You’ll have to consider everything from marketing and language barriers to finding the right kind of international merchant services that are right for your business as we enter yet another fiscal year. Whether your business is growing or you’re launching a new venture and casting a large net, you might be considering entering the international market.
Of course, taking transactions from foreign customers isn’t as easy as you might think. The decision of whether or not to jump into international waters requires a great deal of contemplation and planning.
Here are some things you should think about when considering opening your business for international transactions:
It used to be that interacting with the rest of the world was costly, time-consuming, and challenging. That meant being connected with others across the globe wasn’t a reality for most companies.
Small businesses, especially, didn’t stand a chance competing against more massive and more connected companies on an international level. Luckily, the world has changed.
With the advent of the internet and the simplification of travel, staying connected with the rest of the world has never been easier. That means even a small business without a storefront can find customers on the farthest ends of the earth.
Your products and services no longer have to be geared towards a local or even a domestic market. You have customers waiting for you on all four corners.
Of course, there are tons of logistics involved in doing business overseas. You may have to deal with shipping, additional taxes, local laws, and more. Even digital products may be subject to local laws and policies that you’ll need to understand.
The good news is that you don’t have to jump into every single country all at once. You can target specific areas that are best suited for your business.
Global doesn’t have to mean the entire globe; even the largest companies in the country can’t accomplish a move that massive.
Just like doing business overseas used to be reserved for large companies with giant reaches, the cost of taking international transactions was once so costly that few small businesses would take on the additional fees.
Even a company in the US dealing with Canadian customers might run into red tape and high costs.
Now that the world is more globalized, there are plenty of services that allow your company to take international payments without absorbing extraordinary fees.
Companies like High Risk Pay help medium and small businesses process foreign currencies so that those companies can extend their reach. Along with offering international merchant accounts, High Risk Pay offers high-risk and Canadian merchant processing accounts.
There’s really no question as to if your business can benefit from taking international transactions. The real questions deal with where, how, and when to launch your services at the international level. You may already be in a position where you have nothing to lose by opening your doors.
Call or e-mail High Risk Pay today to learn about your options and whether international transactions are right for your business.
Once you decide it’s time to start taking international transactions and expanding your global reach, it’s time to create a plan of attack. Here are some things to think about before your grand international opening:
Before you decide to market and focus on another country, it’s worth taking some time to research which areas would be right for your product and service.
Explore whether or not there is competition and how you might stand out. You may not want to focus on a market that is already saturated. At the same time, you may decide that offering your business is a good fit for international consumers.
Even though English is widely used across the world, it is not the primary language for doing business. You might have some luck promoting your company in English, but customers are more likely to enter their credit card numbers when information is presented in their own language.
You may not need to necessarily learn another language, but you may want to have your marketing material translated or outsource to an international call center.
Every country has its own regulations, so you should be prepared to deal with tons of paperwork. Depending on your business, you may need to register in each country you offer services.
You’ll also need to track incoming funds, expenses, contracts, and more with a system that can handle keeping things separated by country or region. It may be worth consulting with an attorney or accountant with international business experience.
Every business can benefit from proper networking. Small businesses that hope to handle international transactions depend on networking. Take some time to connect with other entrepreneurs who have gone before you and might be able to offer advice, insight, or introductions.
Networking doesn’t have to mean spending all of your time on a plane traveling around the world. Even taking part in international forums, chats, business groups, etc. can help you better prepare for your jump into the global market.
Accepting international transactions requires the right technology and know-how. You need a system that is both safe and secure for your customers that can handle foreign currencies, and integrates with your business.
A great international merchant services provider gives you the flexibility to take payments online, over the phone, and more.
Whether you’re looking into jumping into the international market or want to find a better offshore merchant processing provider, make sure to contact High Risk Pay for a free consultation on how we can help your business grow.
We not only offer the ability to process foreign currencies, but we help ensure you stay connected to your international merchant services so that you can process credit cards efficiently and effectively.
Don’t get stuck being a big fish in a small pond. If you’re ready to jump into international waters, give us a call right away.