Online payment solutions must accommodate overseas purchases for companies that sell in foreign markets. The integration must meet standards for all countries in which the company does business. Standards in the United States and Europe impose serious penalties if consumer data is stolen through the payment solutions. A local vendor explains how the overseas payments work to prepare businesses for potential issues.
Converting the Currency
The most vital part of the process is to convert the currency correctly. The online payment solution displays the price as listed by the vendor or business owner. When the consumer adds the item to the shopping cart, the currency is converted according to the consumer’s location. The calculations must be accurate to prevent any issues or potential losses.
Fraud Detection Systems
Fraud detection systems engage when a routing number for a bank isn’t recognized. When this happens, the transaction is stopped and flagged for fraud. An online payment solution that offers more payment options includes more foreign banks. The information for the banks is stored in the online payment solution. The data prevents false fraud alerts and continues the transactions.
Verifying the Consumer’s Details
All consumers who make purchases through the online payment solution must verify their details. The most common option is address verification services. The systems require the consumer to enter the billing information for the payment method. The system evaluates the information and compares it to the account details. If the information doesn’t match, the transaction is not processed. An additional option is the use of security codes on credit cards.
Calculating Shipping Costs
The shipping costs are calculated according to the destination of the shipment. Overseas shipments often lead to higher costs for consumers. When the transaction is processed, the consumer has several options from which to choose that are affordable. The order is submitted and processed in the consumer’s currency. When the funds are transferred to the seller, the funds are converted back to the seller’s currency.
Security standards associated with how consumer data is used through payment solutions define what options are best for a company. When conducting business overseas, all regulations and standards must be met to protect consumers when they make purchases online. Businesses that need more information about the payment solutions can read a BlueSnap Review now.