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A Guide to Global Payment Processing

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    Recent years have shown that the international e-commerce market share will keep expanding. According to the 2020 Mckinsey Global Payments Report, digital marketplaces are expected to make up about 60% of digital-commerce volumes in the coming years. Therefore, business owners should look into investing in a merchant account in order to accept payments from all over the world.

    The rates and fees of credit card processing for businesses can be quite pricey per transaction if they are dealing with bank accounts from outside the country in which their business operates. This list of payment processors provides effective processing solutions that are easy on the wallet and offer competitive exchange rates for your company.

    Best Global Payment Processors in 2021

    Best Option for Customization: Authorize.net

    • Fraud Detection suite with 13 filters to detect fraudulent credit card transactions
    • Convenient automated billing system for company subscriptions or repeat customers
    • Customer information manager to help companies streamline the checkout process

    Authorize.net provides award-winning customer service for business owners on a 24/7 basis. They provide customized solutions for businesses of all shapes and sizes located in Europe, the UK, the US, Canada, and Australia. When it comes to accepting international payments, they have plenty of add-ons. In terms of value for money, however, their pricing tends to be on the higher end of the scale.

    If you're looking for digital wallet compatibility, Authorize.net also accepts payments from popular wallet types including Apple Pay and more.

    Best Option for Small Businesses: PayPal

    • Company supports invoice creation for small businesses
    • Social media integration feature to boost sales
    • Also accepts point-of-sale payments via credit card terminal

    One of the most popular merchant accounts out there today is PayPal. The company is a popular choice for both smaller companies and enterprise merchants, as it is easy to set up and provides the major perk of brand recognition.

    With availability in over 200 countries and over 100 currencies, it is a great merchant to help your business accept a variety of payment methods, including credit cards and digital wallets. However, one thing to be aware of is that you may lose access to your money if there is suspicious activity detected in your Paypal wallet.

    Best Option for Online Integration: Stripe

    • Flat rate pricing of 2.9% + 30¢ per successful charge (under $1 million in sales volume per year)
    • Accepts more than 135 currencies and dozens of payment methods
    • Offers compatibility with mobile apps for your company

    Stripe is a well-known name in the payment processing industry. Unlike other merchant services, they provide integration in various APIs that allow you to design your own payment system for credit cards on your website. Another one of the company's strengths is that they automatically detect customer location to boost conversion and automatically support coupons, tax rates, and much more.

    They also accept payments via a digital wallet, which is one of the most popular payment methods in countries like China. As a result, Stripe is a great option to help you widen your global audience and reach out to buyers from different countries.

    Best Option for Simple User Interface: 2Checkout

    • Provides credit card processing to over 160 companies
    • Three different pricing solutions depending on business needs
    • Reporting and analytics feature to track sales and growth over time

    If you're looking for a company that provides merchant services in an easy-to-understand format, 2Checkout is one of the best credit card processing merchant account providers that meet this criterion. Their all-in-one platform combines features like risk management, subscription billing, and global tax services, making them a great global provider for your business needs.

    In addition, their PCI security is Level 1 certified, which ensures the protection of both customers and merchants alike from possible fraud. This can prevent expensive chargebacks and other costs that can negatively impact your bottom line.

    Best Option for Growing Companies: Adyen

    • Advice for merchants from expert payment specialists
    • Revenue optimization with machine learning to track user spending habits
    • Accepts a range of payment methods including digital wallet functionality

    A global credit card processor that can help you get your business off the ground, Adyen has all the credit card processing features you need to help your business get started. Their range of merchant services includes one-click refund options for customers around the world, data-rich customer insights, and risk management solutions.

    While there is no setup fee, they do charge a processing fee in addition to a payment method fee per transaction that varies across countries. Depending on the popularity and location of the payment gateway you choose, this can be quite costly.

    Frequently Asked Questions

    How does payment processing work?

    The payment processor passes transaction details to the card associations that communicate with issuing banks in their network. The merchant bank deposits funds into the account of the customer and charges them through debits on their accounts for each purchase made with their cards.

    How long does a processed payment take?

    The waiting period for credit card processing can vary depending on which type of account a business has. Typically, it takes anywhere from 24 hours up to three days for payments to process.

    How do I add credit card processing fees to an invoice?

    One way to charge customers credit card fees is by adding a line on the invoice with an item called "credit card surcharge" and calculating it at standard rates. If you have your system set up correctly, this can be done automatically without any manual effort. You can also ensure that credit card surcharges are processed smoothly by setting them as automated charges against each customer's account when they place their order.

    Can the IRS track credit card payments?

    As of 2011, businesses are required to report any income that resulted from credit card or debit card transactions. The IRS has also partnered with banks and other financial institutions in order for them to provide information about your purchases back to the government agency.

    Due to the vast variety of payment gateway providers to choose from, choosing the right credit card processing system for your brand can be tricky. Some factors to consider are the cost of the transaction fee, chargeback fees, level of security and PCI compliance, how quickly you can get access to your money, length of contracts on offer, and any other annual fees you may have to pay.

    To help you choose the right merchant services for your sales volume and niche, feel free to consult our guide on how to choose the best credit card processors at ProcessingCard. Contact us today if you have any questions about accepting digital wallet payments, dealing with merchant support, and any other concerns you might have!

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