Today, approximately 2.77 billion people shop online worldwide, which is about 33% of the global population. This number is bound to touch 3.6 billion by 2029, which shows the potential of the worldwide marketplace and the opportunities it brings for eCommerce businesses to widen their reach.
Along with other online selling requirements, including an interactive website, immersive marketing, and seamless checkout, you also require a payment gateway that completely matches your purpose. International payment gateways come packed with many features, like multi-currency support, chargeback management, multiple payment methods, etc., to support various types of businesses. You need to pick one that suits your company the best. But it can be quite overwhelming with endless options in the global market.
The first thing you need to ensure is that you select a payment gateway that allows you to collect international payments. The global payment collection method also matters equally because the way to collect payments will affect your bottom line and the productivity of your accounts team.
This article will help you find a cost-effective and convenient option for cross-border customers. Read on to learn more!
What are International Payment Gateways
When customers make payments digitally, they need to enter their credit/debit card details or use digital wallets, UPI, or net banking to buy the product/service. A payment gateway is a medium for your business to confirm your customers’ payment details. This gateway is crucial for online or offline transactions as it helps authorise digital payments.
Besides your payment processor and merchant account, having a payment gateway is mandatory for collecting payments. Many payment gateway companies now provide you with end-to-end solutions, including cross-border payment processing for collecting international payments. This feature makes it an international payment gateway, which you’ll need if you sell globally. It also supports other functions, like different currency payments, multiple languages and automated currency conversion.
The Best Payment Gateways for Global Transactions
After a thorough understanding of what international payment gateways are, you must explore some of the best globally popular options for your business:
1. PayPal
PayPal is one of the most well-known and trusted names in online payments. It’s easy to set up, making it a great option for small businesses and startups. Plus, its strong reputation can help build trust with customers.
PayPal has its presence in over 200 nations and supports 25 currencies, making it a solid choice for businesses handling international payments. However, pricing can be tricky to compare since there are multiple fee structures.
What makes PayPal a commendable option:
- No initial setup cost.
- Available as a free international payment gateway in India.
- No yearly maintenance fees or withdrawal charges.
- Supports refunds and returns and includes buyer protection.
- Payments can be processed via a mobile app or web browser.
- PayPal charges 4.4% + USD 0.30, along with a fixed currency-based fee for cross-border transactions up to US $3,000.
- Settles funds within 24 hours.
2. CC Avenue
Launched in 2001, CC Avenue is a payment gateway used by over 1 lakh merchants all over India. It works with several international payment methods, including credit cards, debit cards, net banking, UPI, and EMI options. It’s a reliable choice for businesses that take international online payments.
Key details:
- No setup fee.
- CC Avenue supports over 200 payment options
- Annual maintenance fee: ₹1,200.
- Transaction charges: 2% for domestic payments (credit/debit cards, wallets, UPI, etc.).
- 3% fee for international credit card transactions.
3. ANZ
ANZ is an online payment gateway that offers different plans according to your business’s size and needs. This flexibility makes it a brilliant option for companies of different sizes. AZN has a Startup Plan, Business Select Plan, and Community Plan (for non-profits) to choose from.
Some key details about the highly competent international payment gateway:
- It provides web and mobile payment solutions.
- The Startup Plan waives monthly fees for the first 12 months with unlimited transactions.
- Business Select Plan charges are $32+GST per month.
- The Community Plan removes establishment, monthly, and annual fees.
- The gateway includes tools to manage foreign exchange risks and support for import/export transactions.
4. SecurionPay
Any global sellers who are eager to have a faster checkout and more conversions, SecurionPay is ideal for them. It gives you a clean, efficient payment process and a flexible API that can be moulded to fit different business needs.
What more? SecurionPay has:
- Customisable checkout popups for a seamless payment experience.
- One-click payments for returning customers.
- Strong security measures for safe transactions.
- Recurring payments for subscription-based businesses.
- Accepts major credit cards, bank transfers, SEPA, and even PayPal and Bitcoin.
5. EBS Payment Gateway
If you’re on the lookout for a flexible and secure payment gateway with mobile and multilingual support, the feature-packed EBS payment gateway is what you need.
You can take international payments in 11 globally dominant currencies and expand your reach using it.
Attention-grabbing details about this international payment gateway:
- Shopping cart plugins make integration easy for eCommerce stores.
- Mobile-friendly with Android and iOS SDKs.
- PCI DSS 3.0 compliance for data security.
- Supports payments in seven languages for a smoother customer experience.
6. PayU Biz
PayU Biz is a widely used payment gateway by Indian merchants that is expanding internationally. About 30% of Indian sellers currently use it for global payments. PayU Biz has operations in more than 16 countries and supports settlements in over 125 currencies.
Other important details about PayU Biz:
- Easy self-integration, no need for a local setup.
- Competitive conversion rates.
- Partnerships with global banks to minimise foreign exchange risks.
- One-tap payment options for convenience.
- Offers effortless integration and analytics to optimise transactions.
7. Instamojo
Instamojo gives small to medium-sized businesses an end-to-end payment solution to handle global transactions. The international payment gateway supports more than a 100 payment methods in international trade, which include UPI, bank transfers, and NEFT.
