International Payment Options

𝗧𝗵𝗲 𝗛𝗶𝗱𝗱𝗲𝗻 𝗥𝗶𝘀𝗸𝘀 𝗼𝗳 𝗖𝗿𝗼𝘀𝘀-𝗕𝗼𝗿𝗱𝗲𝗿 𝗖𝗮𝗿𝗱 𝗣𝗮𝘆𝗺𝗲𝗻𝘁𝘀 Expanding globally? Accepting international card payments isn't as simple as flipping a switch. Many businesses underestimate the costs, fraud risks, and approval rate challenges that come with cross-border transactions. 𝗪𝗵𝘆 𝗔𝗿𝗲 𝗖𝗿𝗼𝘀𝘀-𝗕𝗼𝗿𝗱𝗲𝗿 𝗖𝗮𝗿𝗱 𝗣𝗮𝘆𝗺𝗲𝗻𝘁𝘀 𝗠𝗼𝗿𝗲 𝗘𝘅𝗽𝗲𝗻𝘀𝗶𝘃𝗲? 🔹𝗛𝗶𝗴𝗵𝗲𝗿 𝗜𝗻𝘁𝗲𝗿𝗰𝗵𝗮𝗻𝗴𝗲 𝗙𝗲𝗲𝘀 → Cross-border transactions often trigger "cross-border assessment fees" from Visa, Mastercard, and issuers. These can be 1-2% higher than domestic transactions. 🔹𝗙𝗫 𝗖𝗼𝘀𝘁𝘀 → If a business charges in a currency different from the cardholder’s, either the merchant or the customer pays an extra conversion fee. 🔹𝗡𝗲𝘁𝘄𝗼𝗿𝗸 & 𝗙𝗫 𝗠𝗮𝗿𝗸𝘂𝗽𝘀 → Card networks, acquiring banks, and payment processors often add their own FX spreads on top of raw exchange rates. 𝗧𝗵𝗲 𝗙𝗿𝗮𝘂𝗱 𝗣𝗿𝗼𝗯𝗹𝗲𝗺 Banks are more likely to decline cross-border payments because of fraud concerns. Why? ▪️𝗚𝗲𝗼𝗴𝗿𝗮𝗽𝗵𝗶𝗰 𝗥𝗶𝘀𝗸 𝗦𝗰𝗼𝗿𝗶𝗻𝗴 → Issuers may flag transactions from foreign countries as unusual spending behavior, leading to declines. ▪️𝗟𝗮𝗰𝗸 𝗼𝗳 𝗟𝗼𝗰𝗮𝗹 𝗗𝗮𝘁𝗮 → Many fraud detection systems work best within a country’s financial ecosystem. A transaction from a US-based merchant hitting a European bank lacks local data points, leading to conservative decline decisions. ▪️𝗖𝗵𝗮𝗿𝗴𝗲𝗯𝗮𝗰𝗸 𝗥𝗶𝘀𝗸𝘀 → Cross-border transactions typically have higher chargeback rates, making banks and payment processors wary of approvals. 𝗢𝘃𝗲𝗿𝗰𝗼𝗺𝗶𝗻𝗴 𝗧𝗵𝗲 𝗖𝗵𝗮𝗹𝗹𝗲𝗻𝗴𝗲𝘀 Merchants can leverage the below strategies to overcome costly mistakes: 🔹𝗟𝗼𝗰𝗮𝗹 𝗔𝗰𝗾𝘂𝗶𝗿𝗶𝗻𝗴 → Businesses can work with local acquiring banks to process transactions within the customer’s region, reducing cross-border fees and boosting approval rates. 🔹𝗠𝘂𝗹𝘁𝗶-𝗖𝘂𝗿𝗿𝗲𝗻𝗰𝘆 𝗣𝗿𝗶𝗰𝗶𝗻𝗴 (𝗠𝗖𝗣) → Allowing customers to pay in their native currency avoids FX conversion surprises and increases trust. 🔹𝗔𝗹𝘁𝗲𝗿𝗻𝗮𝘁𝗶𝘃𝗲 𝗣𝗮𝘆𝗺𝗲𝗻𝘁 𝗠𝗲𝘁𝗵𝗼𝗱𝘀 (𝗔𝗣𝗠𝘀) → In markets like Europe, Latin America, and Asia, customers often prefer local payment methods over international credit cards (e.g., SEPA, Pix, Alipay, UPI). 🔹𝗜𝗻𝘁𝗲𝗹𝗹𝗶𝗴𝗲𝗻𝘁 𝗥𝗼𝘂𝘁𝗶𝗻𝗴 & 𝗧𝗼𝗸𝗲𝗻𝗶𝘇𝗮𝘁𝗶𝗼𝗻 → Using a payment processor with smart transaction routing and network tokenization can improve approval rates and reduce fraud-related declines 𝗙𝗶𝗻𝗮𝗹 𝗧𝗮𝗸𝗲𝗮𝘄𝗮𝘆 Leveraging local acquiring, alternative payment methods, and smart processing strategies can help merchants scale globally without losing revenue to hidden inefficiencies. Source: Clearly Payments, Checkout.com, PaymentsJournal 🚨Follow Jason Heister for daily #Fintech and #Payments guides, technical breakdowns, and industry insights.

