Which of you business owners can relate to the struggle of not being able to close a sale just because you were limited by geographical borders, and your inability to receive foreign payments via your e-commerce site? The frustration of abandoned shopping carts and low conversion rates could not be overemphasized, and your dreams about growing your customer-base and scaling your enterprise to international markets to finally “be global!” seems like it could never be a reality.
If you are one of such business owners, you may want to consider a major growth strategy which is often overlooked. This involves incorporating an innovative, secure, and convenient payment gateway into your business plan, to help you become more inclusive by offering wider payment options to customers. This will not only maximize your business’ performance exponentially, and make for a worthwhile customer experience, but could also contribute to scaling your business globally.
What is a payment gateway solution?
A payment gateway is a technological solution that connects your business to a payment network, making it easy to receive payments for purchases made online. For every time you shop online for your favorite sunglasses, groceries, or home appliances for example, the transaction is processed via a payment gateway.
This solution makes it possible to shop seamlessly and at your convenience, and for business owners, presents an opportunity to position your business to serve a wide array of customers who love to shop digitally.
So, whether you sell your products in a store or via your e-commerce website, if you are ready to grow and expand your business to global markets, you have got to start with acquiring an innovative, seamless, and secure payments gateway that has access to unlimited alternative payment methods.
How does choosing the right payment gateway contribute to business growth?
- Access to a global market: The right payments gateway opens your business to a global market because you can accept a wider array of payments that are accessible in different countries. For instance, Aisha, a fashion designer running her business from a small town in Kano, has experienced a challenge growing her customer-base beyond her city even though she has dreamt of expanding her business beyond the shores of Nigeria and Africa. Her e-commerce site only allows her to receive local payments because of the payments partner that she currently uses. This limits her from accessing a potential customer in India, who wanted to purchase her Dashiki shirts to retail in his market, as he only had access to his local currency and had no payment cards.
However, with a payments gateway that is available globally, businesses such as Aisha’s can accept payments from all over the world, allowing her to scale up her business and offer her customers the convenience they deserve through access to diverse payment options.
- Secure payments: Another important way to grow your business is to look out for a payment gateway that offers security. Customers must feel safe when making payments online and want to be assured that their data is secure no matter what. A secure payment gateway means peace of mind for both customer and the business owner, which means a reduction in abandoned shopping carts and opportunities for business growth. The key is to choose a payment platform that provides anti-fraud protection as well as payment processing that covers all security bases.
- Seamless user experience: It is one thing to build a clientele and it is another thing to keep your clientele satisfied to ensure they always return. Choosing the right payment gateway helps you build a seamless user experience which reduces the hassle of shopping online and encourages customers to keep coming back for more.
- Analytics and Reporting: Finally, with the right payment gateway, you are able to receive detailed analysis that can help you monitor how your business is faring. For example, being able to track the top selling items in your store can help you make better future decisions about the type of products to restock over others, and this also contributes to business growth.
So, if you are ready to scale your business to international markets, you need a payments partner like Unlimint, to drive your expansion – in a fast, safe, and perfectly convenient way. Unlimint offers a constantly evolving user interface with layers of fraud prevention tools and efficient encryptions that provide infinite growth prospects for businesses all over the world. Its solutions work to keep business owners ready for the payment needs of tomorrow by helping them serve customers across the globe, even where card payments are not widespread. Contact Unlimint today for more information on how to access its global acquiring solutions for your international expansion.