Why is an international merchant account so important?

In this present era of globalization, the concept of internationalizing business might be new for a fraction of the population, but it is a pretty old practice as mentioned in history books. Back then, it was not a very easy activity to do, and this thing makes it pretty tough for businesses to breach overseas markets. But now, as an overseas merchant, doing business anywhere, in any habitual corner of the globe, is as simple as a cakewalk; all you need is an international merchant account.

As every person on the planet is now aware of the online payments concept, this is the reason why offshore business is quite easily conducted. But what makes it so simple to get online payments from anywhere around the globe? That thing is the payment gateway and merchant account. Both of them work simultaneously and complete each other. A payment gateway is a portal that transmits data like card details to payment processors, and the merchant account holds the transferred funds until the completion of the process to initially send money to the merchant’s bank account.

Why is an international merchant account so important?

Continents like Asia, Africa, and South America are full of developing countries where development is on the rise, and due to this, marketing activities are also at record levels. This condition creates a great middle class over there that is ready to expend money on products and services, and an overseas merchant can’t get access to these markets without a global payment gateway and an international or high-risk merchant account.

For an example of it, here are some data. one of which shows the data of the share of Asia in the global e-commerce market, which is more than 60%, and the other image shows the data of the most used e-commerce payment methods in the Asia Pacific region in 2022. After having a look at both images now, it’s not difficult to understand the importance of an international merchant account and a global payment gateway for offshore businesses.

Why can’t domestic merchant accounts be used for cross-border payments?

Domestic merchant accounts are great for transactions within a certain border, but getting payments from overseas is not a domestic merchant account’s cup of tea. Here are some reasons for it

• Costly processing fee for cross-border payments
• International cards’ high decline rates
• the irregulated time period in the currency conversion process

High-risk businesses that had great potential in the upcoming years in the global market

An overseas merchant account is a high-risk merchant account because most overseas industries are considered high-risk businesses by banks and financial institutions. Here is a list of high-risk businesses that have great potential in foreign markets in the upcoming years.

Points that have to be noted during the selection of an international merchant account service provider

⦁ The majority of international business industries are categorized as high-risk businesses, so the very first point that has to be checked while selecting a merchant account service provider is that the service provider has the ability to provide a high-risk merchant account.
⦁ The service provider must have an international or global payment gateway that is able to get payments in different currencies and can accept payments from alternative payment methods like e-wallets, local payment apps, net banking, etc, not just from credit cards and debit cards.
⦁ Because of international trade, a service provider’s payment gateway must have the flexibility to be used in different languages.
⦁ Features for ease of operation: If a service provider’s payment gateway has features like a simple one-step checkout procedure, an easy integration process, real-time reporting, etc., then the service provider is good to go with.
⦁ Compare the cost and service offered by merchant account providers, and the one that seems better to you in the ratio of cost to services offered can be chosen.

Webpays as a choice for an international merchant account

• Webpays can be one of the best choices as a high-risk⦁ Webpays is one of the leading high-risk merchant account and payment gateway providers across the globe, so the first point is covered.
• The next point is the ability to get payments through alternative payment methods and in various currencies, which is again not an issue with WebPays.
• Along with these mentioned features, Webpays has all the other features that merchants search for in a payment gateway, like easy integration, real-time reporting, 24×7 customer assistance, etc. merchant account provider. It has every feature that is required for a high-quality payment gateway.

So if you are willing to get an international merchant account for the expansion of your business around the globe, then you can check the given link here. If you would like more information about an international payment gateway or merchant account, or anything else related to our services and offerings, please contact us via email at info@webpays.com.