By Caroline Hometh
Payvision
At the 2010 Electronic Transactions Association Annual Meeting & Expo held in April, Payvision hosted a seminar entitled "Global Acquiring and Fraud." It was well attended, and during the question-and-answer period, seasoned sales professionals raised questions of interest to any business looking to expand internationally. The questions also stimulated lively discussion. The following summary highlights what was covered.
One way to effectively market to merchants is through building a website with strong search engine optimization (SEO) on keyword phrases such as 'multicurrency conversion' and 'international payments.' Eighty-seven percent of businesses do research before globalizing. Merchants need to know that you have the solutions they are seeking, and if you implement effective SEO, they'll find you.
Another critical marketing tool is to have collateral that speaks to your global solutions so that when you make presentations or conduct conference calls, you have marketing materials that back up your offerings. Prospects will inevitably ask for a brochure, media kit or product descriptions; it's essential to give them something tangible they can refer to.
The three most important questions to ask your merchants are:
Once you have their responses, you can determine which solutions will fit their needs. For example, knowing what currencies they have to settle in will help you address their treasury requirements. Knowing whether they are online or offline will let you know if they need a virtual POS and batch processing.
The merchants best suited for globalization are those in the e-tail, digital, direct response and worldwide gaming spheres.
The first step in reviewing your portfolio is to conduct a BIN (bank identification number) analysis. This can be facilitated through your processor to determine which of your transactions are foreign.
The recession has served as a catalyst in motivating merchants to look beyond their traditional borders for customers. Another trend is advancements in technology that are creating an entirely new way of communicating and selling, such as apps for iPads and iPhones.
For your merchants to be recognized as multinational corporations and receive lower costs of interchange, they need to register outside their region which, in most cases, is the United States. They can do this through online organizations that specialize in this service and perform it quickly and easily, usually within one day.
In a word, no. It can take up to three days in Europe and even longer in other places around the world.
Absolutely. The risks include differences in language, culture and business practices. That is why it is imperative to partner with a global solutions provider with extensive knowledge and experience. Do your due diligence.
Your competitors are very curious about going global, and for good reason. According to a recent survey conducted by the IMR World Commerce Dashboard, 25.6 percent of the world's population is connected to the Internet, and consumers spent $489 billion via e-commerce last year. For a free DVD or PowerPoint presentation of the entire seminar, please email me at c.hometh@payvision.com.
Carrie Hometh is an industry professional with more than two decades of global experience. She currently serves as Senior Vice President of Sales and Marketing for Payvision, an international payment solutions provider that offers a comprehensive suite of products and services, including global acquiring, multicurrency processing and alternative payment solutions. She can be contacted at c.hometh@payvision.com.
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