E commerce transactions are often limited to major credit cards. This is a problem because it eliminates many potential customers both in the US and globally. Not everyone interested in paying for goods and services online will have a major credit card or use the same currency.
The barrier is one that effects more websites than retail ones. Marketplace sites, software as a service (SaaS) providers, virtual offices, online coaches and consultants, and educational websites are all limited if they offer few payment options. Since more and more consumers are making purchases online for what they want and need, sites can be losing out on higher conversion rates and revenues.
Decline in SEO
Search engine optimization (SEO) depends on revenues, conversion rates, and the quality of customer service. The algorithm for search engine rankings is based on these factors. The competition will rank higher when they offer multiple options and your site does not.
E commerce is more popular than physical stores, even for those who live close to local malls and outlets. The pricing is often lower online, and the convenience is favored by people with hectic schedules. Global opportunities via secured checkout pages in several languages and varied currencies will raise revenues, conversion rates, and SEO for higher rankings.
How to Proceed
Many payment processing platforms will allow websites to offer some global options, leaving business owners to pick and choose which ones will work for targeted audiences and potential customers. Each provider selected will charge percentages, fees, and per transaction costs. The use of multiple provider will add up to a substantial amount of money which makies global payment opportunities financially prohibitive.
Going with an all-in-one solution platform, like BlueSnap for example, will result in one payment, one contract, and one account for all global options offered by websites. This provides one set of reports and analytical tools for tracking customer demographics and buying habits. Lower percentages and per transactions costs are charged due to volume business.
The advanced platform is designed to integrate with most business operating systems. Changes to everyday processes and procedures do not have to be altered to work with the new payment platform. This allows for fast setup and seamless transitions.