For those merchants who’ve never branched outside of the United States to sell products before, or those considering entry into a new global market, the idea can be a bit daunting. While language barriers are one of the more obvious things to consider when a company is looking into what it takes to sell products abroad, even English speaking foreign countries such as Australia, the U.K., and Canada, all have other cultural and regulatory management issues to address before a successful business model can be established there. Clearly, the amount of investment depends on which geographic areas are targeted, what products are being sold, and how aggressive a company wants to pursue business, but the more comfortable a merchant is up-front with the cultural requirements they will need to meet, the more efficient and successful they will be in the long run.
The exchange of foreign currencies, special regulatory guidelines, licensing, compliance, and risk management are all on the list of important considerations when you are analyzing a particular foreign market. Not to mention, economic strengths and weaknesses, political issues which could be brewing, or even good old fashioned marketability. How does a company approach all these key touch points knowledgeably without getting overwhelmed? Payscout suggests leaning on the one vendor you know you won’t be able to live without; an electronic payments partner who is already well threaded through the global buying network and experienced with the worldwide business landscape. A merchant services provider who has already proven they have a foothold on a country’s landscape and understand the requirements for inbound merchants. This one decision will provide you with the cultural empathy you need to navigate across political and geographical lines without risking profitability.
While the list of risks might seem to outweigh the benefits at times, Payscout leaders feel this an opportune time for business owners to embrace their entrepreneurial spirit, and take bold steps to expand internationally. It’s no secret, online sales worldwide have been predicted to grow exponentially in the coming years by global economists and market research firms due to growing consumer adoption of online and mobile commerce. A fact, Payscout is betting on as they roll out their latest “Go Global Now” initiative to help present and future merchants comfortably take advantage of the ripe global business climate and make the wisest international business decisions.
Payscout has the experience, knowledge and consultative approach to give you everything you need to expand across the cultural divide in an efficient, pleasant, focused, and empathetic way.
In fact, Payscout is even prepared to walk you through every step of the planning process, and give you the expert advice you need to assess which foreign markets are best for your particular business model and product.
Payscout merchant service representatives will not only help you get a working payment system set-up for accepting foreign currencies, but they’ll also counsel you on when the right time is to pursue international incorporation, guide you through foreign regulatory requirements, and give you sound advice on what it will take to market your products effectively to unknown groups of consumers.
It is an exciting time for U.S. merchants who want to branch out beyond their current domestic boundaries! However, Payscout cautions merchants to take the time to consult with the right professionals who have a legitimate hands-on sense of existing foreign markets.
Payscout has been monitoring the global marketplace closely for many years, and they are seeing countries which were once closed to online business or operating under stern eCommerce restrictions, now opening up to the idea of online commerce. Several of them, such as Brazil and China, have even stepped into the lead and are expected to stay frontrunners in the online purchasing market for many years to come.
If you are an enterprising U.S. merchant considering when and how to take your business global, Payscout can help you plant roots overseas without any hitches or hiccups. Call us today at 1-888-689-6088 for a free global commerce consultation or apply online.