{"id":121416,"date":"2024-05-15T04:20:15","date_gmt":"2024-05-15T09:20:15","guid":{"rendered":"https:\/\/www.globaltrademag.com\/?p=121416"},"modified":"2024-05-15T03:51:59","modified_gmt":"2024-05-15T08:51:59","slug":"why-you-should-optimize-your-payments-stack-for-a-successful-cross-border-expansion","status":"publish","type":"post","link":"https:\/\/www.globaltrademag.com\/why-you-should-optimize-your-payments-stack-for-a-successful-cross-border-expansion\/","title":{"rendered":"Why You Should Optimize Your Payments Stack for a Successful Cross-Border Expansion"},"content":{"rendered":"<p>Global expansion brings an array of opportunities for businesses, such as being to establish within new markets and increase revenue. However, it also comes with an array of cross-border challenges, particularly from ecommerce perspective. One such challenge is online payments.<u><\/u><u><\/u><\/p>\n<p><u><\/u><u><\/u>Each country has its own preference for payment methods and being able to successfully integrate them can be the make or break of an international expansion mission. 451Nexus had released a\u00a0<a href=\"https:\/\/www.signifyd.com\/wp-content\/uploads\/2022\/02\/451Nexus-Payments_in_the_new_roaring_twenties.pdf\" target=\"_blank\" rel=\"noopener\" data-saferedirecturl=\"https:\/\/www.google.com\/url?q=https:\/\/www.signifyd.com\/wp-content\/uploads\/2022\/02\/451Nexus-Payments_in_the_new_roaring_twenties.pdf&amp;source=gmail&amp;ust=1715840259094000&amp;usg=AOvVaw2suGPMjtXuzRFuQ2FDVBl8\">report\u00a0<\/a>that flagged poor payment mixes had led to merchants losing over \u00a316.6 billion ($20.1 billion) in revenue in 2021. \u00a0<u><\/u><u><\/u><\/p>\n<p><u><\/u><u><\/u>Thus, its key to optimize your payment stack and embrace payment method trends.<u><\/u><u><\/u>\u00a0<u><\/u><u><\/u><\/p>\n<!-- shortcode [asyncjs] -->\n        <script type=\"text\/javascript\">if (!window.AdButler) {\n                (function () {\n                    var s = document.createElement(\"script\");\n                    s.async = true;\n                    s.type = \"text\/javascript\";\n                    s.src = 'https:\/\/servedbyadbutler.com\/app.js';\n                    var n = document.getElementsByTagName(\"script\")[0];\n                    n.parentNode.insertBefore(s, n);\n                }());\n            }<\/script>\n        <script type=\"text\/javascript\">\n            var AdButler = AdButler || {};\n            AdButler.ads = AdButler.ads || [];\n            var abkw = window.abkw || '';\n            var plc373459 = window.plc373459 || 0;\n            document.write('<' + 'div id=\"placement_373459_' + plc373459+ '\"><\/' + 'div>');\n            AdButler.ads.push({\n                handler: function (opt) {\n                    AdButler.register(168070,373459, [300,250], 'placement_373459_' + opt.place, opt);\n                },\n                opt: {\n                    place: plc373459++,\n                    keywords: abkw ,\n                    domain: 'servedbyadbutler.com'\n                }\n            });\n        <\/script>\n        \n<p><strong>Why is it important to optimize your payment stack?<\/strong><br \/>\nBeing a key part of the customer\u2019s journey and improving your conversion rates significantly, the payment stage of the journey is important to develop an understanding around, as well as being able to respect each market\u2019s payment trends. This will help you adapt and get on the good side of your new potential customers, that will lead to increased revenue.<u><\/u><u><\/u><\/p>\n<p><u><\/u><u><\/u>If you add new payment methods to your mix, this will allow you to reach new pools of consumers you may not have necessarily had access to previously.<u><\/u><u><\/u><\/p>\n<p><u><\/u><u><\/u>One thing to note with\u00a0<a href=\"https:\/\/www.signifyd.com\/solutions\/cross-border-expansion\/\" target=\"_blank\" rel=\"noopener\" data-saferedirecturl=\"https:\/\/www.google.com\/url?q=https:\/\/www.signifyd.com\/solutions\/cross-border-expansion\/&amp;source=gmail&amp;ust=1715840259094000&amp;usg=AOvVaw1J3S4V_PTzeZoHzuvolns2\">cross-border ecommerce<\/a> and the extension of payment methods, is the increase risk of fraud opportunities. Using data and the knowledge of a rich commerce network will help you detect fraudulent orders and approve more good ones. Partnering with a third-party provider can introduce you to machine-learning and order automation to take the toll off manual order review and assist you on your cross-border expansion journey, all while optimizing your revenue.