Taking your e-commerce business global is one of the smartest choices you can make if you want to maximize your growth potential. If you offer a product or service that you think could appeal to customers all over the world, it’s time to take your business to the next level by finding the right payment gateway for you. The idea of doing business worldwide might be a little overwhelming, but global payment solutions are actually a lot simpler than you might think.
Develop an Adaptable Marketing Strategy
Before you worry about accepting global payments, you must ensure that you have customers all over the globe! Cultural differences can be vast, so you and your marketing team will need to adapt your strategies to suit potential customers in every country you plan on pursuing.
Ask yourself the following questions:
- Does a certain market have more of a demand for your products or services?
- Have you researched local customs, slang, and trends that could potentially be used to improve the way you plan to advertise?
- Are any of your markets in undeveloped areas that might require creative global payment solutions?
As you can see, there are a number of things to consider if you want to successfully go global, from the logistics of actually making a transaction to whether or not your product can be used in the area. For example, if you make heavy winter jackets, you’ll probably attract more customers from snowy Canada than humid Thailand, even if you do an equal amount of advertising in both markets. This doesn’t mean you shouldn’t do business in Thailand. It’s just best to make the most of your budget by focusing on the markets where you’ll have the greatest chances.
Translate with Success
It would be nice if you could simply translate all of your ad copy and product descriptions from one language to another, but unfortunately, it’s a bit more complicated than that. There are many nuances to language, and working with a marketing specialist that is familiar with languages and customs is always a good idea if possible.
You also must research the local economy and decide on a realistic price range based on demand. For example, a jeweler might not be able to sell one of her most expensive pieces in a poor country, but in the right areas, some of her more affordable pieces could do quite well. An effective pricing strategy balances demand, logistics, and the status of the local economy in any given area.
Manage Your Taxes
Operating globally means understanding global tax laws and export regulations, another subject that can be a bit overwhelming for business owners who are working on taking the leap. In order to help your accountant or outsourced CPA firm keep track of all the important information, you’ll need quality accounting software. A good program will integrate with your credit card gateway, making it easy to manage of the ins and outs of your business.
Find the Right Payment Gateway
There are a lot of credit card processing companies out there, and not all of them offer the global payment solutions they claim. Some companies will lock you into a contract and charge big fees if you want out, so the last thing you want is to sign with a company only to realise they don’t accept the local currency in one of your potential markets. Here at Allied Wallet, we process transactions from 196 different countries, giving our merchants a huge range of possibilities for global expansion.
Allied Wallet: Global Payment Solutions for You
We are proud to be a company that offers effective payment options to thriving business owners all around the world. Here at Allied Wallet, we know that e-commerce is the future, which is why we will work hard to get your payment gateway up and running in 24 hours. This is your dream, and you’re ready to get started. Why wait? Please contact us now for more information.
