When a business idea or product holds a global appeal, no matter where it is based, its audience exists in every part of the world. From e-commerce to tech products and consulting services to pharmaceuticals, businesses start to look at their international customer base as soon as they are successful in the domestic market.
Valued at US$ 578.57 billion in 2019, the cross-border e-commerce market is expected to reach US$ 2,248.57 billion by 2026, expanding at a CAGR of 17.4%.
But exploring international markets is not easy. Business expansions can be equally challenging and exciting. What’s interesting is that, despite the logistical issues, so many homegrown e-commerce brands are shipping worldwide and so many startups are catering to a sizeable foreign audience.
One notable reason that makes cross-border commerce possible is price localisation – letting the customer pay in their native currency. Accepting international payments through multiple currencies is an important step towards making the business work and grow in new markets.
Here’s a quick guide to the features of a multi-currency payment gateway in India and how it can be beneficial for your business
Why your business needs a multi-currency payment solution
Visa and Mastercard can help buyers complete any purchase while the card-issuing bank takes care of the exchange rates and transaction. Why offer the option and flexibility of payment through native currency then? Here are the reasons.
Cart abandonment: A buyer spends considerable time on a website as they pick and choose products, add them to the cart and enter personal details before making the transaction. Now, if the payment option does not allow local currency, there is an additional step of having to convert and check the final amount.
The extra task further delays checkout and can most times test your buyers’ patience. The eventual outcome is increased cart abandonment rates.
Conversion charges: Whenever a consumer makes a transaction where they have to pay through foreign currency, your bank charges a fee for the conversion. When this charge adds up at checkout it increases the final value of the product that they have picked. For the buyer, this does not give a very transparent picture of the cost.
This discrepancy in the charge on the website and the one during checkout can discourage the customer. Yet another reason for a low churn rate.
Shopping experience: At a time when smooth checkouts are at the core of a customer-centric experience, no business would want to create friction for a buyer at any level. Not being able to pay in the native currency is a compromise in the customer’s overall shopping experience.
It breaks the seamlessness of the process. Moreover, if your competition supports multi-currency payments, there are high chances of the customer moving to a platform that offers a payment option in the native currency.
How Paytm Payment Gateway helps with multi-currency payments
Paytm Payment Gateway helps merchants accept payments in all major currencies and transfers the amount to their account in INR. Customers can use multiple payment methods including net banking, wallets, and credit & debit cards during the transaction.
Here are the key pointers that make international transactions a breeze for both buyers and sellers.
- Supports 100+ currencies
- Enables real-time currency conversions
- Ensures transparency in transactions
Additionally what makes payments with Paytm Payment Gateway simple is the additional features that solve the problems of integrations, settlements, and much more.
API integration: If your business is already catering to domestic clients with the help of Paytm Payment Gateway, you do not need a separate API integration to start accepting international payments. You can instantly enable transactions in other currencies.
User drop-offs: Paytm Payment Gateway simplifies the checkout experience for the customer and most importantly displays the accurate product price in their local currency which leads to a decrease in cart abandonment.
Bank settlements: This is a huge advantage for businesses to ensure a steady cash flow. Paytm Payment Gateway promises T+1 settlements all 365 days a year even for international transactions. All payments are settled in INR and on the very next day of the transaction irrespective of bank holidays.
Dashboard: The details of all foreign transactions can be accessed through a dashboard in addition to the transactions report. It includes specifics on the exchange rate, user markup rates, the transaction currency, and so on. The dashboard is useful to not just understand the value of transactions but also take business decisions based on the overall data and numbers.
Conclusion
As online shopping continues to grow, it is a matter of time before exploring international markets becomes a priority for most businesses. While merchants get involved in the processes and complexities of expansion, it is also important to keep in mind the needs of global customers.
Paytm offers a robust multi-currency payment gateway in India along with other features that make transactions easier than ever for your customers. Whether you are a mid-sized e-commerce business or a growing startup, it’s never too early to tap the global market, and with Paytm Payment Gateway it’s also simpler.
