How to Enable International Ecommerce Transactions | 5 Methods

In today’s era, shopping doesn’t mean walking over to your local mall anymore – it means being able to discover a world of exciting products and services right from the comfort of your own home.

Business owners can now break down barriers and reach a much broader customer base, unlocking more opportunities and exploring new avenues for revenue. But how exactly do you allow international ecommerce transactions as an online seller? Let's dive into the 5 ways you can do it!

We'll also mention how Wise Business can help you enable your international ecommerce transactions.

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How to enable international ecommerce transactions

Global ecommerce is booming and has been booming, with the 2024 forecast predicting a 9.4% growth, resulting in $6.3 trillion dollars in total ecommerce sales.¹ Venturing into international markets is a golden opportunity that businesses should take advantage of, but with currency conversions potentially getting in the way and safety on the line, how do you choose the right strategy for your cross-border ecommerce transactions?

Let’s take a look at five different methods that could potentially align with your business model.

Receive online credit and debit card payments with a merchant account

An important and useful step when it comes to international ecommerce transactions is setting up a merchant account. This unique type of bank account lets your business receive online payments through credit and debit cards, which are among the most common payment methods among consumers worldwide. A merchant account significantly streamlines the process of handling cross-border transactions and lessens the risks associated with currency conversions.

Use an online payment gateway

International ecommerce transactions can also benefit from an online payment gateway that supports a variety of payment methods and multiple currencies. A payment gateway acts as the middleman between the customer and the seller, providing a secure platform for transactions to take place. Especially if customers can make transactions in their local currency and with local payment methods, they’re more likely to go through with a transaction and feel secure doing so.

Enable mobile payments

A major part of the ecommerce ecosystem is the popularity of mobile payments. As mobile devices have slowly become integral to our daily lives, mobile shopping has become an easy and convenient way to browse and pay for exciting new products.² In fact, they make up more than half (60%) of all ecommerce sales worldwide.³ Enabling mobile payments can give your customer reach and ease of access a boost.

Businesses should have a mobile-friendly payment gateway that supports a range of mobile payment methods, including mobile wallets like Apple Pay and Google Wallet, to those popular in specific areas. This way, they’ll be able to target a prime sector of online shoppers and keep their business agile and future-ready.

Set up e-invoicing

Especially if you’re a B2B ecommerce or subscription-based business, e-invoicing is a great way to bill clients in a standardized and efficient way. Businesses can create, send, track, and potentially even automate their invoice management, all while handling currency conversion and tax requirements, which can get complex when dealing with international markets.

Along with helping businesses stay in control of their payments and providing a clear record of all transactions, e-invoicing also enhances the customer experience by giving them a transparent way to review their charges.

Try recurring billing to save time

Need to save time but handle a product or service that requires regular payment renewals? Recurring billing helps to automatically process and renew monthly subscriptions and other similar payments, reducing the administrative burden on your business. This method also benefits the customer as they won’t have to manually perform payments every cycle.

Wise Business for International Ecommerce

Wise Business account details help you enable ecommerce payments from sites, such as Shopify, Amazon, Etsy, and more.

Features

• International business account – Hold and convert over 40 currencies
• Get local account details get account details in global currencies (USD, GBP, EUR, CAD, AUD, JPY, and more) so you never lose money ²
• Mid-market currency exchange rate – Convert money into the currency of your choice at the real exchange rate with no markups.
• Accounting app integration – Sync your Wise Business account with popular accounting software like QuickBooks and Xero.
• Pay by link: – Generate a reusable payment link that gets you paid easily
• Interest Feature: – If you’d like to earn annual percentage yield (APY)¹ on your USD balance while you expand your business, you can opt-in to our interest feature for Wise Business.

Want to get paid globally with account details?

Receive funds with Wise Business >>

If you’d like to earn annual percentage yield (APY)⁴ on your USD balance while you expand your business, you can opt-in to our interest feature for Wise Business. When you opt-in to earn interest in your USD balance account, you get the security of up to $250,000 in passthrough FDIC insurance on your USD balance from our Program Bank⁵ (subject to change, certain limitations apply, see Program Agreement to learn more). Your USD balance will be held with our Program Bank where Wise earns interest. We use a small portion of the interest we earn on these funds to cover our operating expenses and we pass the rest along to you. The rate we can offer is dependent upon our Program Bank, and we’ll always let you know if there are any rate changes. See our website for more details.

What is the best way to collect money online?

With such a broad spectrum of ways you can collect money online, businesses are spoiled for choice. However, the best method for your business is one that aligns most with your customer demographics.

For example, if your customer base is predominantly Gen Z and Millenials, offering mobile wallets and modern online payment platforms might be a better fit. On the other hand, if your customers are more conservative or traditional, classic debit and credit card payments might be more appealing.

For businesses that want to cater to international markets, it’s important to go for platforms that make it easy to conduct cross-border payments. Some platforms might offer perks like low-fee currency conversions or local payment methods that could enhance appeal.

What is the safest way to receive payments online?

Secure and accredited online payment gateways and merchant accounts are often touted as the safest way to receive online payments. These platforms and accounts are designed to facilitate financial transfers between a website or external source and the customer’s bank so that sellers are confident that the transaction is done reliably and securely.

These platforms and accounts also adhere to strict encryption and security protocols, which make them essential for consistent business transactions. Not only are they equipped to handle more demanding global transactions, but they also incorporate fraud detection and prevention systems for customer and business reassurance.

Receive international payments with Wise Business

Wise Business is a big name in international payment solutions. With a focus on transparency, efficiency, and low fees, the platform is a powerhouse for cross-border ecommerce operations.

Not a bank, but rather a business account, Wise’s biggest perk is their multi-currency account which lets you send, receive, and hold payments in over 40+ currencies, letting you bypass the complexities of international pay.

There’s also the opportunity to open local account details in global currencies, including USD, GBP, EUR, CAD, AUD, JPY, allowing you to receive money like a local.

Instead of dealing with high bank fees and unfavorable exchange rates, Wise Business boasts the real mid-market exchange rate with no markups and no hidden fees. This means a more cost-effective solution for both you and your customers.

Whenever you want to go over your finances, you can sync your Wise Business account with top accounting software like QuickBooks and Xero to manage your funds – hassle-free.