Many CNP companies consider global expansion to be an optimal growth strategy. While new markets mean new customers and profits, they also can represent an uncharted road with potholes in the form of new payment methods, processing partners, currency exchange rates, foreign fees, regulations and taxes as well as repatriation strategies. The Global Retail Insights Network (GRIN) was established as a community focused on education, benchmark data and collaboration for global retailers. The GRIN now includes more than 1,200 merchants in 53 countries who can share information so those just starting a cross-border e-commerce program will not make the same costly mistakes others have made.
Carl Miller, founder and manager director of the GRIN, recently sat down with CardNotPresent.com to share his members’ answers to the most frequent questions they receive from companies considering accepting payments from outside their domestic boundaries.
CardNotPresent.com: When it comes to global payments, what are the key topics that retailers are asking about?
Carl Miller: Most retailers start with questions around alternative payments. They ask which alternative payments are the most important and whether or not they should work directly with the alternative payment provider or through a global PSP. Not bad questions, but usually a bit off the mark.
I usually take a step way back from that conversation and
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