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International Payment Services for International Payment Processing

by: merchantaccount on Date: Wed, 31 Mar 2010 Time: 7:10 AM

For ecommerce companies doing business world-wide, identifying the correct international payment services for international payment processing is a vital part of business operations. While some international payment services are similar to domestic ones, international payment processing can vary by country.

There are two primary methods of international payment services being used for international payment processing. The first is the use of cards; the second is through the use of bank payments.

In the coming years, expect international payment services for international payment processing to include technology such as mobile payments. However, currently mobile payments make up a small portion of total sales on the internet, limited to purchases of low ticket digital content and virtual goods.

International Payment Services for International Payment Processing: Cards

In the US and UK, branded debit and credit cards are the most popular way of making purchases online. While card penetration in the rest of the world is still low, expect to see steady growth in the coming years. Including branded cards in mix for international payment services for international payment processing is crucial.

Additionally, each region or country often has its own cards. For example Chinese debit cards are the preferred method of purchasing online in China. And, most EU countries have popular debit cards that are used primarily within national borders. So, be sure to add local cards to your international payment services for international payment processing in order to capture the most sales from regional buyers.

International Payment Services for International Payment Processing: Bank Transfers

There are two ways bank transfers are used in international payment services for international payment processing. In the US and other countries, consumers authorize merchants to debit bank accounts through a “pull method” in which funds are directly debited from the buyer’s account and deposited to the seller’s account. This method is called as echecks, electronic checks, or direct debit. Recurring billing can be accommodated.

In other countries, bank transfers used for international payment services for international payment processing are accomplished using a “push method”. In this case, the buyer signs into online bank account and authorizes the payment to be made to the merchant. This works similar to an online bill payment. Recurring billing is not accommodated as the buyer has to reauthorize each payment.

Both push and pull methods for bank transfers are important to implement in your international payment services for international payment processing.

About the Author

Chris Miller has 17 years worked in the payment processing industry for 17 years. Chris' special expertise is in international merchant acquiring solutions with special emphasis on high risk merchant accounts. Browse www.merchantaccountsoffshore.co.uk

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