A while back we wrote a blog about cross-border e-commerce. As you may remember, one of the main messages was that “one size fits none.” This means that when you have a global client base, you will have to cater to each target area individually and never simply copy-paste your domestic strategy to a new location. When we wrote it, we actually had some heated discussions about putting this specific tidbit in there; one half of our team felt that we would insult the intelligence of our merchant base by putting in something so obvious and the other half felt that we wouldn’t do them justice if we didn’t give them all the necessary information, even if it was an “open door”.
Today, this internal argument has finally been settled, since our “open door” has found acclaim with Jason Moens, VP of Product with Flywire. PYMNTS.com interviewed him about what information, technology and integrations payment processors must take into consideration when facilitating payments across borders, and he reiterates: “it’s actually quite naive for merchants to assume that a single experience will work well for everyone, because of the varying nature of individual consumer needs.“ Ha! Seems like half our team was right after all.
According to Moens, too many payment institutions forego going the extra mile to ensure smooth transfers, either on the sending or the receiving end. Not because they don’t see the added value of smooth transfers, but because they are under the impression that this is just the way it is. Apparently, most payment processors simply accept the fact that transferring money to foreign localities is expensive and complex, and factor that into their process. And what’s worse is that they don’t even believe they have a problem, because the money gets from A to B safe and sound. That the money travels – figuratively speaking, of course – via the whole alphabet, some numbers and a few punctuation marks to finally find its way to B is apparently no problem.
Luckily, FinTech is a field of shakers and movers, which means that innovative and advanced technologies are introduced every day to help ensure easy and efficient cross-border transactions. And because we pride ourselves in finding the “shakiest movers” possible, our gateway and our products are always secure, up to date and ready to process your payment from wherever you want to.