Challenges Faced When Globally Scaling Your Business
Before the pandemic caused a massive global impact, affecting nearly every corner of society, business was beginning to become increasingly internet-focused.
Digital solutions made internet shopping and everything else online increasingly simple. However, after the pandemic shifted how companies interact with their customers, online transactions increased more than ever.
World Bank reports that as of 2021, “two-thirds of adults worldwide now make or receive a digital payment,” with this number growing exponentially in developing economies.
This expansion in digital finance has also led to a huge increase in the international exchange of goods, as online transactions aren’t stopped by physical borders.
This trend has also raised the ceiling for what it means for businesses to truly scale. Now, success and growth means that your business can serve a global audience. This increase in scale has also led to an increase in logistical challenges as firms must contend with issues like expanding product and service lines, changes in customer expectations and security measures.
Perhaps most significant of all is the weight that’s now being applied to your payments infrastructure. Improper preparation for these challenges causes massive disruptions to your operations. To make sure you’re prepared, you’ll need a payments cashier that’s built to scale. To find the right fit for you, let’s break down what your payment cashier should have to help your business expand:
Getting your cashier up and running effectively has the potential to grow or slow down your expansion process greatly. So, in order to grow as quickly as possible, finding a provider with a seamless integration process is crucial.
Some providers (like Praxis) can be up and running in a matter of minutes. Allowing you to dedicate that time to other areas of the business. It’s useful not only in the short term, when dealing with your current customers but will also serve your business well when trying to reach new markets.
Large PSP Network
PSPs (Payment Service Providers) are what allow businesses to accept various payment methods for online purchases. So, when an online business completes a transaction using credit, debit, cash cards or other digital payments, they rely on the service of a PSP. Ideally, your cashier partner will utilize a large network of PSPs, enabling you to accept multiple different payment options in a multitude of countries.
This is imperative when looking to scale your business globally. Whenever you look to expand you’ll need to get into contact with more and more PSPs individually to support all the various payment methods your customers may use. However, having a payments partner who is already integrated with a robust PSP network bypasses all that work!
Pre-Integration with PSPs
Choosing a payments partner that comes pre-integrated with multiple PSPs will be invaluable to your expansion strategy. As we’ve already discussed, PSPs are generally regionally based so, expanding into other countries and territories will require interaction with whole new sets of providers.
You’d have to reach out to new PSPs each and every time you were looking to expand. With that comes even more complex interactions. Each PSP has unique limitations as well as having their own separate integration process. But, if you rely on the services of a payment partner that is already integrated with many PSPs, then your solution is as simple as picking your location and selecting an already integrated PSP.
After everything we’ve addressed, you may be wondering why you’d need a large network of providers instead of one or just a few PSPs. Well, PSP redundancy is a common occurrence when you’re dealing with companies in high risk industries. Perhaps a PSP can’t offer their services, regulations change or anything else happens to stop your PSP providing their services… You’re left high and dry, unable to process payments. Disaster! So, in order to effectively offset your risk, using maIny PSPs protects your business and provides a satisfying customer experience.
If one provider fails, another in the network can attempt to complete the transaction without disrupting your customer’s experience. This seamless experience will make customer transactions better while ensuring you don’t miss out on potential revenue.
Expanding your business operations and looking to scale globally is a great objective. However, no matter how well-laid your plans are, there will be some unforeseen issues that arise. You’ll need to make adjustments, not only in your product or service volume, but in just about every area of your business operations. Dealing with foreign currency exchange and cross-border fees associated with global payments will produce logistical issues for businesses.
Taking all that into account, and the fact that your payment capabilities should scale with you, you’ll need to handle problems at scale too. The right payments cashier partner should be there to help solve these issues. Your provider should have a dedicated team in place with your own personal contact to give you the right support when you need it most.
How Can Praxis Help Your Company Grow Globally
Praxis recognizes the need for businesses to grow quickly to compete in today’s market, and so we have made sure that our cashier can be swiftly integrated into your website, letting you expand as fast as possible.
Our solution has proven to boost revenues, using our PSP routing rules that send each transaction to the ideal processor – maximizing your approval rates and reducing what could be costly declines. Our simple integration gives you almost immediate access to over 490 payment solutions and 1000+ APMs, meaning that wherever you choose to expand, we’ll be able to accommodate your transactions.
Relevance in today’s business world means being able to grow and expand in your region, and even outside your borders. In order to scale globally, you’ll need a cashier partner that can scale with you. Praxis is that partner you can rely on to provide the tools and service you need to grow your business internationally.