<u><\/u><u><\/u><\/p>\n<p><u><\/u><u><\/u><strong>E Wallets are overtaking credit cards in North America<\/strong><br \/>\nWhilst credit cards are the most preferred method within the US as of 2021, e-wallets have become another major player to have entered the scene. As the digital-first buyer is headlining the ecommerce landscape in the US, e-wallets are gaining momentum. By 2025, they are expected to exceed credit cards in popularity, rising from 38.2% in 2020 to 53.2%.<u><\/u><u><\/u><\/p>\n<p><u><\/u><u><\/u>In Canada, things are looking similar. While credit cards are the dominant force with a share of\u00a0<a href=\"https:\/\/www.statista.com\/statistics\/1230961\/e-commerce-payment-methods-in-canada\/\" target=\"_blank\" rel=\"noopener\" data-saferedirecturl=\"https:\/\/www.google.com\/url?q=https:\/\/www.statista.com\/statistics\/1230961\/e-commerce-payment-methods-in-canada\/&amp;source=gmail&amp;ust=1715840259094000&amp;usg=AOvVaw1aZgrDpXxggZklhUbTxuoc\">50% in 2021<\/a>, digital wallets follow them with a 22% share and are expected to increase as a result of the current ecommerce revolution.<u><\/u><u><\/u><\/p>\n<p><u><\/u><u><\/u><strong>Europe\u2019s adopting a more dispersed approach to payment methods<\/strong><br \/>\nDigital wallets have become a dominant method of payment, the likes of PayPal and Alipay have been used by \u00a0<a href=\"https:\/\/ecommercenews.eu\/online-payment-methods-europe\/#:~:text=When%20it%20comes%20to%20paying,bank%20credit%20and%20debit%20cards.\" target=\"_blank\" rel=\"noopener\" data-saferedirecturl=\"https:\/\/www.google.com\/url?q=https:\/\/ecommercenews.eu\/online-payment-methods-europe\/%23:~:text%3DWhen%2520it%2520comes%2520to%2520paying,bank%2520credit%2520and%2520debit%2520cards.&amp;source=gmail&amp;ust=1715840259094000&amp;usg=AOvVaw0e93QfF9HDi4WEeoTZkVly\">42% of shoppers<\/a>. Other preferred payment methods include Visa and Mastercard (35% of buyers) followed by domestic bank credit and debit cards (24%).<u><\/u><u><\/u><\/p>\n<p><u><\/u><u><\/u>However, there\u2019s a certain divide of preferred payments throughout the different regions of Europe.<u><\/u><u><\/u><\/p>\n<p><u><\/u><u><\/u>In Westen Europe for example, credit cards and debit cards are still predominately used, however there are some big differences amongst certain countries. In the Netherlands, for instance, the national payment method iDEAL was a top choice with\u00a0<a href=\"https:\/\/www.statista.com\/statistics\/1183952\/preferred-online-payment-methods-in-netherlands\/\" target=\"_blank\" rel=\"noopener\" data-saferedirecturl=\"https:\/\/www.google.com\/url?q=https:\/\/www.statista.com\/statistics\/1183952\/preferred-online-payment-methods-in-netherlands\/&amp;source=gmail&amp;ust=1715840259094000&amp;usg=AOvVaw1Z-blgX9AYlZ8p4gpNlpTI\">53% of the Dutch<\/a>\u00a0using it in 2020.<u><\/u><u><\/u><\/p>\n<p><u><\/u><u><\/u>While in Eastern Europe countries, some like Slovakia are relying on traditional cash payments, at least,\u00a0<a href=\"https:\/\/www.mergado.com\/blog\/slovak-e-commerce-overview-2020#:~:text=The%20most%20popular%20payment%20method%20in%20Slovakia%20is,the%20choice%20of%20a%20payment%20gateway%20is%20important.\" target=\"_blank\" rel=\"noopener\" data-saferedirecturl=\"https:\/\/www.google.com\/url?q=https:\/\/www.mergado.com\/blog\/slovak-e-commerce-overview-2020%23:~:text%3DThe%2520most%2520popular%2520payment%2520method%2520in%2520Slovakia%2520is,the%2520choice%2520of%2520a%2520payment%2520gateway%2520is%2520important.&amp;source=gmail&amp;ust=1715840259094000&amp;usg=AOvVaw0VsF9QVHZFcNV5oShlsPME\">two-thirds of payments<\/a>\u00a0are handled this way.<u><\/u><u><\/u><\/p>\n<p><u><\/u><u><\/u><strong>China riding the digital revolution wave<\/strong><br \/>\nBeing at the forefront of digitised payments, China had recorded\u00a0<a href=\"https:\/\/www.theasianbanker.com\/updates-and-articles\/worldpay\/fis-report:-digital-wallet-is-future-of-e-commerce-market\" target=\"_blank\" rel=\"noopener\" data-saferedirecturl=\"https:\/\/www.google.com\/url?q=https:\/\/www.theasianbanker.com\/updates-and-articles\/worldpay\/fis-report:-digital-wallet-is-future-of-e-commerce-market&amp;source=gmail&amp;ust=1715840259094000&amp;usg=AOvVaw0FVpn_c9WEBvWGf04F3ZrY\">72.1% of ecommerce purchases<\/a>\u00a0in 2021 being made via digital wallets.