eRetail revenues are expected to reach 6.54 trillion U.S. dollars next year. Today, online shopping represents one of the most popular online activities around the globe. To start selling internationally, you should consider various important factors such as costs since international eCommerce doesn’t just imply shipping product overseas. This article will help you identify the hidden costs of international trading, which is critical to the bottom line of businesses. Also, you’ll learn how payment experts like eMerchantBroker can help you grow your eCommerce business.
International eCommerce: eMerchantBroker
In 2019, global eCommerce sales accounted for over $3.5 trillion dollars across the world. 14.1% of the sales were generated from online purchases. By 2023, total retail sales are anticipated to account for over $6.5 trillion, and 22% will be carried out over the internet.
Online trading comes with its own specific nuances. Successful international trading is associated with profound market research and a well-studied picture of each target region. Now, when international eCommerce is on the rise worldwide, you need to consider a diverse set of factors to be able to conduct your international eCommerce business successfully.
No matter you’re involved in an international or domestic eCommerce business, it’s more vital than ever to use the right payment processing services. Otherwise, you won’t be able to fight the competition and thrive.
For this, you just need to work with a trustworthy and experienced processor like eMerchantBroker. This way, you can be sure to get fast and hassle-free access to the most advanced and cheapest merchant processing solutions in the industry.
Hidden Costs of International eCommerce
Now, let’s discuss the hidden costs associated with international eCommerce trading. So, here are several points to focus on:
- Payment Gateway Fees: the calculation of gateway fees is based on the percentage of the transaction amount. When picking a payment gateway service, look at the regions of operation and contract terms.
You’ll find providers charging setup fees, monthly subscription fees, or requiring a blanket charge. International online sellers end up with extra costs for processing international cards, as well as additional currency conversion costs.
- Multi-currency Account: this enables businesses to enjoy the necessary speed and low cost conversion costs for international trading. You can assess the internal risks to figure out the right type of multi-currency account for you.
- International Suppliers: global logistics and legal regulations mean businesses often need to work with local specialists for the delivery of their service.
So, the number of businesses trading internationally is growing rapidly. This sales potential is extremely appealing, however, you shouldn’t forget the costs involved. The points above can help you get a better idea of international selling and the hidden costs associated with cross-border payments.
Author Bio:- Blair Thomas has been a music producer, bouncer, screenwriter and for over a decade has been the proud Co-Founder of eMerchantBroker, the highest rated high risk merchant account processor in the country. He has climbed in the Himalayas, survived a hurricane, and lived on a gold mine in the Yukon. He currently calls Thailand his home with a lifetime collection of his favorite books.