If you’re serious about your business’s growth and are looking to target and attract brand new international audiences as part of your strategy, working with the right payment service provider can help boost your growth potential and negate any potential problems you may have regarding international payments.
Take China, for example. China’s booming economy has made it a favourite destination for retailers, especially those with a strong online growth strategy. Over 2016 alone, China saw over $811.96 billion in ecommerce sales; such a large market is one not to be missed if companies can work to build strong relationships with new audiences in the east.
Except, it’s not that simple. You may have a strong marketing and outreach strategy, but that won’t be enough to handle China’s constantly evolving payment landscape and its frequently changing regulations.
Working with the right global payment service provider, though, can help take that weight from your shoulders, making you fully compliant on the international scene and giving you more time to focus on building relationships with new markets.
Cut through complex legislation with a global payment service provider
So, what do businesses have to contend with when entering China, and how can a global payment service provider help?
It can be a costly affair. Companies looking to go solo would do well to have a highly-efficient compliance department as well as an incredibly adept IT team. Data centres that offer only the tightest security are essential and only the most transparent approach with regulators will be seen as acceptable.
Those are just the basics, and China isn’t the only foreign entity with a strict payment landscape. Other territories including Brazil, India, Taiwan, Japan and many others have their own unique hurdles when it comes to payment processing, which can be especially frustrating in a digitally-connected world where opportunity can be just a click away.
There’s another danger to growth, too. Laying all the foundations in place to be compliant with a certain territory can not only cost a lot, it can take precious time to set up, learn the nuances of different payment cultures and regularly adapt.
Enter new markets with the right payment service provider
As a payment service provider, we have to point out that’s not just a Western problem. Singapore’s SMEs are having a lot of trouble at the moment, with international growth stalling because of a lack of experience and understanding when it comes to international payments.
Expanding internationally is a two-way street, and it can be hard for businesses to build relationships with markets across several nations because of ever-evolving financial landscapes. That’s where partnering with the right payment service provider can help, helping companies to become more compliant, secure and confident on the international stage.
The right payment service provider will care as much about your business’s growth as you do, helping to set up the right internal and external systems and compliance measures to make help you achieve compliance, whatever country you want to enter and market you’d like to attract, offering constant, consistent support when you and your customers wish to make cross-border payments.
The Fibonatix team will help you with international regulation, legislation and compliance, giving you the time to build relationships with new markets and grow. Contact us today to find out more.
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