High risk merchants face increasingly stiff competition as the internet and new mobile technologies have made it easier than ever to start profitable businesses through pursuing international customers. It is estimated that international sales will reach over $1.2 trillion in 2017, with a 23% growth in Asia and 14% in Western Europe. Your small business has the chance to experience exponential growth if it expands into international waters. But once you extend services to an international audience, you’ll have to find inexpensive ways to receive payments. Unfortunately, there is no universal payment solution for every country. This can present a daunting challenge for inexperienced merchants.
Jens Buckler, head client manager at Western Union Business Solutions, states that merchants must know the requirements of each market. For example, if your potential customers are located in Europe or other similar economies, you will want to set up merchant services that accept credit card payments in most European currencies. This is the cheapest solution when dealing with smaller transactions.
If your target audience resides in a developing country, be prepared to do your homework. Countries like Bangladesh severely restrict credit cards by average citizens. This means your company will have to give audiences other options. According to a 20012 Gallup poll, only 7 percent of individuals in developing countries possess credit cards. In the Middle East, South Asia, and North Africa, only 2 percent of people have credit cards. Before offering services to international customers, be sure to talk with financial professionals in the in that country.
Are you seeking an international (offshore) merchant account? Dealing with international accounts can be dicey, and attaining a profitable international merchant account can be tricky. Still offshore merchant accounts are a fantastic option for high risk businesses that cannot receive traditional processing, suffer from bad credit, or have a history of fraud and chargebacks.
eMerchantbroker.com offers international payment processing with competitive rates. Our international merchant account application process is simple and to the point. Your business deserves the expert assistance of a premium third party payment processor. EMB is a low cost, low hassle payment processor that specializes in international payment processing.