card payments without a merchant account.
With Australia occupying a prime position as an important existing or new market for so many businesses based in the US, taking payments via GoCardless could be a great way to give Australians the simple and effective payments solution they’re looking for.
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.