To the undiscerning eye, the Covid-19 pandemic largely halted the increasingly global habits of the consumer world. Worldwide lockdowns forced masses of people indoors and away from social, commercial, and travel venues, and supply chain shortages and delays made it far less efficient and affordable to fulfill cross-border transactions. However, with every “new normal,” came innovative thinking, and dynamically changing courses of action. This, of course, includes the ever-evolving online environment.
Online transactions are on the rise. Two years ago, just 17.8% of sales were made online. Today, that number is closer to 21%; a 17.9% increase in about as many months. This growth trajectory is expected to continue on its path, reaching an impressive 24.5% by 2025. Experts point to the pandemic as the main catalyst that accelerated this transition to e-commerce, by as much as five years.
These days, customers can be immersed in highly personalized shopping experiences from the comfort of their beds or couches. They have access to far more products from far more merchants, and can choose to purchase from those merchants who offer the best value, for the most affordable price, and the most convenient delivery options.
This, of course, is thanks to savvy merchants adopting technological advancements, which make it much easier for consumers to complete transactions, anytime and from anywhere – even beyond their own borders. Indeed, those merchants who’ve implemented global scaling as a strategy are reaching out to more people in more places. They’re leveraging technological architectures and cashier solutions to support their growth across borders. The best part: returns, both in monetary and customer forms.
If you’re looking into adopting a payment cashier to take your business global, here are the technological features you need to succeed.
Currently, the human attention span is about eight seconds long. At the same time, customers value their time and are increasingly demanding uncompromisingly fluid consumer experiences. As such, when shopping for a cashier solution, it’s imperative that the cashier you ultimately choose has the ability to offer seamless integration. This way, you can instantly go live with any payment processor, as soon as you complete the five-step integration and receive your live credentials.
On a micro level, seamless integration with the cashier enables you to save time and money by getting set up quickly and efficiently, so your customers’ journeys from product research to payment can begin, ASAP. It also helps you avoid unnecessary complications and errors throughout the sales funnel, which, in turn, boosts customer loyalty and retention, for the long-term. On a macro level, it is clear that these elements come together to set the foundation for future upscale endeavors, so you can go global, anywhere you wish, with great efficiency and effectiveness.
Large PSP network
Payment service provider (PSP) networks are key to any cashier (and merchant’s) success. This is because PSPs manage the entire transaction, authorizing payment and ensuring their secure processing from one account to another. In this way, PSPs serve as mediators between the issuing bank, the payment network, and the acquiring bank.
When looking to expand globally, you need a technological partner that has a large PSP network built-in, preferably one that includes as many PSPs as possible, so as to enable your customers to pay in a way that’s most convenient to them, using localized payment methods they are already familiar with and comfortable choosing. For example, some people prefer paying via credit card, while others prefer transferring money via payment app. The more cards and apps your PSP network contains, the more you are enabling your customers to complete purchases quickly, and comfortably. If, however, you were to choose a technological cashier partner that does not have a large PSP network, you would likely either find yourself spending your valuable and limited time on integrating each new PSP you want to work with, or watching as way too many customers halt their payment process, right before making their deposits.
Pre-integration with PSPs
When going global, there are so many different tasks to complete. You have to set up the entire supply chain, in each and every locality. You have to localize your website, and ensure customer support is available in your new target audiences’ time zones and languages. And you have to make sure that these new potential customers can pay the way they want and the way they’re used to, in their hometown. The last thing you want or need to do is start reconfiguring your PSP network, to add in new PSPs. Such a task would be exceptionally time and labor intensive.
Using a cashier that already has a roster full of PSPs is a godsend. It can save you many headaches researching which PSPs your customers might want to use, and figuring out what their technological limitations are and how to integrate them, instead of focusing on more important business activities. As such, choosing a cashier that has pre-integrated PSPs is a must; it simply allows you to choose your next global location and hit the ground running.
Regardless of your venture, having a Plan B is always smart. You never know when an obstacle will present itself, or a tool might stop working, at the absolute worst time. All the more so, when going global. Every savvy business seeking to expand internationally must have at least one backup plan, for a rainy day. This includes for your PSP.
For every geographic location you wish to penetrate, especially for those where transaction risk is higher, having at least one extra PSP is mission-critical. This way, if one (the preferred) PSP malfunctions, the cashier can automatically re-route payments to the backup PSP, thereby enabling more payments to be successfully completed, with minimal aggravation on all sides.
Finally, when seeking to grow globally, merchants should focus on using a cashier solution that offers them with the highest level of support. This is because, at the end of the day, going global means expanding your business to more customers in more localities and time zones. Adjustments should be made to ensure that you receive the support you need, to scale like a pro. Starting your global expansion off by partnering with a cashier solution that is invested in your success by providing that tailored support is exactly the support YOU need to support your customers, in their times of need.
Praxis can help your company grow globally
Going global is key in keeping your business relevant, especially in today’s day and age. Having a cashier partner that is built with your growth in mind is key, and Praxis is the precise solution that’s designed to support you as you scale, and beyond.
A smarter way to accept more payments from more customers in more locations around the world, Praxis provides you with all of the features discussed above. With over 450 payment methods through a single integration and a virtual terminal for conversion optimization, the Praxis Cashier promotes better payment flow control and instantly boosted revenues, for merchants across the retail industry.
Contact us today, to discover how Praxis can help you go global tomorrow.