To improve the business quality and to meet all consumers’ wishes, merchants attempt to bring the process of digital services providing as close to reality as possible. Especially, they do their best, when entering the international market, trying to get into account all foreign consumers’ tastes. Of course, it requires a lot of efforts and focusing on every detail.
First step towards expanding business abroad is to be the leader in the industry on the local level. Then, to gather information about the certain business overseas, to get known about potential customers, to grab more details about market niche of the industry and to know the rivals in order to develop an effective business strategy. Guess, is that all? Is it left to take funds and to found a branch overseas? Something is missing..
International trade is well-known to promise significant turnovers and business expansion. However, not all details are always clear about, how to get on your feet at the international level. One of the core questions to be aware of is various payment methods, depending on the business partner’s country. Here the knowledge of payment preferences around the world becomes crucial. Having an international growth intention, how to determine the selection of the proper payment option?
With this purpose let’s take a look at some directions more detailed
One of the most frequent places to be interested in globally is North America market. Being the worlds biggest retail e-commerce market, it is considered as a tidbit for entrepreneurs.
Dealing with North America direction, it will be enough for merchants to operate with credit cards diversity and PayPal to keep a stable position. To set the sights on bigger it is essential to commence working with mobile payments and debit cards as well. Among mobile payment methods it’s necessary to get known about one-touch options like Apple Pay, Android Pay and Samsung Pay.
Meet the US market
What about the US, customers there tend to use cards and the only alternative – PayPal. If You ask, what exactly card network dominates on this market, the answer is simple – it is VISA and MasterCard, that are the leaders in usage. Less holders of American Express cards are counted, as well as users of PayPal and Discover cards.
Recently many of the US population are excited with mobile payments, especially at the points of sales. Due to convenience of such payment method and its implementation simplicity, it has become very popular.
However, credit/debit cards cannot be replaced. The US customers lead quite active lifestyle, so the payment possibility has to be always available. With credit/debit cards’ flexibility and ease to use, that becomes real.
What can be said about Canada?
One more region of high interest in North America direction is Canada, the worldwide leader in cross-border e-commerce for retail. Frequently, most businesses in Canada find their partners and clients just around the corner. They maintain cooperation with the US. So, the payment preferences are similar somehow. Thus, in Canada credit cards stay predominant, followed by PayPal and Interac. The last one is well known local online banking system, which provides Canadians with possibility to shop online and in local stores, send money or get cash at ABM’s or point-of-sales across Canada.
Like in the US, Canada market accept several credit cards payment methods, among which are Visa, MasterCard, Interac and American Express.
On the other hand, these two markets are not completely the same. The most noticeable difference lays in consumers’ credit or debit card choice. For Canadians, it is more common to pay by credit cards, whilst in US having both cards, clients tend to use debit ones.
Concerning mobile technologies, Canadians and Americans both are interested in mobile inquiries and services more, than in mobile payments. But the situation is prone to be changed, as mobile advances don’t stand still.
By the way, the global digital development covering involves these two markets as well and, as a consequence, provides the basic of further business course.
The last things to adopt
What about the audience of North America region, customers there are amicable towards cross-border e-commerce. The most important thing for them still retains safety and ease of purchasing. To say more, North America consumers estimate rewards and discounts incentives as the highest rating attraction. Regardless, they are open to meet overseas traders, even using Interac debit scheme, if they are Canadians. Various entities are also ready to start cooperation and to reach a win-win deal.
Regarding all above said, North America market is quite easy to enter, when You are aware of its clients and merchants preferences. However, payment industry is constantly affected by changes, induced by technological innovations and generation distinctions. After all, being in touch with the latest developments has become an essential part of businesses activity.