Without being digital, it is hard for business to attain prosperity. In a chase to facilitate all the processes going around, people fall deeper and deeper in advanced technologies, transforming life around in an electronic version. The same way, businesses worldwide get involved in such trend.
Eventually, international trade is connected digitally as well. Companies, struggling to achieve an internationally recognized brand, should feel themselves at global market like at home. Acknowledging of certain market customer’s payment preferences is one of the steps to reach this status.
If intending to expand the business abroad, You are looking for an open and full of opportunities international market, than the European one will be just for You! In case the choice is made, it is better to be aware of payments methods diversity here. There are as many options, as local people number. Determined with the targeted region, it’s high time to examine customers’ preferences more precisely.
Despite the credit cards popularity all around the world, here in Europe it is not spread everywhere. Various payment methods are implemented across the Europe. Let’s start the investigation!
United Kingdom. The market, that got ahead
The most innovative markets are considered to be in UK, Germany, France, Spain and Italy. As for UK, it remains the most developed and competitive market compared to others. It’s consumers have already huge experience towards payment methods and prefer paying with credit/debit cards. Britain customers are inured to their ease and safe.
Anyway, it is not so simple to enter the UK market, as in order to succeed, it is necessary to overcome some obstacles. For instance, a local entity should be founded or the business’s bank should be connected with the UK one.
France region. Simply to enter
By contrast, in France no local entity is needed to operate in the market. This one opens a significant opportunity of business expanding and simplicity of functioning. The feature of the region is its local interbank scheme – Carte Bancaire, which is required to connect the French acquirers.
Germany. ELV payment method
Another online oriented market, that must be called, is the German one. Due to frequency of lump-sum payments, there exists a proper payment method – ELV or German Electronic Direct Debit. In Germany ELV means quick and safe payments and, in addition, rather cheap one.
This option choice reveals Germans’ debts avoidance and their tendency to pay upon delivery. This system is available only for those, who have a German bank account. The payment takes place only, when a customer authorizes in merchant’s web. Thus, clients can easily undergo the purchasing process and be assured, no fraud will reach them. One problem, that may happen, is the possibility of order’s cancellation, in case customers have not enough funds.
So, with the right approach and wise strategy merchants are able to run successful business overseas.
Here are stated characteristics of several European countries. But it is not over! In the article’s second part some more markets will be discovered for You!