If you want to tap into the growing global business market, you’ll need to enable secure online payment methods for your customers. Yet cross-border transactions come with greater risk and complexity than domestic UK payments. Here are a few different payment methods to boost your company’s international presence.
1. Debit and credit card payments
Big names like Visa and MasterCard are accepted worldwide, making them go-to options for international business payments. Card details can be taken remotely in card-not-present (CNP) transactions, and ecommerce platforms make it easy to integrate a card scheme directly into your website. With fast processing times, you can give your business cash flow a boost. If you choose this option, be sure to provide adequate security for customers to prevent a data breach. Tokenization, SSL security and PCI DSS compliance are all vital to protect your business and customers from fraud.
2. Wire transfers
Another popular option when it comes to global payments is a direct bank transfer using SWIFT and IBAN codes. Wire transfers are often the most straightforward payment method for B2B transactions, simply sending money from one bank account to another. However, this isn’t always the fastest method because it can sometimes take more than one business day to clear. If your business makes multiple payments per month to a variety of countries, this is a secure method for international transactions.
3. Digital wallets
You store cash or cards in your regular wallet, and a digital wallet works the same way. Tools like Apple Pay, PayPal, and Google Pay are all examples of this payment method. The user stores bank account details, credit cards, and ID cards along with their passwords in a secure digital format. This enables fast, easy payments to online businesses anywhere in the world. You can make a cross-border purchase from your own smartphone, with no bank account codes necessary. One thing to be aware of is that some wallets don’t work in every country, so you’ll need to check the conditions carefully.
4. Cryptocurrency payments
Cryptocurrencies work using blockchain technology, ensuring that these currencies aren’t controlled by any central bank. This means they’re ideal for international business payments, designed to work across borders using the power of online technology. There are over 2,000 cryptocurrencies to choose from, but if you’re thinking about integrating this payment option on your website you might want to stick to the proven names like Bitcoin. These are more likely to inspire trust in your buyers and hold greater stability in terms of value.
5. Global business payment platforms
The final option rolls all of the above into a single platform. There’s a wide selection of alternative payment methods out there, including various forms of digital wallets and cards to choose from. Some methods are more popular in certain countries or regions than others. For example, in China customers prefer to use different payment methods that might not be available in the United States. You can choose a global payments platform that works with your ecommerce site to give customers plenty of choice.
The bottom line
Some businesses select only one or two methods from the list above, while others will choose a payment platform designed for global business. Overall, offering multiple global payment methods to your network gives you a distinct competitive advantage over peers that might not accept international payments.
Whether you’re making payments to global vendors or accepting payments from cross-border clients, you want to look for certain features in your platform. The best options are speedy, secure, and compatible with multiple currencies. Managing them all from a central platform makes it easier to access payment data and generate financial reports for accounting purposes.
We can help
GoCardless helps you automate payment collection, cutting down on the amount of admin your team needs to deal with when chasing invoices. Find out how GoCardless can help you with ad hoc payments or recurring payments.