Expanding payments globally isn’t plug-and-play. Each new market adds complexity because the technical architecture differs from country to country. When we first built international payment capabilities, I was surprised at how much had to change from our US stack. It wasn't just adding new APIs – we needed entirely different processes and compliance. The biggest surprise is always local banking integration. In the US, ACH is straightforward. In Europe, SEPA looks similar on paper but the technical implementation is totally different. Same with Brazil's PIX or UK's Faster Payments. Every new market means testing across completely separate infrastructure. Our integration team constantly educates clients on these differences because there’s no perfect setup. If you want fast payments, you might sacrifice reach. If you want wide coverage, you may have to sacrifice cost or speed. There's a lot of decisions if you’re doing this all yourself. This is why we've built local technical expertise in each region we serve. When a client wants to expand to Europe, we don't just send API docs – we have specialized teams who understand both the code and the local banking requirements. Here’s a checklist I’d recommend for successful cross-border expansion: • Map payment method compatibility by region • Verify local banking connection requirements • Test currency conversion flows end-to-end • Confirm settlement timing expectations • Identify region-specific authentication needs • Plan for local regulatory reporting If you're planning international expansion, talk to someone who's actually built the tech stack in that region. Or talk to us and we’ll handle it.

2025 Buyer’s Guide to International Payments Selecting the right cross-border payments provider requires careful evaluation across key areas to ensure compliance, efficiency, and reliability. 1. Regulation and Compliance Global payments are subject to complex regulations, making compliance a critical factor. Providers must hold the necessary licenses, such as Money Transmitter Licenses (MTLs), to legally operate in different jurisdictions. They should also streamline compliance with automated KYC checks and AML processes, reducing administrative burdens and ensuring adherence to evolving regulatory requirements. Strong compliance practices protect businesses, build trust, and enhance global reputation. 2. Currency Coverage A provider’s ability to support multiple currencies determines operational flexibility. Businesses should assess whether the provider covers their current intake and payout currency needs and offers competitive conversion rates to minimize costs. Future scalability is also important—providers should be able to support expansion into new markets, particularly emerging economies, ensuring businesses can adapt to global opportunities. 3. Service Reliability and Redundancy A robust payments infrastructure ensures uninterrupted service, preventing financial losses and operational disruptions. Providers should offer built-in redundancy, maintaining multiple banking partnerships to continue processing payments even if one fails. Strong partnership networks enhance efficiency, while disaster recovery and contingency planning ensure uptime during technical or geopolitical disruptions. 4. Ease of Technological Integration A modern payments provider should simplify, not complicate, business operations. Providers must offer flexible integration options, including both manual processes and API-based automation. Developer-friendly APIs with clear documentation and technical support facilitate seamless implementation, while customizable workflows allow businesses to tailor payment processes to their specific needs. Sandbox environments for testing further improve the onboarding experience. 5. Speed and Transparency Fast onboarding, real-time payment tracking, and clear reporting tools are essential for smooth operations. Providers should enable businesses to start transacting within hours or days rather than weeks. Payments should be trackable like a package delivery, ensuring visibility and eliminating uncertainty. Additionally, 24/7 customer support and dedicated account managers help businesses resolve issues quickly and expand their payment capabilities when needed. Source Rail #fintech #payments #banking Brice Ali Alex Michele Nafis Monica Theodora Saleh Veronica Helen

