Episode 8 : Understanding Cross Border Payments as an Ecommerce Seller
This blog is all about stripping away the complexities of cross border payments, using platforms which centralise the payments process on an international basis. These systems also give sellers a single base from which to manage payments from all their customers, in every market, with ease.
One of those systems providers is Payoneer, one of our trusted partners here at GEE.
So, how do cross border payments work as an ecommerce seller? Furthermore, how can sellers use systems like those set up by Payoneer to deliver a streamlined service for the benefit of themselves and their customers?
All You Need to Know About Cross Border Payments
In order to manage business growth effectively as an ecommerce seller, you need to build an infrastructure which supports payments from all over the world – or at least across your chosen markets. It’s as simple as that.
As an ecommerce seller, we don’t need to tell you that more sales equals more success. But, it is only when you can streamline the process and operate an international payment system which offers a local experience to each market that you can really enjoy that success.
A big part of that means recognising the importance of local currency – giving customers the chance to purchase in their own currency, with payment methods that they recognise and trust. If not, you will lose the sale before they ever commit.
Luckily, there are systems out there which support cross border payments and exist to give your business the backend payment processes it needs.
The Benefits of a Systems Partner like Payoneer
To understand the role of Payoneer and other international payment support systems as an ecommerce seller, you need to recognise them as a form of banking partner – converting sales for you so that you always receive funds in your local currency and managing the influx of income from different markets and different platforms in real-time.
But that’s not all Payoneer does. As a growth partner, Payoneer uses existing sales data to offer sellers advances to support new product launches; it connects them to suppliers and logistics companies who are best suited to their needs and budget; it even offers a commercial card with plenty of cashback incentives – making business investments work for you as a seller.
Another benefit of Payoneer specifically is their continued focus on creating and supporting sellers through different ecosystems – for example a Green channel focus which seeks to partner sellers with those suppliers and logistics providers who are committed to an eco-friendly business model. This could be shipping, freight solutions providers, warehousing, or delivery options – the main point is that this allows Payoneer to match sellers with those businesses that share their values and have the expertise required to help them grow into the right sector of the industry.
Best of all, all of this is navigated with an eye for the best rates and with the highest level of end-to-end support from a dedicated Customer Services Manager (income level dependent) so that sellers are never left in the dark.
How to Get Started with Payoneer
The onboarding process for sellers looking to expand with the help of Payoneer takes around 24 hours, with the swift approval process allowing you to grow your business just one day after taking the plunge. In order to complete this process, there are certain pieces of information you need to provide: namely your company name, address, some business documents relating to your industry and market, and links to existing stores. Once you register your interest, the Payoneer team will be able to support you and offer information on exactly what you need to provide in order to get set up – making the process easy and efficient from day one.
Once you are an active member of the Payoneer community, you will benefit from all the support services mentioned in this blog and its complimentary webinar – typically paying a fee of between 1 and 2% for the services, with those payments being directly taken from your income received through sales.
To benefit from all this and more, and to create a cross border payment system which supports your presence across a range of markets, Payoneer can help. As one of our trusted partners at GEE, Payoneer has helped to launch and support the success of a multitude of brands and businesses all over the world – with five million customers and counting. Check out the full webinar to hear directly from Tom at Payoneer, and don’t forget to subscribe to our Youtube channel so you never miss an update.