Not so long ago in the history of international payment processing, everything had to purchased in-store or by mail. This was long before the Internet’s immediate access to information and paying for products and services trained us to be the impatient web users we are today.

However, waiting for purchases to be delivered by “snail mail” did more than inadvertently teach us the virtue of patience; it also meant that merchants didn’t sell as many products and services — offerings that can now be acquired with a few clicks of a mouse — as they do today.

Yet, with the ability to make international purchases online comes the need to address complex, web-based issues in the online payment process. With this in mind, let’s take a look at four of the best practices for international payment processing from the perspective of both the merchant and the buyer.

At Allied Wallet, we understand the challenges facing companies that do business around the world. That’s why we implement best practices.

1. PCI-DSS Level 1 Compliance

Level 1 Compliance for PCI-DSS requires any merchant to allow Visa the discretion to minimize risk to its credit system. In minimizing risk to the Visa system, this level of compliance minimizes risk to customers’ Visa payments. Providing the ultimate level of payment security can increase purchases and promote allegiance among the customer base.

2. Facilitates Diverse Payments

international airportFacilitating diverse options for online payments is crucial for the merchant service provider (MSP) business model. Specifically, merchants should implement a broad array of payment types that are accepted globally.

The key to deciding which international payment processing options to provide depends on segmenting your target audience based on payment types — a task that an online marketing agency can help you with. Automated clearinghouse (ACH) payments, credit card brands, and online payment providers such as GiroPay should all be considered.

3. Manages Cross-Border Payments

Best practices for international payment processing efficiently manage cross-border ACH payments, wire transfers, multiple currencies and multi-bank checks, and drafts. Your business website is accessible to most companies around the globe. Consequently, managing cross-border payments effectively can be a boon for increasing revenue and growing the customer base.

containers4. Supports New Industry-Standard Payments

Supporting new, industry-standard payments involves supporting the newest standardized electronic payment formats, including those from SWIFT, BACS, U.S. and international EDI standards, Fedwire and international RTGS requirements. In addition, the capability to support bank-specific formats, as needed, should be implemented as a part of accepting standardized payments.

Ready for International Payment Processing?

Whether your company is just emerging in the international market and wants to capitalize on the buzz surrounding its products by using international payment processing for the first time, or your organization has tried plans from MSPs that don’t work as well as advertised, and needs a comprehensive plan that covers all the bases, the online payment processing specialists at Allied Wallet are here to help.

More Reasons to Partner With Allied Wallet

In addition to providing best-in-class security for international, online payments, we also offer transaction rates starting at 1.5% (reduced from 1.95%) for qualified companies. In addition, we give you the option using our eWallet program to make faster, simpler purchases by saving your payment method in your eWallet account.

To learn more about our 24/7 international payment services that facilitate payments using 164 currencies, give us a call from the U.S. at (888) 255-1137, call us from the U.K. at +44 203 318 8334, or refer the contact form on our website. We look forward to learning about your company and its online payment needs. Contact us today about implementing best practices for international payments.