Experienced online merchants know that offering the right payment methods in the right places is one of the most important keys to success when it comes to global business expansion.
The growth of e-commerce has created new and easier opportunities for businesses to enter new markets. But there are still many important aspects of localization for merchants to consider, even when selling online.
And while factors like language and product specifications are often more obvious priorities, merchants must pay attention to the entire customer journey up to the point of checkout and beyond. The selection of online payment methods merchants offer can have a big influence on customer decision-making at checkout – and could be the difference between an abandoned cart and a successful conversion. At the same time, offering a wide variety of reliable global and local payment method options is one way that merchants can avoid misplaced fraud triggers and prevent declined payments.
Still, many of the most popular payment method preferences in local markets can often seem obscure and unknown to cross-border merchants. For merchants that aspire to sell globally, understanding payment choices in prospective markets is therefore a critical component to market research and preparation for international expansion.
What are some of the key payment methods in growth markets around the world? Browse our new Payment Methods Encyclopedia below – and learn more about some of the most important ways that global customers like to pay for e-commerce goods and services.