Why all online retailers need a truly global payment service provider

Working with the right payment service provider can help businesses reach out to entirely new markets in international territories, and help them devise a plan that will see them grow on a global scale.

That service can be hugely beneficial for brands with high growth ambitions, especially when taking into account the wealth being spent online amongst BRICS countries.

According to a recent study by the Ali Research Institute, BRICS territories account for 47% of global online retail sales. That figure surpassed $876 billion in 2016, with BRICS set to account for 59% of spending by 2022.

BRICS communities – countries including Brazil, Russia, India, China and South Africa – spend so much online by and large because of their enormous populations. Last year there were 1.46 billion internet users in BRICS countries with 720 million shopping online.

With those figures only set to grow, ambitious companies can reach out to brand new international markets with the right global payment service provider.

Navigating international barriers with a global payment service provider

BRICS countries were diverse in their spending too with shoppers investing in sweets, spices, clothes, accessories and electronic products.

So, thanks to the targeting options offered by social media and other online channels, it should be easier than ever to market to those communities and sell more products, right? Wrong, and that train of thought is why it’s so important to work with a payment service provider experienced in international compliance.

Working with a payment service provider experienced in providing companies with online compliance not only helps grow businesses in new markets. It also helps senior managers and CEOs to concentrate on their own tasks and manage their teams instead of being distracted and overwhelmed by complex documents and regulations relating to online trade.

That goes beyond BRICS territories too. Britain’s trading relationship with its closest neighbours is also set to change in radical ways post-Brexit, and working with the right payment service provider can help your business keep abreast of all the changes set to take place to ensure a smooth, seamless transition.

A payment service provider opens global trade gateways

Despite the complexities set to be introduced by Brexit, business confidence is high amongst small and medium-sized businesses at home and abroad.

A study created between the World Bank, Organisation for Economic Co-operation and Development and Facebook also show that enterprises that trade globally are also optimistic, with 19% of SMEs that trade globally five percentage points more positive in their businesses.

Financial growth and success isn’t down to better online marketing, though. It does play its part, but for those with serious international ambitions it pays to be compliant, understand the potential barriers of international trade and get a good grasp of the lie of the financial landscape abroad before entering new markets.

Then, by providing better payment solutions to potential new markets that align to how they shop online and make it easier than ever before, alongside new streamlined internal financial solutions that complement your business, you can truly go global and build new, profitable long-term relationships.

Did you know that Fibonatix only charges 1.5% for payments charges compared to PayPal’s 3.5%? Contact our team today to find out more.