Whether you are just beginning to consider the potential of opening your online store for international buyers, or already testing multiple target markets, checkout is the place where most of the global customers abandon their purchases.
Did you know that payment method offering is one of the most important reasons why international shoppers abandon their purchases? Another important reason is the trust and security of the international payment gateways. It is extremely important for customers to have confidence in the payment gateway and at the same time, they need the comfort and convenience of paying in a familiar currency using their preferred method.
Want your customers’ checkout to go as smoothly as possible and want the process of making payments secure? Take care of a secured and easy-to-use payment gateway for your e-commerce business!
What is a payment gateway?
A payment gateway is a technology used by online merchants to accept multiple payment methods like debit or credit cards, UPI payments, and many more. The payment gateway is a key component of the electronic payment processing system. Simply, it works as the front-end that sends the customer information to the merchant acquiring bank to process the payment transactions.
Why do you need an international payment gateway for your online store?
The Global Payment Processing for e-commerce is over $300 Billion Dollars and since the internet is worldwide why not take your business global?
Most domestic payment processors only allow you to process in one currency – US Dollars. If you need to authorise international card payments, you’ll need to start using an international payment gateway. But with so many different options to choose from, it can be difficult to work out which international payment gateway provider to work with.
But when you partner with a global payment processor and a global payment gateway you can take your business international. It’s easier than you think because all you need is an international payment gateway and an ecommerce website.
Top 7 benefits of using the best international payment gateways on your ecommerce store
1. Boosting conversions
If you have a beautiful ecommerce store with ample products but it is not able to convert customers, it is of no use. Even if you have spent a lot of time gearing the consumer's up for sales, a declined payment can lead to incomplete sales. But did you know that you can quickly increase your conversion rate by optimizing more payment methods favoured by your customers?
In fact, you can boost your sales and conversions by 71% by having top 3 most used payment options. The seamless payment in global currencies, frictionless checkout, and easy customer shopping experience automatically boosts conversion. In a nutshell, adding international payment gateway to your ecommerce store can provide much-needed convenience to customers.
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2. Avoiding extra charges for customers
When you have a business in multiple countries, dealing in multiple currencies, online payments can attract a number of additional charges like currency conversion, taxes, convenience fees etc. This means your customers have to bear additional cost for staying loyal to your brand.
When you add international payment gateways and offer multi-currency checkouts your customers can pay in the currency of their choice. This helps in eliminating any additional charges on top of the actual product/services cost.
With StoreHippo you can integrate with 60+ domestic and international payment gateways that help you process multi-currency payments. Afterall, keeping your customers happy and loyal to your brand goes a long way in paying rich dividends eventually.
3. Streamline accounting consolidation
Accounting reconciliation is a resource-intensive and time-consuming process. The accountants spend days every month to manually reconcile the payment gateway transactions. As global online stores are adopting online payment modes, the payment gateway transaction volumes are increasing like never before. And it gets challenging to manage accounting operations for online stores. With the international payment gateway integrated with StoreHippo, you get automatic reconciliation with an easy payment reconciliation tool. With this feature, you can easily retrieve your lost orders in case of any payment glitches or alike.
4. Ensure customer loyalty
Customer loyalty is the foundation of every business, be it a brick-and-mortar store or online store. Repeat business from returning customers is the clear sign of a healthy and thriving business. Well, online shoppers return to the same place when they are offered with extreme comfort and convenience at the right time and right price.
Payment comfort being one of the most important concerns for customers, you need to keep the payment journey simple and secure to keep your customers loyal. Using a secure ecommerce platform like StoreHippo ensures a seamless payment solution for ecommerce store with all the security compliances. The platform complies with PCI DSS standards for international payment gateways, and ensures full-fledged secure websites.
5. Increase in international business
Possibly, the biggest appeal to accept online payments is that a business can open the store to the whole world. And to open your e commerce store globally, you need an international payment gateway that accepts payments in multiple currencies. As most of the modern customers favour shopping cross-borders, it gets very important to integrate international payment solutions with online stores.
If you have not set up a global payment gateway for your online store yet, now is the time.
6. Manage refunds, chargebacks, and online frauds
These terms are commonly heard in the world of online business. Do you think that a happy customer is someone who exactly got the expected product but it does not always go this way? In fact, a lot of factors work to attain maximum customer satisfaction.
The management of refunds, chargebacks, and secure international payment gateways plays a vital role in getting the customers to come back to your ecommerce store. The payment gateway acts as a gatekeeper of your customer’s payment data. It utilizes secure data encryption methods to keep all the unwanted threats and frauds away from sensitive information. Aside from frauds, payment gateway integration also protects your online store from exceeding credit limits, insufficient funds, expired cards, and alike.
7. Reduce shopping cart abandonment
When designing your ecommerce store, you don’t want anything to come between your customers and a seamless shopping experience. However, inconvenient payment methods can lead them to abandon the shopping cart. Ultimately, these activities lead to obstacles between your prospects and sales. Well, you can reduce your shopping cart abandonment rates drastically by integrating global payment solutions for ecommerce. And integrating multiple payment methods with high security is not difficult anymore with ecommerce platforms like StoreHippo. It offers multiple payment methods with PCI-DSS compliant payment security to push all your incomplete orders and enhance online sales of your ecommerce store.
How can StoreHippo help your business get global online payments?
In this age of global online shopping, integrating an international payment gateway on your ecommerce store is vital. At StoreHippo, we understand the importance of online global payments and integrating leading payment gateways for online stores. For the same reason, we offer pre-integration with payment providers for online stores. It allows your ecommerce stores to accept online global payments seamlessly. Some of the benefits that make StoreHippo the best international payment gateway are:
Integration with top payment gateways to make your online payment
Get discounted rates for payment gateway processing charges from the partner payment channels
Secure and SSL certified payment gateway support
Accept online payment in multiple currencies to reach global customers
Don’t wait to check out more amazing benefits and features offered by StoreHippo. Schedule an online demo to explore the international payment gateway integration advantages for your ecommerce store.