Cross-border payments for online marketplaces - a free guide
Operating an online marketplace means you’re never closed for business with the potential to attract customers all over the world. While e-commerce is an appealing route to market for companies looking to grow, managing cross-border payments can be a significant barrier.
While the cost and hassle of accepting payments domestically has reduced, across borders it can be subject to additional risk. Expansion plans can be curtailed by the complexity and cost of cross-border payment processing, as well as security and fraud prevention concerns.
To grow your marketplace internationally, and build an extensive network of buyers and sellers, payment processes must be quick and seamless. To help you succeed, CurrencyFair has created a downloadable Guide to Cross-Border Payments for Online Marketplaces.
The guide begins by looking at the rapid expansion of ecommerce and how major changes in consumer behaviour are being accelerated by the pandemic. It goes on to cover the opportunities and challenges of cross-border trade in light of the complex payment workflows involved in operating a marketplace. Marketplace payments comprise multiple transactions, receiving funds from buyers, sending funds to sellers, as well as refunds, chargebacks and vendor commission.
After covering cross-border payment methods and associated costs, the guide considers the role of payments automation in increasing efficiencies. Manual payment processes can quickly become unprofitable when you begin to scale your operations.
The growth of international ecommerce and global opportunities, particularly in emerging markets, are analysed. We then establish how marketplaces can negate the risk and costs associated with currency fluctuations and international payments.
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For marketplaces, payment processes that are highly effective attract better vendors and convert browsing customers into buyers. Crucially, they also reduce costs, complexity and inconvenience for your business.
Operating in multiple locations means dealing with multiple currencies, conversions and money transfer issues like delays and international banking fees. Currency fluctuations and using less familiar currencies can also bring operational and liquidity challenges.
A payments ecosystem that’s fit for purpose can allow you to access new global markets with speed and agility. In our guide we offer practical advice to help you succeed with cross-border payments and achieve your international growth goals.
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