International e-commerce is a huge, actively growing market. Juniper Research estimates that in 2023 the volume of international e-commerce transactions totalled $1.63 trillion, and in five years' time it will reach $3.37 trillion.
In this article, we will explore how to continue accepting cross-border payments in 2024 and what methods are available to businesses.
How to Accept International Payments in 2024
There are several ways to accept international payments on the website of a company or online shop. Using payment services is one of the most reliable and convenient options. We suggest considering three popular systems: PayPal, Stripe and Shopify Payments.
PayPal
PayPal is a popular international payment system that is available in 200+ countries and supports dozens of currencies. Integrating this system into a website allows customers to pay for purchases through their PayPal account without entering bank card details. To make a payment, the buyer is redirected to the official PayPal website.
An important advantage of this payment method is security. The ability to pay for an order on a verified website and without entering payment data increases the website's credibility, which helps increase conversion rate.
Payments via PayPal require buyers to have an account. The service is relevant for businesses targeting an audience that actively uses this system - for example, the American market.
PayPal supports both regular and recurring payments, and customers from some countries can use pending transactions with PayPal Credit. A number of additional integrations are available for businesses.
Among the disadvantages of the system, users name high commissions compared to other platforms, as well as the risk of blocking.
Stripe
Stripe is a platform for e-commerce business. Its main advantage over other services for accepting payments from abroad is a wide range of developer tools.
To fully utilize all the features of the system, programming skills will be required, but it allows to customize the service to the maximum extent possible according to the needs of the company.
Another advantage of Stripe is its huge functionality. The platform includes many services and tools: in addition to checkout, users can access detailed analytics with customisable reports, work with finances, tax and VAT automation, anti-fraud system and much more.
The service supports single and recurring payments, as well as manual invoicing, working with payment links and accepting offline payments. Additionally, integrations with both other e-commerce platforms and business management tools are available to customers when using Stripe to accept payments.
Read more about Stripe in the article.
Shopify Payments
Shopify Payments is a payment system that is integrated into Shopify shops. With its help, you can connect to accept payments even in cryptocurrency.
Shopify Payments is integrated by default into every created shop: to connect the system you only need to activate it in the settings. This allows you to get started quickly without downloading and installing third-party systems, and also allows you to control transactions through a common shop control panel.
Full integration removes the need to redirect the buyer to other websites to make a payment, which increases conversion rates. Another advantage of using the service when working with Shopify is the absence of additional commission (0.5-2%), which is charged by the platform when using third-party payment systems.
The main disadvantage of Shopify Payments is the limited list of countries available for connection. You can see the current list on the official website.
CryptoCloud Crypto Processing
One of the alternative ways to continue working with foreign clients amid possible restrictions is to accept payments in cryptocurrency. Crypto processing will help to make such payment convenient for both the client and the entrepreneur.
CryptoCloud is a service that allows you to accept cryptocurrency payments on a shop's website, as well as work through payment links and individual invoices.
Connecting cryptocurrency payments through CryptoCloud is free of charge. The transaction fee starts from 0.4%. The system supports a range of integrations with popular e-commerce platforms. The service has a user-friendly interface from the point of view of both the client and the entrepreneur. Checkout is available in several languages and can be customized.
Several projects can be connected to one personal account - their number is unlimited. Users have access to statistics and analytics, the possibility of opening access for company employees, and fast withdrawal of funds.
An extensive knowledge base with text and video instructions will help to understand the work of the platform, and prompt technical support is ready to answer any questions.
Additional Ways to Receive Payments
You can organize the acceptance of payments from abroad not only through payment systems, but also in other ways. Among the most popular are:
- SWIFT-transfers.These are a conventional method for transferring money internationally between banks. This system facilitates secure communication between financial institutions worldwide, enabling them to transfer funds securely and efficiently. SWIFT transfers typically involve correspondent banks that act as intermediaries to facilitate the transfer between the sender's and receiver's banks.
- Transfer to a foreign bank account. This method involves transferring funds directly to a foreign bank account owned by the recipient. It's a common practice for businesses and individuals conducting international transactions. To execute such transfers, the sender provides the recipient's bank details including the bank name, account number, and routing information. Once initiated, the funds are transferred from the sender's account to the recipient's foreign bank account through international banking channels.
- Cryptocurrency payments. In addition to using crypto processing, it is possible to make cross-border payments in cryptocurrency directly from one crypto wallet to another. While this option is less convenient for customers than paying through a processor, many turn to it because of its affordability, security, minimal fees, and high transaction speeds.
Accepting International Payments in 2024
Adapting payment methods to the expanding international e-commerce market is crucial for businesses in 2024. Platforms like PayPal, Stripe, and Shopify Payments offer tailored solutions, while emerging technologies like CryptoCloud crypto processing provide innovative approaches for accepting cryptocurrency payments.
Traditional methods like SWIFT transfers and bank transfers remain viable options. Businesses that embrace flexibility and innovation in their payment strategies will be better positioned to capitalize on global e-commerce opportunities, fostering growth and expanding their reach across borders.
