If you have an online business and want to make it successful internationally, then you should be able to cater to the wants and needs of people around the world. This includes providing these potential customers with the types of payment methods that they prefer to use when making online purchases.
There are different preferences for online payments for different countries. If you don’t have the payment method that a particular target country chooses to use, then you might lose a lot of potential customers in that way. Here is a list of the payment methods preferred by different countries:
Bank cards and prepaid debit cards
There are a lot of countries all around the globe that use bank cards and prepaid debit cards the most when paying for their online purchases. Countries such as Singapore, Japan, UK, Denmark, France, Norway, and Spain among others usually use these types of payment methods when they shop online. Not only is this more convenient for them, but getting these types of cards through places like online payment services are much easier to do than applying for a credit card through a bank.
Using a credit card to pay for your online purchase is probably the most traditional way of making online payments. This is still also the preferred payment method of countries such as the USA, Sweden, Switzerland, UAE, and Australia. Since the major international credit cards are an accepted mode of payment almost anywhere, the people from these countries usually have cards such as Visa or MasterCard to make payments.
Cash on delivery
Cash on delivery is a fairly new method of payment for online shoppers. Countries such as Hungary, Russia, Egypt, and the Philippines use this newer payment method more often than not.
Money transfers are the preferred method of payment for countries like India, Finland, and most of Europe. This is because it is more convenient for them to make their online payments through their banks. With the popularity of online banking nowadays, the processing of these types of transactions can go through faster than the usual three to five business days that you usually have to wait with traditional bank transfers.
Online payment providers
Paying with a payment provider is one of the most popular methods to pay online for most countries in Latin America and some parts of Europe and Asia. This is because this method is more accessible and has better rates for making secure payment transactions. This also enables consumers to provide only their email addresses and not more sensitive information to be able to process their payments. Using an online payment provider to send funds also makes their transactions go through just within minutes of them sending it.
Get to pay with ease
When you need to send money internationally, there is no need to go through any of these payment methods. The various preferred remittance methods may seem complicated but there is a way to pay with ease. With the right money services company, all you need is to send an email with the pertinent payment transaction details.