Managing cross-border payments represents a key challenge for businesses that operate and have customers in multiple countries. Regulatory and tax issues are more complex, and transactions fees are higher than with domestic payments. Payment orchestration platforms (POPs) can solve these probl
ems and address the ever-growing number of payment methods that merchants must handle.
The October edition of The Payment Orchestration For Global Commerce Playbook examines the latest developments in the payments orchestration landscape and how POPs can increase the efficiency and lower the costs of global payments management for multinational firms.
Around the Cross-Border Payment Orchestration Ecosystem
Failed payments cost businesses $118.5 billion globally in 2020, according to a study. This number includes expenses and lost revenue, transaction fees and other factors related to human or system errors. The Asia-Pacific region lost the most ($44 billion), followed by Europe ($38 billion) and the Americas ($34 billion).
Cross-border eCommerce has surged during the pandemic. A survey of consumers in 14 countries found that nearly half have increased their cross-border online purchases. Clothing (25% of respondents), footwear (19%) and luxury goods (18%) represented the mo
st frequent international purchases.
Another survey found that just under half of online shoppers in India make cross-border purchases. These shoppers identified buying higher-quality products or items they cannot find in India as their most common reasons for shopping from overseas merchants. The U.S. was their favorite market, followed by the U.K. and China.
For more on these stories, read the Playbook’s News and Trends section.
viagogo on Streamlining Payments for an International Customer Base
The pandemic hit the live events sector particularly hard, canceling or postponing events until consumers could come together safely. Many jurisdictions are finally allowing music festivals, live sports and other large-scale events to occur once again. Providing a seamless ticket-buying experience to global customers is no easy task, however.
In this month’s Feature Story, Cris Miller, head of business development at global online live event ticket platform viagogo, discusses how the company has met these challenges. Miller explains how understanding the needs of international customers is critical, which includes offering local currency payment and language options wherever viagogo operates.
Deep Dive: How POPs Can Help Boost Efficiency for Large Cross-Border Businesses
Firms expanding internationally must navigate the complex landscape of cross-border payments. Regulations, taxes and transaction fees make efficient payment orchestration especially critical in the international context, and the stakes are high for large companies serving customers in many different markets.
This month’s Deep Dive explores how POPs can help these businesses better manage cross-border payments and why leveraging these platforms is more efficient than building their own solutions in-house.
About the Playbook
The Payment Orchestration For Global Commerce Playbook, a PYMNTS and Payoneer collaboration, provides a comprehensive overview of what payment orchestration entails and how it can help international businesses reach their payment goals.