Selling to international customers? How to cross borders with PayTabs

Category: Enterprise

Selling to international customers? How to cross borders with PayTabs

Selling to international customers? How to cross borders with PayTabs

With the advent of internet and eCommerce, selling in your backyard is equated with selling in another country. The medium of sale is the same – your website. But then comes the actual legwork of ensuring your product reaches its customer and the money reaches your bank account. There are a lot of minor but significant factors at play here. Marketing, packaging, currency conversion, shipping, taxes, local duties and more make a small business wonder if they are really capable of taking on the complex world of export trade.

Depending on what you are selling, you’ll need partners in each of these spheres who can support you when you start (when the business may not be much but you’ll need the same degree of professional support) and continue supporting you when your business expands and you need high-tech support points.

If you are thinking of taking your products to international shores, here are a few things to keep in mind before you cross borders

  1. Identify markets for your products

Though you may already have a rough idea of where to start, it is always good to back business decisions with data. Where possible, find out about competitors selling in the market and what their on-ground sales have been like. This allows you to make a fair projection of what your sales can be. Now you’ll be able to prioritise markets where you need to enter first based on the expected sales volume.

A successful initial entry matters a lot. It gives you the confidence to push forward and also helps convincing future clients that you sell quality products that are accepted in multiple countries.

For example, the food import laws in several countries are quite stringent. You’ll not only need FDA clearances but also ensure your packaging has all the relevant information that is mandatory for the particular country. During your application, you may even have to specifically mention countries where the particular item has been refused entry.

  1. Identify a local distribution partner / retailer

Many start-ups may not have the means to set up a local office unless the conditions are proven viable. For initial market entry, it is best to go with a local distribution partner. These channel partners should be experienced personnel who can give you a taste of what your future sales can look like. They can also be your resource who can provide intelligence on how to tweak things and make it work.

  1. Understand generic laws and tax laws in each country related to products shipped from your country

Even if your product is sold in a particular international market, there may be specific laws applied to products that are shipped from your country. This may include but not limit to taxes, duties and other general laws on quality and quantity.

  1. Identify a shipping partner

Shipping is a biggie. First, you need to get the packaging right which is acceptable to the country you are shipping to. Second, you need someone who has a reputation for timely delivery. Third, you need to work with someone who can initially deliver small quantities and then grow with you to deliver bigger shipments when your market expands. Lastly, shipping costs can eat into your profits, so you’ll need to calculate the shipping partner who provides all of the above at good rates.

  1. Identify a payment partner

After all the groundwork, you’ll need to guide your hard earned money to reach your bank account. For this you’ll first have to ensure that the payment service provider works with multiple countries and currencies, intuitively adds in the most popular wallets in the country, provides easy APIs and makes transfer easy and allows invoicing even if you are on the go. A tall wish list but entirely possible. Sign up for a free demo account here.

There are many things about international sales and export trade that one can learn only from experience. Success isn’t final and failure isn’t fatal if you have an experienced partner to support your journey.

m-Commerce: The Future!

m-Commerce: The Future!

In 2014, global m-Commerce revenues were $184 billion which is poised to increase to $669 billion by 2018*.

These figures are a testimony to staggering growth of mobile retail commerce in recent times, primarily led by deeper smartphone penetration across the world. In terms of regions, Asia has witnessed the highest growth in mobile commerce, which is not surprising given the population of Asia as a continent and the pervasiveness of the smartphone across the continent.

In multiple surveys, shoppers across the world have agreed that modern mobile sites are safer and easier to use, than ever before. Clearly, there has been a sea change in UX (User Experience) of a mobile site or a mobile app, leading to greater affinity towards mobile shopping. However, the growth of mobile commerce is due to some key factors:

  1. Pervasiveness of Digital Wallets: Across the world, there has been a steady increase in the adoption of digital wallets, which has had its effect on mobile commerce numbers growing. In countries like India, clearly there has been a faster than usual growth in m-commerce, led by the government’s push towards non- cash transactions. The phenomenon of digital wallets has changed the mobile commerce industry worldwide and it is not just limited to developing countries.
  2. Increased Trust: Over time, consumers have increasingly felt more comfortable shopping on mobile. Trust has led greater adoption of m-Commerce across geographies. The trust has been built by the convenience offered by m-Commerce which has been lapped up by the consumers across the board.
  3. Checkouts in a Jiffy: One-page checkouts coupled with the adoption of digital wallets has made checkouts hassle free and has led to greater mobile conversion. If the consumer can quickly buy his or her product, he or she will surely visit the site again to make a purchase.
  4. Increased Awareness: In an interconnected world, a consumer anywhere can learn about m-Commerce and its growth. The stupendous growth has created an urge amongst shoppers to jump the m-Commerce bandwagon and experience shopping at his or her fingertips.

At PayTabs we have been enabling m-Commerce by offering a comprehensive payment solution fully optimized for mobile. Sign up for a free demo to experience the power and flexibility of our solution.

*Data Source: Statista

Blockchain: Driving the Future of FinTech

Blockchain: Driving the Future of FinTech

Every once in a generation, comes a paradigm shift in innovation, that changes the way we engage in our daily lives enabled by technology. Be it the Internet in the 1980s or the penetration of smartphones, a decade ago. The Internet and Smartphones have fundamentally changed some of our key actions as human beings! Such has been their impact to human evolution!

