Pain points of cross-border payment in cross-border e-commerce!

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2019-01-10

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Cross-border e-commerce, cross-border logistics and cross-border payments are always inextricably linked together. with the barbaric growth of cross-border e-commerce, the problem of cross-border payment has become more prominent. For cross-border e-commerce platforms and sellers, to solve the cross-border payment problems is the key to make their business grow fast.With the rapid development of cross-border enterprises current, the high payment rate costs, the multiple payment methods and the security of accounts when using cross-border payment platforms have become an important factor affecting the profits of global businesses.A series of industry pain points for cross-border payment have also been paid more and more attention and are expected to be resolved.

In this article, we gonna talk about what pain points does cross-border payment enterprise have from 4 real examples.

Part 1 Exchange rate loss

A cross-border airline company with business all over the world.and has its offices in major cities around the world. Global business involves the settlement of multinational currencies. However,its cooperative payment institutions only settled a single currency, resulting a huge loss in exchange rates. Due to the long-term loss in the exchange rate, the development of the company itself is being severely constrained, and the competitiveness of the industry is gradually declining.

Part 2 Localized payment

A cross-border apparel company focuses on clearing of European clothing,But the order conversion rate is very low, and the success rate of payment is only about 60%,After analysis, it is found that its payment page did not provide sufficient guidance for customers to pay, and no local popular local payment method is provided. After revising a systematically guidance to the payment interface, and added some popular localized payment methods commonly used in Europe such as ideal, Giropay,have significantly improved customer acceptance and payment efficiency, resulting in an order conversion rate of over 85%                                                                                                                                    

Part3 Cross-boder remittance

In order to enhance the teaching quality of different foreign languages, a cross-border online education institution has hired top foreign teachers to conduct remote online lectures. However, paying salaries to these teachers has become a major problem because:

1) Cross-border remittances must comply with the relevant provisions of national laws and regulations;

2) Loss of remittance fee and exchange rate;

3) The remittance period is long and the procedures are cumbersome.

For those problems, there are many companies has provide solutions, Such as Epay global remittance network. Epay is a payment company has 4 years’ experience in payment industry.They build a remittance network to allow people remit local currency to abroad with fast speed and low fee.but the customer must ensure compliance and legality of every platforms, and compare the time, currency, handling fee,  and other factors to choose the right solution.

Part 4 payment security

A cross-border game maker has been experiencing excessive fraud rates because the criminals forge emails or phone calls from banks or suppliers requiring account and password information. From the simplest to the most complicated tricks, it is difficult to distinguish between true and false, and eventually deceived. Sometimes a large number of people are victims through trojans and URL grafting. Fraudsters usually target the most vulnerable links. The fraud rate of the company is high which caused serious losses.

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