Regardless of how established your business is currently, there are always ways in which to strengthen and grow. That could mean expanding the breadth and depth of your offering in the regions you currently operate in, but more often than not, mid-to-large size businesses are setting their sights on those leading overseas markets in which they currently have no specific online presence.
Credit cards are now truly international – a result of credit card associations, banks, financial institutions and government oversight agencies collaborating to bridge international payment gaps. MasterCard, American Express, Visa etc. – all of the leading cards can be used almost anywhere in the world, helping customers to purchase the essentials when travelling, but also to pay for products and services online.
However, many mid-to-large size businesses planning to broaden their international payment options have not yet considered the logistics of accepting offshore credit card payments. International payments are considered higher-risk, which is why all businesses beginning to rely on overseas customers should look to work with an international credit card processor who can provide secure and robust internet payment solutions. There are many advantages to working with an international credit card processor – here are our top advantages.
1. Powerful offshore processing – in real time
Offshore online payments with an international credit card processor work like this:
- An overseas customer uses a credit card to make an online payment. Information is then relayed to your payment gateway (First Atlantic Commerce, for example) via an instant and secure connection.
- First Atlantic Commerce (FAC) then forwards the payment info to your bank’s payment processor, who instantly relays it to the credit card network
- The respective credit card network requests authorization from the customer’s international bank
- All info is then relayed back to the payment processor, FAC, the merchant and your bank
That entire process takes just two – three seconds. Once authorised, the customer’s bank sends funds to credit card network, which passes those funds to your bank and money is deposited into your merchant account within days. The ability to tackle offshore processing in real time is crucial to successful and secure international selling. International credit card processors like First Atlantic Commerce present you with the opportunity to build relationships with specialists and known fiduciaries around the world, who will work with you to empower your business’ global expansion.
2. Enhanced multi-currency processing for international customers
Attracting more international customers is a pain point of many mid-to-large size businesses, particularly due to the fact that said customers seek simple and streamlined payment methods. An international credit card processor’s solutions start by allowing customers to pay in the currency they know best, giving them the convenience and confidence necessary to make a purchase.
FAC’s customers can select from a wide range of international currencies to price their products and services, giving them a truly global reach and the best opportunity for global expansion. We can offer up to 150 currencies for pricing with settlement in Euros as well as pricing and settlement in up to 15 major world currencies.
Working in the Latin American Caribbean region, merchants can select from up to 145 currencies, including all in South America, Caribbean and Central America. Examples include Argentine Peso, Brazilian Reals, Costa Rica Colons, as well as Canadian, Bahamas, Jamaican and Cayman Island Dollars with settlement to US Dollars.
3. Strong relationships with global banks
International credit card processors make setting up your international merchant accounts as simple as can be – in that they facilitate the whole thing for you. Working with banks in the UK, Europe, Mauritius, Bermuda, Panama and across Caribbean Region, FAC can provide the most effective and streamlined payment processing available.
4. Bespoke solutions and tailored customer service
An international payment processor can cater for a range of industries, and provide a bespoke solution suiting each one. FAC’s powerful and secure online payment solutions not only help maximise your sales but also minimise the risk that offshore payments often present to businesses without an international credit card processor in place.
From integrated real-time solutions (our ‘Bermuda solution’ is particularly relevant to Canadian companies) to standalone (unbundled) services such as 3-D Secure and tokenization, FAC solutions can have an immediate impact on your business.