The Pitfalls of Cross-Border Payments: A Merchant s Guide to Global Expansion
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1 The Pitfalls of Cross-Border Payments: A Merchant s Guide to Global Expansion Maximizing Payments Performance
2 Table of Contents Cross-Border Retail s Hidden Challenges...2 Initial Setup...3 Regulations Old & New...4 Local Payment Preferences...5 Logistics...6 Data Breaches...7 Well-laid Plans Bring Results...8
3 Cross-Border Retail s Hidden Challenges Cross-border ecommerce is an ideal channel for expansion for most online merchants seeking new markets. There are obvious issues that global merchants automatically address such as creating appealing messaging in the native tongue for different cultures, customizing products according to country, and building up local contacts. But unforeseen potholes can cripple cross-border commerce if they are not addressed properly. The expansion to foreign markets necessitates a good deal of preparation of which you may be unaware. Here are several issues which merchants must consider before going global. 2
4 Initial Setup Problem You recently launched a website in Brazil and it feels like you have everything in place. Your products are appealing and your prices are competitive. Sales are beginning to come in. But then you start getting notice after notice about a variety of unpaid taxes, from income taxes to import taxes. Purchasers are complaining that their purchases haven t arrived as promised. Where did you go wrong? Solution When expanding cross-border into any new marketplace, conducting in-depth research into local fees and taxes is essential for preventing such nightmarish scenarios. In Brazil, for example, there are no less than seven different income taxes; an added headache is that they are cumulative i.e., the seventh can only be computed after the sixth has been paid. Furthermore, merchants using cloud services outside of Brazil for an online store are charged 40% on top of the invoice as an additional tax. Brazil also imposes a flat import tax of 60% on the cost of merchandise valued up to $3,000. As the buyer has to pay the taxes up front, the delivery process can sometimes drag on if the sum is not paid promptly. If you weren t even aware of the existence of this tax, it follows that you also did not know that the item would not be delivered before payment was made. The best solution to prevent this sort of nightmare is to consult with local experts who are familiar with the country s taxes and tariffs before launching in that market. It is also wise to employ knowledgeable professionals like accountants and lawyers who can handle these local matters on an ongoing basis. 3
5 Regulations Old & New Problem You are about to launch a website for the Chinese market. This only became possible about a year ago when the Chinese government announced a new policy allowing foreign companies to operate their own online marketplaces in China. The Chinese Ministry of Commerce issued a draft stating that foreign companies can now wholly own an online data process and e-business transaction type of enterprise. The only stipulation is that the venture must be based in Shanghai s Free Trade Zone. You expect setting up a website in Shanghai to go smoothly, now that you have the green light. But this is not necessarily so. Setting up a website in Shanghai is subject to all sorts of laws, regulations and red tape with which the Western merchant is unacquainted. Trying to navigate your own way through the serpentine Chinese system could prove to be extremely costly and frustrating. Another point to remember is that the Chinese economy is still centrally controlled. This means that laws and regulations can be changed or rescinded in the blink of an eye. So investing considerable funds could be risky. A case in point is the unprecedented regulations enforced a year ago requiring foreign technology companies that want to sell equipment to Chinese banks to agree to extensive audits, turn over source code, and build back doors into their hardware and software. While these two issues are supposedly unconnected, Confucius would probably advise to proceed with caution. So what should you do? Solution The new opportunity to launch a Chinese website in China is tempting. However, due to profound cultural, legal and commercial gaps between East and West, it is still best to work with local Chinese online companies that have a strong grasp of the Chinese economy and possess an extensive commercial and logistic infrastructure. 4
6 Local Payment Preferences Problem Your foreign websites are finally in place. They have been designed specifically to appeal to each audience and you are offering significant discounts to draw customers in. You can see that there is traffic but the conversion rates are very low. What is causing mass shopping cart abandonment? Solution Many merchants do not realize how important catering to local payment preferences is for cross-border enterprises. While many merchants might naturally provide international credit cards as leading payment options in different countries, in some regions the population might prefer various alternative payment methods, e-wallets, debit cards, mobile payments or cash on delivery. Failure to provide what buyers regard as safe payment methods in different geographies may lead to cart abandonment. Here are several examples of regional preferences: In Japan, Konbini, a local payment method to be found in kiosks, accounts for a sixth of ecommerce payments. In Spain, almost all ecommerce payments are via Visa, MasterCard, and American Express, while in France this number is close to 60%. In Germany only 30% prefer credit cards. The country has a well-developed ecommerce ecosystem based on local debit cards without a high degree of credit card penetration. India and other Asian countries are known to have a strong preference for cash on delivery. Before launching new websites, do your research in each country where you plan to do business and then set up integrations with different payment entity networks at each location. 5
