We love working with ambitious businesses as a payment service provider. There are some with international growth ambitions who believe, thanks to the connectivity of the internet, they’ll be able to enter brand new markets almost instantly and use the benefits of digital connectivity to become a global success almost overnight.
Only, that’s not the case. You don’t need us to tell you that; there are so many stories out there of companies that have invested millions into trying to build their brand overseas, only to wildly misinterpret their market position and fail. Not many realise it but some of the problems result from a lack of preparation surrounding the payment habits of international audiences and markets.
Planning ahead and working alongside a global payment service provider could help you better assess the payment habits and financial trends within the international markets you wish to grow in, and could help increase your chances of success.
Enter new markets with a global payment service provider
Did you know, for instance, that the volume of smartphone payments in China reached an enormous $1.85 trillion last year? More and more residents are leaving their homes without a wallet, and are even using QR codes to make even the most basic purchases around certain cities.
It makes sense from the perspective of a payment service provider then to make sure you have online services that not only follow smartphone payment trends that align with customers’ values should you wish to enter certain Chinese markets, but also localise your content to certain regions to more accurately express brand values, build stronger relationships and convey information relating to your products and services.
Each and every business is different, and there is no ‘one size fits all’ payment solution that will please every single customer, not just abroad but at home as well.
That’s something that has recently been highlighted in Worldpay’s 2017 Global Payments Report; one of the most interesting statistics to take away from their data is that 78% of consumers say their online payment experience affects their inclination to revisit a merchant’s website.
Get to know international audiences with payment service provider
As a payment service provider, it’s essential to point out that China isn’t the only territory embracing digital ways of paying. Financial technology (fintech) providers are constantly developing new payment solutions on a regular basis, designed to disrupt traditional industries and make it easier for people across the world to handle their finances.
It’s crucial to work with an experienced payment service provider to better integrate new services into your offerings, especially if you have ambitions of attracting new international markets. We’ve already mentioned how China is embracing QR codes; did you know that Thailand has adopted a single standard QR code, for instance, to help people with their financial transactions?
Knowledge such as this is key for businesses looking to not only enter international markets, but to grow their business and expand into those territories, becoming a name that local customers know they can trust.
Paypal’s rate for payment charges stands at 3.5%. Fibonatix is able to offer 1.5% – contact our expert financial consultants today to find out more.