Global Payment Processing
Global payment processing has been a raising payment trend for the last several years. Thus, in 2018 global e-wallet payments only were responsible for 41.8 billion USD spent. And with businesses aiming to expand their presence to global markets, this number will continue growing.
Therefore, it’s vital to know more about global payments and global payment processing.
What is “global payments”?
To put it short, global payments take place when the issuing and the acquiring bank behind the transaction are situated in different countries. Therefore, if you as a customer pay to a seller whose bank is outside of your country, you’re conducting a global transaction.
And global payment processing is a term that stands for the process of trading goods and services in exchange for a financial reward between vendors and clients across the globe.
Who is a global payment processor?
A global payment processor is a mediator between the two international parties, merchants and customers. It processes the merchant’s credit and debit card payments as well as those using alternative payment methods.
All global payment processors use global payment systems to process, keep and analyze the transactions. Besides, these systems often have integrated fraud and chargeback prevention systems.
Moreover, such systems make the payment process smooth and hassle-free for the clients. This directly impacts the sales volume for the merchant. And it allows the vendors receive payments without having to develop their own international payment processing software.
Why does international payment processing matter?
The recent years have shown that the international e-commerce market share will keep growing. Therefore, merchants who want to strengthen their market presence should better act on this tendency. For it, they need to make sure to partner with a global payments processor to cater their services to customers from all over the world.