Any business that sells goods or services online needs a secure way to accept customers’ payments. That’s why finding a trustworthy gateway to act as a safe intermediary between you and your customers should be one of your highest priorities as you set up your store. If you plan to market your goods to buyers in other countries, now more than ever: You need reliable international payment processing that customers will trust.

What is the role of a payment gateway?

In short, a payment gateway, international or otherwise, is a third-party web application that authorizes credit card transactions. Once this is done, the gateway securely forwards the information to the acquiring bank and then to the customer’s credit card company, which will notify the other parties as to whether the transaction has been accepted or rejected. Through it all, the gateway acts as a facilitator that is often also equipped with features that protect against fraud and ensure enhanced payment security.

Considerations when choosing an international payment gateway.

When selecting the best cross-border gateway for your business, consider the following: 

• High encryption standards. Encryption refers to the techniques your gateway uses to mask customers’ sensitive credit card information, thus protecting it from being stolen or otherwise interfered with by bad actors. Look for a gateway that offers certified, point-to-point encryption and tokenization. 
• The latest in tokenization. Your gateway provider should that takes extra steps to shield and safeguard data including using tokenization to replace sensitive card numbers with a single-use, random series of letters and digits that hackers cannot use even if they are able to obtain it. When data is protected from attack, so, too, is your brand and its reputation. This is even more crucial for businesses conducting international transactions, which inherently represent a higher level of risk.
• Easy integration with other systems and software. You may already have accounting programs or customized inventory software that keeps your business running like a well-oiled machine. A good international gateway should play well with others — seamlessly integrating with your existing programs and systems.
• Speed. Today’s customers want instant satisfaction. That includes demanding speed during the checkout process. A good international payment gateway should allow for quick communication amongst all the players in the payments process without ever sacrificing the highest of security standards.
• Reporting features. Because your international payment gateway will be integrated with your other business systems, it should allow you to create clear, actionable reports that you can use to better run your operations. With just a few clicks, you should be able to pull up a list of all transactions during a set period of time, a list of all fees you have been charged, or commissions you have earned.
• Fraud detection. Selling products abroad makes you particularly vulnerable to cybercriminals. Fortunately, gateways can come with anti-fraud features that reduce the likelihood of you becoming a victim. They do so by monitoring payment requests, red-flagging suspicious ones, and notifying you so that you can decide whether to move forward with accepting the payment.
• Fees and other costs. Of course, no international payment gateway is free. It makes sense to thoroughly understand everything you will be expected to pay, including non-negotiable charges, so that you can make the best determination for your business. Note that cheaper is not always better. Furthermore, some providers offer zero set-up and monthly fee costs while simultaneously charging higher fees for features like chargebacks. Before you sign, be sure you understand the fine print.
• • International currency capabilities. If you plan to sell to customers in countries that use currencies other than your native one, you will probably want to partner with a payment gateway that offers multi-currency conversion. With this feature enabled, the customer can see exactly what they will be expected to pay for their purchases, in the monetary denomination they are familiar with This transparency will make you more trustworthy in your buyers’ eyes and will reduce confusion and suspicion. Many merchants also find that allowing shoppers to pay in their own currency drastically reduces the number of chargebacks they receive.
• Payment types accepted. Before you even search for your international payment gateway, it is crucial that you understand who your foreign customers are. By doing so, you will accomplish more than just providing them with the products they want, you will also learn how they prefer to pay. For instance, most Scandinavian residents prefer to make payments using real-time bank transactions. People in the EU usually opt for SEPA. Meanwhile, Chinese customers overwhelmingly favor Alipay. Once you have your country-specific information in hand, you can make sure that your gateway company furnishes you and your prospective buyers with the best choices.

Choose the optimal international gateway to benefit your retail operation.

The international payment gateway you decide upon can make an enormous difference when it comes to the success of your global business. Consider the following:

• Your sales numbers will soar when customers can pay using the currency and payment methods they prefer.
• Multi-currency checkout through your gateway will increase transparency and lower additional costs.
• Global payments reconciliation is easier with a gateway that integrates with your accounting software and other business tools.
• Your gateway’s compliance with recognized security standards (PCI DSS) brings about customer trust and long-term loyalty.
• Selling your products abroad opens up your business to millions of potential new customers.

Any retailer wishing to market goods and services online needs a reputable payment gateway, but the stakes — as well as the potential benefits — are even higher when it comes to global ecommerce. As you consider expanding your operation and marketing to buyers in other countries, don’t rush to sign on with the first payment gateway you see. Only after you understand your potential customers and measure your own business needs and priorities should you carefully investigate the many gateway vendors available to you. Then you can partner with a provider who truly can help you to enhance the scope and footprint of your ecommerce retail store.