How do companies with limited resources keep up with the Amazons of the world?
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How do companies with limited resources keep up with the Amazons of the world?

We have seen the headlines that demonstrate that retailers with thousands of employees, offices in foreign lands, and annual budgets in the tens of millions of dollars fail, while other nimble cross-border retailers succeed.

How? Magic? Not really.

At GoInterpay, we feel like experience and the ability to be nimble in approach are the key to our clients success.

Here are a few thoughts we have on our 3 pillars of money management success:

In-Country Payments

Unlock the full potential of global payments by providing the full set of features consumers expect when ordering online.

In-Country Payments
There are a few simple things everyone should know about global processing

01.

Cross-border transactions are prone to more declines, higher fees, and your customer may see additional bank charges. These three factors make for a perfect storm when it comes to cross-border payments.

02.

When you process outside of the country your customer is in, it is considered a cross-border transaction.

03.

To process in-country, retailers can: 1: Set up local entities, banking relationships, and infrastructure in every major country in which they are selling. 2: Work with GoInterpay. Process where your local customer is, and reap all the benefits.

04.

It’s important to not just to support alternative payments, but to also make sure that they are optimized for physical goods merchants.

Money Management

It is important have a clear understanding of how currency fluctuation and pricing can affect your business. Learn more about currency controls by visiting our dynamic currency map tutorial.

Money Management
Important elements of global money management

01.

Guaranteed rates – Many retailers do not have the ability to lock in their FX rates through the entire payments lifecycle. Unfortunately, this leads to inefficiencies in data and reporting on global business. For some companies, returns account for over 20% of the business, and uncertainty in currency fluctuation is bad news when changing rates mean even bigger losses.

02.

Reporting – Many ecommerce platforms are either not designed for global money management or are not optimized to track global variables like currency fluctuations on returns. GoInterpay works with merchants and their existing systems to provide comprehensive reporting.

03.

Currency fluctuation and global pricing – GoInterpay has developed a tool for retailers to better understand how currency fluctuatuion around the world can affect their business. Access the tool here and follow the simple instructions..

Local Knowledge

The center of the retailers universe is not payments. It’s the consumer. We are constantly curious about the local consumer and how our work can best support their shopping journey.

Local Knowledge
Understanding the local consumer is a key to payments success

01.

Marketing spend on acquiring new global customers is always significant. If you look at localized marketing attribution models, they do not account for potential drop off or non-participation because of lack of understanding of local consumer requirements around mobile payments or payments messaging. A great example of how to dramatically increase approvals by understanding the local consumer is improving messaging around time-outs for cash-based payments like Boleto in Brazil. GoInterpay works with retailers to help them understand local consumer trends to better address the market.

02.

Payments is not a standalone, siloed conversation anymore. In certain regions, payments facilitation is tied into logistics, marketing and technology functions. For example, COD payments are tied into specific local logistics offerings in certain areas of Asia, the Middle East and Africa. GoInterpay works with partners and experts across the value chain to stay close to local trends and an ever-changing consumer journey to ensure the best experience for the consumer.