As a company grows from its initial inspiration to its expansion into new markets, the entrepreneurs behind it seize opportunities as they arise. Simple business models that could have been process-based, like selling D2C domestically, for example, may have been made more complex by opening up fantastic opportunities: marketplaces, white labels, stores physical, foreign trade, pop-ups, and so on.
No business owner wants to have to turn down fantastic opportunities to grow the business, but it is unfortunately true that with every new item comes the complexity of taking and processing payments. A common situation is where a company has three or four payment providers and gateways: some for national currencies, others for in-market sales, several for each D2C country served, and perhaps even some ad hoc agreements with foreign partners.
The complexity of this setup poses two issues: first, the time spent monitoring and maintaining each mechanism, and second, the monetary cost of multiple processing facilities, exchange rate commissions, ongoing fees, and so on.
As trading volume also increases, regulators are more likely to sit up and pay attention to issues such as compliance, tax regulations, financial data sovereignty, and a whole host of red tape.
Ideally, there would be a facility that would provide daily reconciliation of all places where goods and services are exchanged, prompt settlements, and high payment acceptance rates. It would give the company time to focus on expanding into new markets, building a community of buyers, and improving issues like customer experience — just the kinds of things that separate online retailers from each other in the eyes of their customers.
This type of facility is one that has been the territory of very large online traders – the type of business that has the financial clout to negotiate with multiple banks and clearing facilities all over the world. For “the rest of us”, a series of piecemeal and generally more expensive solutions may have been chained together. Unfortunately, due to the issues discussed above, it is simply not scalable.
The worst part of not having access to high-end facilities is the disjointed customer experience that small businesses are forced to deliver. On par with the Internet, CX is the only differentiator that potential customers pay close attention to. It is therefore essential to offer potential customers a seamless payment experience in online stores, apps and in all retail situations. It should be local, easy, safe and effectively help the brand build trust among its customer base.
In today’s retail world, options such as refunds, partial payments, chargebacks, and even subscription payment plans are considered table stakes in establishing an international online presence. Again, here’s another area where smaller retailers — by which we mean anyone smaller than a household name — can struggle to compete without a proper technology platform.
This technology platform is now available for small merchants who want to sell internationally (on many platforms) as easily as domestically. Payoneer is trusted for its payment acceptance services by thousands of merchants, and it has been providing financial products to digital merchant organizations large and small for many years. It’s new Payoneer payment allows merchants to take major credit cards (Mastercard and Visa) in over 120 currencies and convert them to euros or dollars at no cost. From the Checkout function, merchants can pay their suppliers directly as if it were a standard business bank account and easily transfer funds to business accounts. It is a single channel through which funds can flow to and from over a hundred countries around the world.
One of the most attractive features of Payoneer Checkout This is how it consolidates multiple payment facilities across all platforms, websites, marketplaces and apps operated by a retailer and provides a single dashboard that tracks all transactions worldwide. Wherever a business owner feels there is a niche or opportunity, the Payoneer Checkout platform provides what is needed to trade there safely and in a way that helps the business create a new community of buyers.
Often, large payment gateways or vendor platforms are somewhat of a stunted version of the facilities offered by large multinationals – but that’s not the case with Payoneer Checkout. It allows small merchants to expand globally without the overhead of developing new in-house technology systems to process currency movements (or paying exorbitant fees to use someone else’s platform ).
Payoneer has always been a digital-first platform – unlike older banking services, it has no legacy technology debt that limits how and where its users can operate. For example, it can be addressed directly via APIs, integrated into an iFrame, or can take external payments from retailers’ online real estate (bringing buyers back to the online store or app once the transaction financial made).
For APAC-based merchants looking to expand into markets anywhere in the world, on any platform, the Payoneer Checkout platform removes the data complexity and infrastructure overhead that would normally associated with trade in a new geography. Instead, merchants can focus on creating customer experiences that express their brand values and ensure they operate with financial integrity.
You can learn more about Payoneer Checkout and the opportunities it opens up for small businesses looking to grow by clicking here.