Noteworthy details about Instamojo:
- Accepts payments through multiple channels.
- Lets you send payment requests through SMS or email.
- Customisable payment pages with built-in lead generation tools.
- Payment links with expiration dates to encourage quicker payments.
- Quick setup with APIs and payment plugins.
8. Razorpay
Razorpay is a very popular payment gateway that supports both domestic and global transactions. This international payment gateway accepts all major foreign cards and allows you to collect payments in 92 currencies.
Other attributes of the international payment gateways:
- Subscription automation for recurring payments.
- Instant payment links through multiple communication channels.
- Secure and transparent currency conversion.
- Strong security features to protect customers’ sensitive payment data.
9. Stripe
Stripe outshines many payment gateways because it gives you various API options, offering full control over how you integrate payments.
Things you should know about Stripe:
- This international payment gateway is the best fit for eCommerce sellers who want instant payments.
- It accepts payments in over 135 currencies and supports local payment methods.
- Stripe is also ideal for businesses needing a customisable payment gateway with strong API support.
10. Amazon Pay
Amazon Pay is a relatively new player in the payment space but is a strong option for businesses wanting a simple, low-fee international payment gateways. Its multi-currency features make it well-suited for businesses looking to expand internationally.
Main details:
- Base fee: 2.7% + 30p per transaction.
- Additional cross-border fees range from 0.4% to 1.5%, with a maximum of 4.2% + 30p per transaction.
Amazon Pay gives customers a smooth payment experience but may have high fees. So, till the time your customers strongly like this method, it’s better to go for a cheaper alternative.
Bank Transfers or Card Payments: Which is Better for Global Payments?
Switching to bank payments for international transactions can cut costs and improve transactional reliability. Credit and debit cards involve multiple intermediaries and high fees, especially for cross-currency transactions. Bank payments are direct transfers between accounts and thus more cost-effective.
Close to 40% of shoppers leave their purchase incomplete if a payment fails, and 33% would not try again. Cards are more likely to fail transactions because of expiration or loss, causing unnecessary payment obstacles. In contrast, bank accounts never expire and have fewer chances of payment failure.
Plus, it gives customers familiar local payment methods like SEPA in Europe or UPI in India, which can increase sales or conversions. Automated processes can even save you time and reduce your manual administrative work.
How to Pick the Right International Payment Gateway for Your Business
Digital payment transactions will likely cross the 1.1 trillion mark by 2025, a hike from 841 billion in 2021. When eCommerce is on the rise, having a reliable and efficient international payment gateway is important.
The first move is to see what you require for your business’s international payments infrastructure. You must know the problem you want to solve with an international payment gateway. Consider the following:
- Existing business size and industry
- Target audience
- Expansion plans
Then, determine the transaction costs of different international payment gateways. This will give you a fair idea about the gateway that best fits your budget. They have varying fee structures, which may contain the setup fee, monthly charges, international transaction fee, and/or additional costs, like chargeback fees.
Further, you should confirm the payment methods your chosen international payment gateways supports. Make sure you can offer your customers a broad range of payment modes in multiple currencies. You must simply go for the payment gateway that works well with the currencies you use the most. It doesn’t necessarily have to support all global currencies.
Also, note the security measures. The international payment gateways must follow stringent security protocols, like PCI DSS, and use strong encryption tactics to shield sensitive payment data. Take extra caution by figuring out the most common threats or frauds in the global markets you work with. Then, just pick an international payment gateway that can tackle those pressing security concerns.
Besides these, you must check if the international payment gateway is compatible with your systems, like CRM or eCommerce platform, and integrates easily. Plus, the payment gateway provider must provide you with prompt help when needed, so go for the one with a quick or 24/7 customer support facility. Your provider should also take care of regulatory compliance to avoid any legal issues.
Look for additional capabilities and features, too. See if your preferred international payment gateway can scale when your business expands. Advanced functionalities like analytics also help you better serve your customers. This observational tool gives you insight into customer behaviour, new sales trends, and other such data.
Before finalising one, assess the user interface from the customer’s viewpoint. Check if it’s user-friendly and fast, as that’ll help you decrease your cart abandonment rates and failed transactions.
How Shiprocket Checkout Helps with International Transactions
With Shiprocket Checkout, you can convert leads in only 40 seconds and win the hearts of your customers with a lightning-speed checkout experience.
Prime facilities you get with Shiprocket Checkout:
- Happy shopping experience for customers with our one-click
- Effortless and quick integration with no-code solutions
- Simplified and secure logins
- More visibility for your brand with custom UI
- A feature ensuring accurate pre-filled addresses
- Have multiple payment gateway options for your customers’ convenience
Try Shiprocket Checkout to see more completed purchases and lower cart abandonment rates.
Conclusion
By selecting the best international payment gateway, your company can save money and streamline cross-border transactions. With so many choices, concentrate on what best suits your requirements- seamless integration, reduced costs, or multi-currency support. Along with increasing sales, a simple payment process converts leads and retains customers.
Shiprocket Checkout can help you in this journey by making international payments easy with intelligent, end-to-end solutions.
