One of the factors that attract customers to your online business is the availability of convenient and familiar payment methods added to your website. This allows customers to spend less effort on making payments for their chosen products. Therefore, local payments are the factor that inevitably leads your company to success and prosperity.
It sounds quite optimistic, but once you encounter the need to organize technical nuances and configure everything to work safely, reliably, and stably, certain difficulties may arise. That’s why the payment service experts at Fondy have created a detailed step-by-step guide for you to make this process easy and spare you the need to encounter pitfalls and challenges. So, let’s take a look inside: what are local payment methods, why it’s worth including these systems in the payment options for customers, and what features do such local payments have?
What are local payments?
Local payment methods are specific payment options that are popular in certain countries or regions. They include digital wallets, mobile payment apps, prepaid cards, and bank transfers. Digital wallets such as Alipay, WeChat Pay, and PayPal allow users to securely store their payment information and make transactions with a few taps on their mobile devices. These are the most widely used and recognized options in the world. In addition to them, there are other options for local payments, including:
- Convenient mobile payment apps;
- Prepaid cards that can be used even without a bank account;
- Local bank transfer systems (iDEAL, Boleto Bancário, etc.).
And these are just the most popular options. In reality, there are many more local variants. While you ignore the fact that customers find them quite convenient to use, your competitors are moving forward and gaining their share of the market by offering a seamless user experience with their resources. Just take a look at the full list of options popular in different regions.
Why is it important to include local payments as one of the payment options accepted by your website?
The main reason is that such solutions help expand your audience by attracting customers from different countries and regions. When you offer the option to pay using popular local payment methods, you become more accessible to potential customers and increase the chances of sales growth. Moreover, many customers consider local payment methods more convenient and reliable since they are already familiar with these systems and trust them.
Furthermore, including local payment methods provides convenience and comfort for customers and often helps avoid conversion losses associated with currency transfers and fees.
How to manage payments coming from different sources?
Despite the convenience for customers, incorporating multiple local payments into the list of available options creates additional challenges in managing the company’s financial flows. It becomes necessary to manually track conversions and business efficiency. However, the Fondy service is specifically designed to allow you to enjoy the benefits of accepting local payments and seamless management of corporate finances. Fondy provides a comprehensive set of tools for flexible integration with e-commerce, making it easy to add new payment methods and manage them from one place. Additionally, the Fondy service offers analytical reports and payment management tools to ensure the security and reliability of your business.