7 Logistics Problem You have new websites running in Latin America and online sales are going well. Part of your opening campaign is offering fast delivery or independent pick-up at any point of sale, but you are encountering major problems keeping track of inventory and organizing the international logistics. How can you resolve these problems? Solution It is important to make sure you can deliver on your cross-border promises (both figuratively and literally) before undertaking them. Today more than ever, customers expect a seamless shopping experience at every channel (online, desktop, in-store and mobile). This means that the merchant must be able to meet customer demands when he or she orders online but wants to pick up an item in-store and vice versa. This necessitates the creation of a single inventory and supply system to keep up with demands at every channel. It can be a convoluted and costly undertaking when setting up shop in various foreign countries, which may necessitate the creation of unique inventory software by IT as well as cooperation with a network of local distributors. Sales staff at every channel must have the ability to check if an item is available at a given brick-and-mortar store or online at any given moment. In the case of Latin America, before launching ecommerce sites it is important to be aware of the fact that logistic expenses amount to about 15% of the cost of the sold merchandise. Due to transportation fragmentation, foreign merchants have to deal with myriad operators, which can be both complex and time consuming. These are the kind of unpleasant surprises you want to avoid. Partnering with a local logistics provider that is familiar with the market can significantly increase the chance of success but the ability to provide fast delivery may not be on the cards. 6
8 Data Breaches Problem You have set up your foreign websites, and you are careful to offer locally preferred payment methods. You have consulted with regional professionals to ensure compliance with international and local regulations. You know about local taxes and you are sure about your ability to provide quick delivery. It appears that you have done the necessary preparations and, in theory, sales should be going well. Potential buyers are visiting your websites but very few follow through to the actual purchase. What is causing their reluctance? Solution Global customers, who are naturally wary about entering a new commercial website, need to feel that their money is safe. In order to succeed in ecommerce, merchants must learn about the newest types of breaches and augment security accordingly. The fraud and security measures being employed should be clearly advertised on the website, ensuring customers that they are not at risk. One of the ways to generate a feeling of trust in foreign customers is to provide a payment page that is a seamless part of the branded website. A customer who feels comfortable and protected on a website will probably want to check out and, ultimately, repeat the experience. Only after generating trust can a brand achieve customer loyalty. The US is a case in point. The 2014 major data breaches that occurred in large American retail chains such as Target and Neiman Marcus left their mark and incurred growing fear of additional data breaches. The fact is that since 2003, the US has accounted for about a half of the total global loss from credit card fraud for only a quarter of the total volume of card payments. While the recent EMV liability shift might mitigate in-store credit card fraud, it does not provide protection for online transactions. There is evidence that hackers are refocusing their efforts on online security attacks, causing trepidation in both merchants and customers. The lesson is that it is not enough to put security measures in place, you need to advertise the fact on your websites. By providing this type of reassurance you are transmitting the message that you care about them and their concerns. 7
9 Well-laid Plans Bring Results While cross-border audiences may appear to be highly attractive to online merchants, a good deal of groundwork must be laid before delving into global ecommerce. Considerable human and financial resources must be invested in order to prepare the necessary infrastructure in each region before expanding. Only when addressing the challenges mentioned above can a merchant hope to achieve profitability in various global markets The rule of the thumb should be that before you enter foreign markets, you should become as familiar with them as you are with your own. The good news is that many ecommerce merchants who have done the proper preliminary research about new markets have reaped the fruits of their efforts and have gone on to set up additional successful websites in other regions. 8
10 About Zooz Powering luxury global retailers Zooz provides a payments platform designed to help merchants maximize their payments performance. It offers the flexibility to connect with multiple financial institutions, seamlessly integrate acquirers, e-wallets, alternative payment methods, fraud management and other third-party services, and intelligently route transactions through the entire payment process. Zooz consolidates and analyzes all payment data to provide valuable information to merchants, enabling them to personalize customer experiences online and in-store. It is the partner of choice for any business seeking to extend reach, reduce decline rates, increase revenues, maintain strong customer relationships and meet the challenges of the dynamic global market. For further information please go to Questions about Zooz? We re here to help CONTACT US Want to get started? Accept payments and maximize performance SIGN UP Offices: US UK +44-(0) Israel R&D Center +972-(0) Germany +49-(0) Zooz. All rights reserved. Maximizing Payments Performance
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