5 minute read
Which payment strategy is right for your multinational business?
Tuesday, September 5, 2023
5 minute read
In an ever-evolving global commerce landscape, effectively managing payments is critical. And when you sell across borders, payment acceptance can get very complex. Managing diverse customer channels, payment methods and regulatory requirements across multiple markets requires a strategic approach.
To help you identify the right payment strategy for your business, we commissioned a study with Aite Novarica Group (now Datos Insights) focused on the strategic importance of payment management for global businesses. Based on interviews with prominent multinational businesses, the study sheds light on how leading companies utilize payment management to drive business growth.
Realize the potential of strategic payment management
Our comprehensive report explores the unique challenges multinational businesses face when optimizing payment processing and operations. The report outlines the important advantages and disadvantages of five different payment acceptance models. And it offers key insights into how you can better manage payments to grow your business.
Highlights and key takeaways:
- Payment management can be used as a strategy to drive revenue.
- Multinational businesses that are considered best-in-class for payment management report higher conversion rates and lower fraud.
- The combination of sales channels you use and the countries you operate in influences which payment strategy is best for your business.
- You have a choice when optimizing for international payment acceptance—local acquiring, cross-border acquiring or both.
- An optimized approach that uses an acquirer-agnostic payment acceptance strategy can deliver the highest value for your business.
Why an optimized approach?
Adopting an optimized, best-in-class payment acceptance strategy drives more revenue by improving conversion, resilience and flexibility.
- Conversion. Improve conversions across all the markets you serve by optimizing authorization rates and reducing false declines.
- Resilience. Easily switch to a backup payment partner if your primary payment partner goes down.
- Flexibility. A one-size-fits-all approach to payment acceptance doesn’t work for the unique needs of multinational businesses. A customized payment strategy gives you the flexibility to innovate across specific countries and markets.
Adopt the right payment strategy for your business
Managing diverse customer channels, payment methods and regulatory requirements across multiple markets can be challenging and complex. But when you choose the right payment strategy for your business, you can deliver the seamless and secure payment experiences customers expect—while driving business growth.
And when you choose the right payment partner, you can stay on top of customers’ changing payment preferences—around the world. Discover the payment strategy that’s right for you. Wherever you’re located, whatever channels you sell through—our expert, global team is here to help. Contact us today.
