Making cross-border payments count
Payment methods matter more than you might think.
As highlighted in the 2020 PayPal Borderless Commerce Report, the way people shop online is different in every country, especially when it comes to payment methods. Keeping up with local nuances in shopper payment behavior can be a lot to keep track of. This begs the question of how your business can cater to everyone’s preferences? And whether it is worth the effort?Research into online consumer behavior suggests that it is. In a recent study, one in five shoppers said they would abandon a cross-border purchase if their preferred payment methods were not available. 1 And 34% of respondents felt more incentivized to buy from a store outside their home country if prices were shown in their local currency.1 Moreover, digital wallets and other alternative payment methods are growing in popularity, especially among younger shoppers.
Given the somewhat impersonal nature of online retail, it’s not surprising that familiarity inspires confidence. Shoppers are significantly more likely to buy abroad if they can do so in the currency they’re accustomed to, using payment options they already know and trust.
Get paid with one click. Or is it a tap?
It’s not just payment options that make a difference. The primary devices used for shopping also vary from region to region and these need to be considered. India and China, for example, prefer apps and mobile friendly websites with 84% of their cross-border purchases coming from smartphones.1 French shoppers, on the other hand, do most of their buying via desktop.1Cross-border customer service
Customer service is probably not the first thing that comes to mind when considering cross-border payments, but it is extremely important when dealing with customers from around the globe. In fact, one in three shoppers say that having customer support in their language is a driver on their decision to buy.1TIP: Choose a cross-border payment partner that can provide support to all your customers, with customer support in more than a dozen languages.
Cross-border commerce doesn’t have to be complex
There’s clearly a lot to think about with cross-border payments but thankfully you don’t have to. With the right partner, you can do business in more than 100 currencies and 200 countries using a single, simple payment solution. PayPal is one of the world’s largest online payment platform with 300 million active users and multiple local payment methods1. Your customers can see fees and taxes in their local currency, including shipping. And enhanced fraud protection makes it easier to keep your customers and your business secure.When Adva Bruner, founder of Ripple Yogawear from Israel, debuted her eco-friendly line online, she found that her biggest market – comprising 50% of sales – was the U.S., followed by Canada, Australia, the UK, and Iceland. With PayPal she found she could focus on running her business while PayPal took care of the complexities of international sales and made it easy for her customers to shop on her site.
Finally, getting paid is simple—no matter where your customers are or how they choose to pay. Don’t let customers’ preferences cost you sales. Create your cross-border strategy with PayPal as your partner and help your business grow.
To learn more about how PayPal can help your business grow internationally – and make customers feel secure – go to paypal.com/business.
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