International Credit Card Processing, What You Need To Know

The world of international credit card processing is certainly not simple. For one thing, there’s no single payment processing answer that applies to every nation. Completing transactions for multiple currencies can be a real hassle—unless your merchant services company simplifies things. Let’s take a look at how that can be done.

In general, international credit card processing involves completing “multiple currency” credit card payment transactions, allowing merchants to accept payments in almost 170 currencies. This also allows sellers to receive direct deposits from transactions.

Recent years have seen a move away from the more traditional credit card processing of domestic accounts, towards offshore payment processors who offer international merchant accounts. While domestic institutions had been considered more secure, the growth of e-commerce business, as well as improvements in offshore payment processing, have made international merchant accounts a desirable option.

Tips and Advice for Global Credit Card Processing

Trust the Experts. The leading credit card companies—Visa, Mastercard, American Express, and Diners Club—have worked hard to become truly international. As such, these cards can be used almost anywhere that credit cards are accepted. For merchants, it’s important to be aware of the basic eligibility requirements to accept these cards.

In addition, an international merchant account is needed before payments can be processed. This account includes rules that govern how credit cards are accepted, as well as the international transfer of funds.

Beyond the basic transactional services that international credit card processors provide, they can also offer expertise and advice based on their superior knowledge of the field. International credit card processors can also help you set up internet merchant accounts and advise you in this arena as well.

Add it up. If you expect to sell to consumers in Europe, they must be able to pay you. International credit card processing companies, Pay Pal, and wire transfers are all options, and all will charge a nominal fee for their services. Do the math and see which service gives you the best deal for the kinds of transactions you will be completing most frequently.

Do your homework. Research the rules governing credit card use in the countries where you intend to do business. Watch out for developing countries, where credit card use may be restricted or curtailed in these areas. Consider speaking with a banker from the target country, or an international banker. Get the information you need before you get started.

Be flexible. Be ready to make changes based on the factors you encounter. What works best in one country might not be the best solution in another area. Research the best options and be prepared to make changes as needed.

A merchant services company can make international payment processing easier by taking care of everything you’ll need to process international payments, and more—equipment sales/leasing, check processing, PCI compliance, wireless processing technology, and sales tax reporting. Experience in the international payment processing world allows merchant services firms to provide advice. Call us today to learn how Guardian Data Systems’ International Business Service Bundle can facilitate overseas sales for your firm.