Until the 18th century, merchants from Eastern parts of the world had to travel for months on the Silk Road to reach buyers in the West. In more recent times, the rise of the internet has made international trade significantly easier. So much so, that selling products and services to global clients is no more limited to billion-dollar companies.
As soon as small and medium businesses take their presence online they become available to global buyers. While all the other aspects of international trade such as logistics, reach, and communication, have largely been solved, accepting payments is still a pain for merchants.
Roadblocks in international payments
There are approximately 600 plus merchants who chose Paytm’s International Payment Gateway to give their business a competitive edge. They use our product because they decided not to compromise and limit the growth of their business. Since we enable merchants to accept payment from 195 countries, Paytm Payment Gateway is made for everyone.
After speaking with our merchants and running surveys we have identified following roadblocks when it comes to accepting payment from global clients:
- Compliance: Businesses need to deal with a handful of regulatory compliances mandated by the Reserve Bank of India before they can start accepting payments from overseas banks. While complying with these rules is a one-time effort, the complexity of it all can certainly drain you out
- Currency conversion: Once you are done with the paperwork, and have proved that your business is legitimate, your next challenge is to figure out the right pricing of your product as per different exchange rates. You also have to figure out a way to accept payments in multiple currencies. For a seamless experience, your payment should automatically get converted into the Indian rupee (INR)
- Payment tracking: Accepting international payments without integrating with a payment gateway will become a pain in the long run. Tracking international payments is notoriously difficult and unreliable. Merchants will have to manually follow up with the issuer’s bank and the buyer to get hold of the money
- Heavy transaction charges: One aspect of global payments that many SMBs often overlook to consider is the transaction charges levied by banks or card companies. You would not be wrong in assuming that overseas payments come with a heavy transaction fee
A quick guide to how international payments work with Paytm Payment Gateway
Here is how Paytm Payment Gateway works for any merchant’s product in global markets.
- The customer goes to the merchant’s site and pays using their international credit or debit card
- The amount is transferred to Paytm Payment Gateway
- Paytm Payment Gateway then transfers this amount to the merchant’s account in INR
Features of Paytm Payment Gateway for international payments
You can easily get rid of all the problems related to international payments with Paytm Payment Gateway. With our payment gateway, your international customers can easily pay using any of the payment methods such as netbanking, digitals wallets, credit and debit cards.
Five reasons to choose Paytm Payment Gateway for international payments
- Transparent conversion: At Paytm, we believe in simplifying processes that are ailed by legacy systems. Merchants using Paytm Payment Gateway don’t have to deal with manually converting currencies. As soon as the customer reaches the checkout page and enters payment details, they are offered two choices. Either to pay in the foreign currency of their choice or in INR. In the former event, there will be no conversion fee, while the latter option accrues an added currency conversion charge. Either way, buyers will see the total amount that they have to finally pay. Since the whole process is transparent, the drop-off rate of customers on the checkout page considerably goes down
- Instant settlement: The best part of using Paytm Payment Gateway is merchants get to see the money in their bank account in T+1 days, that is on the very next business day. Our payment gateway transfers the payment in your account in INR, taking away all the additional hassle involved in accepting international payments
- Dashboard: Now that you have got the hang of selling your product globally, you would want to see how your international business did in the last few months. Our dashboard will give you a complete report card. You can use the dashboard to get detailed analytics, real-time reports, and business metrics to plan your marketing campaigns accordingly
- No API integration: As long as your online business is registered in India you can start sending and accepting money from international cards. That’s it, there is no separate API integration to deal with to get started with global payments
- Suitable for all types of businesses: Whether you are running a D2C startup, online education platform, or a SaaS company, wanting to reach out to global customers, Paytm Payment Gateway is a perfect fit for you
So, no matter what services you offer, you are no longer bound by geographical borders. In today’s time, merchants are increasing their revenue stream by expanding their reach to global markets.
Free your business and take it to the world through Paytm Payment Gateway right now.