I have a PayPal account – is that enough to accept payments from customers all over the world?
Many in the Internet world believe that having a PayPal account is all you need to accept payments in any part of the globe, well you might need to have some type of a card too and that’s it. Surely, now everyone from this planet will be able to pay for our services.
True or false? Well, yes and no, that depends.
This world is a very diverse one. People live in different countries, speak different languages, and more often than not, use different ways of making a payment. This goes for the offline world just as much as the online one.
How do people from all over the globe pay? In all sorts of ways. The payment method that a customer chooses will depend on a couple factors:
- Country in which our customer lives
- Industry that we work in
- Our target demographic (seniors, young people; more or less affiliated with the Internet; people with a larger or smaller budget, etc.)
- Devices that our customers use to benefit from our service; what device they use (computer, tablet, smartphone, etc.)
Global business? Not when it comes to payments.
The Internet, conventions, and all sorts of workshops provide an abundance of interesting cases that say: I implemented a new payment method – people started to flock to my website, leaving more money and increasing my income.
Why did that someone implement a new payment method? Usually it’s because they studied and learned the trends of their industry, got to know their clients and how they choose to pay.
This leads us to real life cases, like businesses selling in Germany. After implementing Giropay, Sofort, or direct debit, their income has increased. In Poland, enabling bank transfers resulted in a great increase in transactions completed. Other cases include iDEAL in Holland, or American Express in the United States.
Want to sell all over the world?
Get ready and ask yourself: where do my clients come from or potentially come from (what do I want my target audience to be?). Your next step is to find out who they are and how they choose to benefit from your services. Once you get all the information you need – find the payment methods that will interest your customers. Remember, you don’t have to this alone, good payment providers will help you.