Making international online purchases is common practice in 2019. Seventy percent of Europeans that have purchased goods online have done so from abroad in the past, according to 2018 research by eMarketer. And this is only going to rise, as demand for innovative products from all corners of the globe increases, and merchants develop their ability to deal with requests from overseas.
If merchants want to stay ahead of the times, seamless international capabilities are a must-have. But which specific tools are essential in this day and age, and how do they benefit the online shopping experience?
Local payment methods
Local payment methods, sometimes called alternative payment methods (APMs) or eWallets, are ways for online shoppers to pay for goods as quickly and conveniently as possible. As the international landscape has developed, different countries have developed their own preferred methods for making transactions. For example, in China the eWallet Alipay is by far the most popular method, with over 400 million users, meanwhile in Poland 44% of online transactions are completed using bank transfers. Each country has its own nuances when it comes to online payments, and local payment methods are important for making the checkout fast, simple and secure for shoppers, wherever they are.
Dynamic Currency Conversion (DCC)
When customers arrive at the checkout of an international online store they want as much transparency as possible. If they’re faced with a bill in a currency they don’t know and understand in terms of value in their own currency, confusion and frustration can easily be caused. Dynamic Currency Conversion is a tool which instantly converts the cost of a purchase into a customer’s local currency, with exchange rates fixed at the point of sale.
DCC empowers customers by allowing them to purchase goods using their own currency, meanwhile keeping the actual costs very much clear in the mind of the buyer.
Multi-language payment pages
The aforementioned eMarketer research concluded that 60% of European shoppers will not purchase from eCommerce sites not in their native language. When payment pages are scripted in languages unknown by the customer, suspicion around additional costs and fees, shipping details and product information can easily be provoked. To ensure that customers in key markets are kept happy and in-the-know with regards to all aspects of the payment process, merchants need to feature payment pages in the right languages.
The right payments partner to power your international commerce
Trust Payments are experts in turning local into global through the creation of a frictionless and effective payments ecosystem that maximises international cart conversion and minimises customer drop-off. With a variety of APMs serving different geographical territories, DCC, multi-currency options and multi-language payment pages, Trust Payments are uniquely equipped to help merchants ride the growing wave of popularity when it comes to international online payments.
To speak with one of our specialists in international payments, give us a call on 02036912697.