For many of today’s European e-commerce businesses, payments are perceived as a commodity. Forward thinking businesses are switching on to the potential of cross-border payments to drive competitive advantage, looking beyond transaction processing at how they can differentiate, add value and enhance their service proposition.
Cross-border payments are therefore changing the role of the Payment Service Provider (PSP). Today’s international merchants use PSPs as partners, leveraging their capabilities and experience to shape new pan-European B2C and B2B commerce services.
A new paper, reveals how new payment technology and evolving PSP relationships can be used to deliver five powerful payment strategies that will ensure crossborder success for business growth.
The paper reveals how merchants can extend the payment value chain with a new generation of full-service international payment solutions and services capable of driving critical market expansion, and shows how redefining cross-border service models and strategy can help futureproof business in line with evolving consumer expectations and habits.
Organisations are increasingly operating in international marketplaces. From merchandise and supply-chains to staffing and services, they regularly source and supply outside their own domestic countries.
This is particularly relevant in the e-commerce space. As consumers find online cross-border shopping easier, faster, and more convenient, it’s expected that cross-border online B2C sales will more than double in the next five years, reaching $424 billion in 2021.
This trend is already apparent in the UK, where cross-border online retail sales grew over 11% from 2016 to 2017. In Europe, 15% of online purchases are now exported from other regions, while in other parts of the world it’s as much as 50%.
The full paper can be DOWNLOADED HERE