The Ultimate Currency Swap Guide (No Hidden Fees, No Surprises) If you're running an international business or managing remote teams, converting currency should be seamless, not costly or complicated. Here’s how to move your money across borders with zero confusion using Wise (now Wise): 1. Create a Multi-Currency Account Open a Wise account (free to set up) and access their multi-currency wallet. This lets you hold and convert cash in multiple currencies including GBP, USD, AUD, and CAD. 2. Initiate a Currency Conversion Once inside your dashboard, hit the big green “Send Money” button. Choose the origin bank account (e.g. UK bank account) and tell Wise which currency you're converting from and to. For example, converting GBP to AUD. 3. Set the Target Amount Rather than guessing exchange rates, you can set the *exact* amount you want your recipient to receive, say 1,000 AUD. Wise calculates the total GBP you need to send, including fees and live exchange rates. 4. Understand the Real Cost To get 1,000 AUD, you might need to send about 566.73 GBP. Wise charges a transparent fee (e.g. 2.25 GBP), and uses the real mid-market rate, no markup like traditional banks. 5. See How Wise Keeps Costs Down They hold domestic currency pools globally. So instead of your money physically crossing borders, GBP gets pulled from their UK pool and AUD gets released from their Australian pool, keeping the transfer fast and affordable. 6. Review Your Options You can choose between: - Low Cost: Manual bank transfer, lowest fee - Fast & Easy: Pay via debit/credit card, arrives sooner - Advanced: Slower and more expensive (rarely used) 7. Finalize Your Transfer Input recipient bank details (like BSB and account number for Australia), review the amount, reference, and timing. Transfers can land within a few hours, depending on your payment type. 8. Complete the Payment Pay via bank transfer or debit card. Enter the exact reference code provided by Wise to ensure your money is matched correctly. Using online banking? Just copy-paste Wise’s sort code and account number. 9. Race-Test the Speed Surprisingly, the low-cost bank transfer often arrives faster than the debit card option. Try both and see what works best for your needs. 10. Stay in Control Wise is regulated globally, tracks each payment in real time, and sends confirmation emails at every step. You’ll know exactly when your recipient gets paid. So the next time someone says “free transfer” but hides fees in their rate, check Wise instead. You’ll probably save $20–$60 per transfer and avoid nasty surprises. #Bookkeeping #Accounts #Accountancy #Books #Business

By 2025, if your business isn't using stablecoins for international payments, you're leaving money on the table. Here's why: Traditional cross-border payments: - 5% to 6% fees - 3 to 5 day settlement - Limited visibility (Did you get the wire?) - Banking hours only Payments through stablecoin powered neo-bank like Dakota - Near-zero fees - Instant settlement - Full transparency - 24/7 operations - Self custody, USD not asset on banks balance sheet The math is simple: - $1M in monthly cross-border payments - Traditional fees: $50-60k - Stablecoin fees: <$1k That's $49k in monthly savings. Think this is just for crypto companies? More than half of Dakota's customers are traditional businesses looking for better banking.

Driving Retail Innovation: How iShoppes Elevated Its Airport Stores with Citcon’s Cross-Border Payment Solutions In an increasingly globalized economy, retailers face growing pressure to accommodate a wide range of payment preferences—from local credit cards to mobile wallets favored by international travelers. For iShoppes, a specialty retailer with airport duty-free and convenience stores across the U.S., this pressure became a pivotal opportunity. Their story, recently featured by Citcon, is a testament to how the right payment solution can spark significant growth, especially in tourism-heavy environments. A Growing Challenge Founded in 1952, iShoppes has built its reputation by providing high-end and specialty products to discerning travelers. However, the brand noticed a gap: a rising number of Chinese travelers—and other global visitors—preferred to pay using platforms like Alipay, WeChat Pay, and UnionPay. These consumers often bypassed traditional credit card use. Without a modern payment system that could accept these methods seamlessly, iShoppes risked losing valuable sales and customer goodwill. At the same time, iShoppes needed a payment solution that integrated easily with its existing POS systems and wouldn’t require massive infrastructure changes. From front-line cashiers to back-end accounting, simplicity and compatibility were essential. Citcon’s All-in-One Payment Solution Enter Citcon, a global payment platform designed to remove barriers to cross-border payments. Here’s what made Citcon the ideal partner for iShoppes: Universal Wallet Acceptance: Through Citcon’s platform, iShoppes quickly enabled Alipay, WeChat Pay, and UnionPay, meeting global shoppers on the channels they trust. Seamless Integration: Citcon’s technology integrated with iShoppes’ existing POS system, ensuring minimal disruption and rapid deployment. Streamlined Operations: By consolidating payment reporting and settlements through one interface, iShoppes saved time and resources while improving accuracy. Tangible Results With Citcon’s cross-border payment solution in place, iShoppes saw notable benefits: Enhanced Customer Experience: International travelers enjoyed familiar, hassle-free payment options. Revenue Growth: Catering to consumer payment preferences resulted in more sales and higher customer satisfaction. Increased Efficiency: Centralized settlement and reporting processes saved valuable operational hours. For iShoppes, partnering with Citcon meant taking a confident step into the future—capturing new business from international markets without overhauling existing systems. https://lnkd.in/gAD8iiKz