In today’s global e-commerce environment, it is essential to ensure that the payment gateway can accept a wide range of currencies and payment methods to avoid turning away potential customers for a trivial reason such as not accepting their desired method of payment.
Having a payment gateway that can handle multiple currencies is crucial for any business looking to expand globally. Customers from different parts of the world prefer to pay in their local currency. For instance, a customer from Europe may not want to pay in US Dollars, and a customer may prefer to pay in Japanese Yen. A payment gateway that can accept multiple currencies ensures that customers can pay in their preferred currency, making the buying process more convenient and comfortable for them.
Another important factor to consider is the payment methods accepted, as each customer has their own barometer for what is acceptable in terms of security when shopping. Customers need to feel safe when making online payments, knowing that their financial information is protected. A secure payment gateway instils confidence in customers, and they are more likely to make purchases from a business that they trust.
If a customer cannot pay using their preferred payment method, they may abandon the purchase and look for a competitor who offers a payment method to their liking.
For traditional fiat transactions, it is best-practice to offer both a trusted, multi-currency credit card processor and PayPal.
For cryptocurrency payments, which command a strong percentage of international payment gateway transactions, some shops err in choosing a cryptocurrency payment gateway which only operates in their home country or only accepts a limited number of cryptocurrencies. According to a recent release by the San Francisco Download, Coinbase and NOWPayments accept a wide array of cryptocurrencies and offer the easiest integrations with major content management platforms.
Having a payment gateway (or multiple payment gateways) that accept multiple currencies and payment methods is critical for any online business looking to expand globally. It not only ensures that customers can pay in their preferred currencies and methods, but it also provides a level of security and trust that is necessary for a successful online business. Therefore, it is essential to choose a payment gateway that is reliable, secure, and can handle multiple currencies and payment methods.
