Does your business belong to the one that considers its home country as a place for an entrepreneurship ground, or you rather seek options beyond the borders? If your plans contain expansion, success, and new opportunities on an international level, read further.
Most of the businesses operate in their home country. Because of the pandemics, some had to move their sales from stores to e-shops. Some may have taken the chance earlier and started to provide online sales in the past. There are however businesses that took the pandemics as an opportunity and expanded beyond the borders. No matter which category you belong to, let us share a couple of tips to take your business to the next level.
If you want to expand to foreign markets, you firstly need to understand which payment methods are preferred by local people. In some countries, people pay for their online goods with cards, but there are consumers that prefer faster, simpler, and safer alternatives - the local payment methods.
One of the best ways to customize your online checkouts is using local alternative payments. In Europe’s mature markets, they’re a sure-fire way of appealing to millions of consumers especially those that are looking for safer and more convenient ways to buy online.
These are for example Giropay, EPS, or Blik - which is a local payment method in Poland. And like in Poland, it´s similar abroad. Be ready to offer your clients the local payment method which they are familiar with.
If you plan to expand your business and increase the number of products sold, you must satisfy the payment preferences of your potential customers in the market you aim for. So, what are the local payment methods you should consider when spreading your business outside your country? See the 5 examples below:
To succeed in the German market, you should know that the most popular way of purchasing products online is GiroPay. Approximately 45 million German customers use GiroPay as their main payment tool which represents 80% of all online banking users in the country. That´s too much to overlook, isn´t it?
If you think that you can provide your sales for customers in Italy, you will gain their interest by offering them MyBank. This method is based on SEPA payments with access to more than 40 million online users and will guarantee you a breakthrough in the country of the Apennine Peninsula.
iDeal is the number one e-commerce payment method in the Netherlands. Offering convenience and security, it’s the first-choice transfer method for people who bank online with the main Dutch banks.
Bancontact offers a local trusted payment solution that is supported by all major banks in Belgium. With over 15 million cards in circulation, Bancontact represents a significant portion of Belgium’s online payment traffic.
The fifth payment method is eps which is a clear choice to attract your customers in Austria. There are 80% of merchants that accept payments through eps. So, what are the further steps now?
TrustPay is one of the fastest-growing financial institutions in the industry, providing secure e-commerce payments across the EEA area. While many stores were suffering from the very beginning of the pandemics, TrustPay reacted quickly and was within 4 weeks ready to help companies accept payments through payment links. And if you wonder how TrustPay can help you, read carefully. TrustPay will deliver your e-shop an optimal mix of local payment methods, according to your goals.
And there is something more…IBANIZE
In addition to the above-mentioned local payment methods and processing of traditional card transactions, TrustPay offers clients the possibility to open modern business accounts. With cool features like API banking, virtual IBANs, or virtual prepaid cards. All these services are available only with IBANIZE.
Plans need time, but with TrustPay, there is nothing to be waiting for. Expand your business with TrustPay’s growing portfolio of local payment methods and follow their LinkedIn for more news. Stand ahead of your competitors!