<u><\/u><u><\/u><\/p>\n<p><u><\/u><u><\/u>Digital Wallets being utilised in China tend to be tied with the online platform running the cross-border ecommerce scene in the region, such as Alibaba\u2019s Alipay and Tencent\u2019s WeChat Pay. By the end of 2021, Tmall Global, an Alibaba-backed cross-border shopping platform, had over<a href=\"https:\/\/www.adchina.io\/china-cross-border-ecommerce\/\" target=\"_blank\" rel=\"noopener\" data-saferedirecturl=\"https:\/\/www.google.com\/url?q=https:\/\/www.adchina.io\/china-cross-border-ecommerce\/&amp;source=gmail&amp;ust=1715840259094000&amp;usg=AOvVaw0D_3l-WBr4iKKgtCJ7wFcH\">\u00a0one-third of all B2C cross-border ecommerce retailers<\/a>.<u><\/u><u><\/u><\/p>\n<p><u><\/u><u><\/u><strong>The reign of credit cards dominates Latin America<\/strong><br \/>\nCredit cards are the dominant payment method in Latin America. In 2021, they comprised\u00a0<a href=\"https:\/\/latinoamerica21.com\/en\/the-expansion-of-digital-methods-of-payment-consolidates-in-latin-america\/#:~:text=Credit%20cards%20remain%20the%20main,in%20all%20Latin%20American%20markets.\" target=\"_blank\" rel=\"noopener\" data-saferedirecturl=\"https:\/\/www.google.com\/url?q=https:\/\/latinoamerica21.com\/en\/the-expansion-of-digital-methods-of-payment-consolidates-in-latin-america\/%23:~:text%3DCredit%2520cards%2520remain%2520the%2520main,in%2520all%2520Latin%2520American%2520markets.&amp;source=gmail&amp;ust=1715840259094000&amp;usg=AOvVaw3aUdduQVpT1DNmbF_9QVR1\">39.3% of the value of transactions<\/a>\u00a0across all Latin American markets. In Mexico,\u00a0<a href=\"https:\/\/www.jpmorgan.com\/merchant-services\/insights\/reports\/mexico#:~:text=Mexico's%20e%2Dcommerce%20payments%20trend,worth%20%2410.2%20billion%20in%20sales.\" target=\"_blank\" rel=\"noopener\" data-saferedirecturl=\"https:\/\/www.google.com\/url?q=https:\/\/www.jpmorgan.com\/merchant-services\/insights\/reports\/mexico%23:~:text%3DMexico's%2520e%252Dcommerce%2520payments%2520trend,worth%2520%252410.2%2520billion%2520in%2520sales.&amp;source=gmail&amp;ust=1715840259094000&amp;usg=AOvVaw0hTQo1tQrjqw1BTPXAOVF9\">45% of transactions<\/a>\u00a0were made this way, while Brazil had a 44.7% of usage, followed by debit cards (18.2%).<u><\/u><u><\/u><\/p>\n<p><u><\/u><u><\/u>However, digital wallets are an emerging trend in Mexico and gaining momentum. In 2021, they comprised a 27.7% share of all transactions. Some of the most popular e-wallets in the country are PayPal, Visa Checkout, Masterpass, and domestic player Mercado Pago.<u><\/u><u><\/u><\/p>\n<p><u><\/u><u><\/u>If you develop a clear understanding of payments and their strategic place within your cross-border expansion, then this can increase your chances of your international expansion success. After that, it\u2019s crucial to optimise your payments stack based on the market you\u2019re expanding into to see good results.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Global expansion brings an array of opportunities for businesses, such as being to establish within new markets and increase revenue&#8230;. <a class=\"read-more\" href=\"https:\/\/www.globaltrademag.com\/why-you-should-optimize-your-payments-stack-for-a-successful-cross-border-expansion\/\">Read More<\/a><\/p>\n","protected":false},"author":2271,"featured_media":121424,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"content-type":"","om_disable_all_campaigns":false,"inline_featured_image":false,"_monsterinsights_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0,"_uf_show_specific_survey":0,"_uf_disable_surveys":false,"jetpack_post_was_ever_published":false,"_jetpack_newsletter_access":"","_jetpack_dont_email_post_to_subs":false,"_jetpack_newsletter_tier_id":0,"_jetpack_memberships_contains_paywalled_content":false,"footnotes":"","_jetpack_memberships_contains_paid_content":false,"jetpack_publicize_message":"Why You Should Optimize Your Payments Stack for a Successful Cross-Border Expansion","jetpack_publicize_feature_enabled":true,"jetpack_social_post_already_shared":true,"jetpack_social_options":{"image_generator_settings":{"template":"highway","enabled":false}}},"categories":[3855,3850,3165],"tags":[11858,6571,423,52],"jetpack_publicize_connections":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v22.6 (Yoast SEO v22.6) - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Why You Should Optimize Your Payments Stack for a Successful Cross-Border Expansion - Global Trade Magazine<\/title>\n<meta name=\"description\" content=\"One thing to note with\u00a0cross-border ecommerce and the extension of payment methods, is the increase risk of fraud opportunities...\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" 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