We’re at Money20/20 and we are excited to meet our payments colleagues in Las Vegas! We’re having a great time with our associates in addition to sharing the Credorax mission of effective cross-border acquiring solutions.
What is Cross-Border Acquiring?
Cross-border acquiring is a comprehensive financial management service that seeks to:
- Simplify the complex cross-border payment environment
- Expand global market reach
- Reduce cross-border bank fees via domestic BINs
- Increase card processing approval rates
As an increasing number of retailers expand their global reach, the need for effective cross-border payments solutions becomes that much greater. According to the market research website eMarketer, global e-commerce sales grew 17% YOY hitting $1.2 trillion in 2013. The US, UK and China are the most attractive e-commerce cross-border destinations. However, North America and Western Europe are still far ahead of emerging markets in terms of buyer penetration- ie: where a majority of the online population is comprised of digital consumers.
Navigating Cross-Border Complexities
Cross-border retailing in today’s world means dealing with multiple foreign acquirers to process card payments. Multiple acquirers make global retailing an overly complex process, which is difficult to manage, expensive and often a logistical nightmare.
Merchants across the globe are searching for PSPs/ISOs, who can provide multiple global and regional payment methods and also understand regional preferences, compliance rules and legislation. They need a single comprehensive merchant acquiring solution that reduces the headache of international e-commerce while expanding global market reach.
The Global Smart Acquiring Advantage
The advantage of a Global Smart acquirer vs. its US counterpart is clear: US acquirers usually charge high bank and currency exchange fees, high interchange fees and have low conversion rates. Global Smart acquirers charge low bank and currency exchange fees, have lower interchange fees and higher conversion rates.
Credorax’s unified digital platform offers a single point of contact that allows for global acquiring with local fulfillment. The goals are simple but challenging. Our aim is to bring the world to local e-tailers one transaction at a time.
If you are at Money20/20, be sure to stop by our booth, 904. We have some great entertainment planned so join us for some fun and payments chat. Also, be sure to be in touch with Rod Katzfey, our VP of Sales and Business Development – North America. Click here to set up a meeting to discuss how Credorax can speed up cross-border payments for your business.