How your business can tap into a global consumer base.

Our world is nothing less than an awe-inspiring, dizzying mix of cultures, experiences, needs, and priorities. As an entrepreneur with products you are passionate about, you have probably gazed at a map of the world at some point and asked yourself if you dared to take the leap into international commerce.

Although the challenges of going global are significant, you just might find yourself reveling in the excitement of newfound success alongside a large group of your peers.

Factors to consider before you take the global payments plunge.

You may already have a solid brand and a good deal of marketing victories here at home. Even so, that does not necessarily mean you can make the same assumptions about your potential international customers.

Keep the following factors in mind as you consider the feasibility of foreign expansion.

• Cultural differences. Will the gadget that flies off the shelves in Birmingham have the same good luck in Bogota? You won’t know unless and until you do a good deal of research into your new would-be customers. Be a detective, spying on companies that are already succeeding in your area of choice to see what they are doing that appeals to the locals. Ideally, you will want to not only mimic what works for them but also add your own unique spin. Having input from knowledgeable natives, while not absolutely essential, is a huge plus.
• Regulations and legal barriers. Just as the U.S. has a host of local, state, and federal guidelines businesses must adhere to, the same is true when you sell in foreign lands. You absolutely must have a thorough understanding of all the rules, both written and unspoken, that bind you in your new location. Although it may seem extravagant, it is highly advisable to hire someone with legal expertise in your country or region of choice.
• Governmental considerations. If you are going to sell products or services in another country, you must first make sure that its political structure is strong and stable. Next,  investigate issues such as local currency exchange rates, taxes, governmental assistance possibilities, access to low-interest loans, grants and other capital, employment laws, and protections in place to safeguard businesses.
• Feasibility. Long before you make any solid commitments, it is in your best interests to determine whether expansion is really right for your business. To that end, study the market, review all financial considerations, and work to develop strong relationships and partnerships with a client or supplier who is already doing business in your target area.

After laying the groundwork, you will be in a far better position to determine whether foreign expansion is right for you and your business. If the answer is “yes”, your most important priority is finding the international credit card processing company that best meets your unique needs.

How to take your business international with global payment processing.

Foreign consumers can pay for your products using their Visas or Mastercards, so why not simply offer these as their only payment options? In many respects, the answer to this question gives you a clear view of the complexities of global ecommerce.

Put yourself in the position of that customer in Bogota we referenced above. How would you feel if prices were in American dollars instead of Colombian pesos? How eager – or qualified, for that matter – would you be to calculate complicated exchange rates?

And what if you knew of another site that sold similar products in your native currency, with no protracted calculations necessary?

The truth is this: As a global seller, the deck is stacked against you if you fail to accept foreign payments in consumers’ local currency.

On the other hand, carrying a selection of products that meet the unique needs of each geographical sector you serve and allowing people to pay using a monetary denomination they are familiar with inspires trust, removing the stigma of buying from an international seller.

Increase global customer satisfaction with enhanced communication.

Depending on where you want to market your products, English may not be the language of choice. Even if it is spoken to some extent by a percentage of the population in various situations, it may not truly be the way people exchange information and pass on positive buzz about the new products and services they are excited about.

For that reason, it makes sense to do all you can to tailor your communications to fit local preferences. Adjust your website software to allow content to appear in the local tongue. Many ecommerce platforms have the capability of adjusting the language based on the visitor’s IP address.

Additionally, hire native speakers to answer customer questions and resolve problems that arise. Doing so shows your potential buyers that you respect who they are enough that you are willing to do what it takes to communicate clearly and effectively with them.

In addition, be prepared to address any concerns that may arise from customers making international payments. Currency conversion and foreign exchange rates are daunting for anyone. At times, confusing charges can show up on a customer’s credit card statement that seem to originate from you, the merchant, when you actually had nothing to do with them.

Understand before entering international ecommerce that this will happen, and be sure you have the people and mechanisms in place to solve problems and make appropriate recommendations when they arise.

If you are passionate about your business model and want to share your products with a diverse pool of potential buyers, taking your business into the global arena opens up a world of possibilities. Just be sure you go into it as prepared as possible.

Build your business on a foundation of cultural and customer awareness, plus, knowledge of each geographical area you want to expand into. With a dash of forethought, a measure of research, and a healthy dose of courage, you have a good chance of succeeding in the international marketplace.