Well, Blockchain is another technology rising on the horizon, poised to change the way we deal with enterprises or a government body for that matter. As of today, Blockchain is only being applied to the outer realms of financial services, more specifically, cryptocurrencies.

What is Blockchain?

Quite simply put, it is a grow list of blocks of records which are linked and secured using cryptography, meaning such blocks of records are connected and encrypted for security purposes. In terms of application of the theory, it is an open and distributed ledger that can record transactions between two parties in an efficient manner that’s verifiable and permanent in nature.

How is the Fintech Industry leveraging Blockchain?

In a way, cryptocurrencies are a part of the Fintech Industry and their entire business model is based on blockchain, wherein they offer virtual currency to anyone who can purchase parts of one unit of that currency and keep trading with that part, thereby making money in the process. Buying cryptocurrencies is also considered as a long-term investment by many. The beauty of these virtual currencies is that fact that because they have been built on blockchain, they are decentralized in the sense that there is no central bank governing them.

In Brazil, recently they have managed to lower exchange rates in the currency and bullion markets using blockchain. There are exchange startups who are leveraging blockchain based efficient automation processes to lower exchange rates.

Because of its existing nature of application, blockchain has been at the forefront of some path breaking innovation done by Fintech startups across the world. Whether it is money transfers, currency exchanges or organizations providing infrastructure and transaction protocols that enables banks to provide financial settlement at lower rates, Blockchain is driving new age innovations across the Fintech landscape.

In fact, we at PayTabs have been working on Blockchain as well. We are currently in the process of developing a payment distribution system using Blockchain.

To understand the full scope and power of the payment solution that we offer, you are most welcome to sign up for a free demo. Moreover, please feel free to comment below if you have any questions or any insights.

Technology: A Key Differentiator for PayTabs

Technology: A Key Differentiator for PayTabs

“Any sufficiently advanced technology is equivalent to magic.” – Arthur C. Clarke (Author)

The world of payment solutions has evolved dramatically in recent times, given the growing need of global e-commerce. Most merchants nowadays require a comprehensive solution to take care of their payment needs, whether it is in a single store environment or a marketplace environment. Even offline merchants need payment solutions to effectively manage their orders, especially in the context of international payments. The modern day customer expects no short of magic while paying for a product online, irrespective of the environment. Thankfully, the technology has evolved drastically in recent times to create nothing sort of magic for customers, irrespective of their expectations.

The payments landscape has broadened as the world has shrunk and the need for multiple currencies, alternative payments, split payments, recurring payments rolled into one solution has become an imperative for merchants of all sizes. Apart from the different features in a payment solution, what is required is the ability of the solution to integrate in various ways and provide a wide range of integration capabilities for multiple shopping carts, in the context of e-commerce.  Apart from features of a payment solution, an ideal solution should have a secured technology backend.

In the light of the growing e-commerce landscape, PayTabs has the technology to add business value for any merchant. Key elements of the technology are as follows:

  • 160+ Currencies accepted on the platform.
  • Whether it’s multiple channels, schemes, acquiring banks, multiple shopping cart platforms, security infrastructure and systems, risk management and merchant services, we have you covered in all aspects in the context of building, operating and growing your e-commerce business.
  • Dual layers of fraud management infrastructure, dedicated fraud and account management.
  • 130+ alternative payments options designed to intelligent recommend you options that support your overall business goals.

To fully experience the power of the PayTabs solution, sign up for a free demo or contact us for more information. Feel free to provide insights or comments below.

Cashless in India

Cashless in India

Sleepless in Seattle: Remember the Hollywood movie from the 90s starring Tom Hanks and Meg Ryan. As it turns out, it was not a very happy story, as the protagonist grieves his wife’s death and he cannot sleep after moving base from Chicago to Seattle.

On the contrary, given the Digital India revolution and the growing adoption of multiple forms of digital payments in India, it is definitely a good time to be Cashless in India.  The current revolution of digital payments stretches much beyond being only as a result of demonetization. The consumer’s adoption rate couple with the government’s push in creating a cashless economy has been unprecedented.

Despite all the hoopla around digital payments and going cashless, India still remains low in banking penetration and cash has been the de-facto transaction medium for most in the country. Hence the scale of the revolution is yet to realize its full potential.  The government’s continued push towards digitization through BHIM, UPI and Payments Banks has really scaled the digital payments landscape in India.  It’s all about financial inclusion through digitization. Needless to say, there’s a lot of ground to be covered, given India’s population but the growth trend puts the country on track to achieve its digital payments ambitions.

You must be wondering that if there’s so much action happening in the domestic digital payments space in India, what about international digital payments? Well, the scope on the international payments space is exciting as well from an Indian perspective. India is one of the fastest growing markets for cross border payments, recording an estimated volume of $260 bn+ in exports and $400 bn+ in imports*.

We at PayTabs provide you with a seamless payments solution that helps you accept payments in multiple currencies and the amount gets credited to your account in INR. Sign up for a free demo to experience the power and flexibility of our solution.

*Data Source: Economic Times