One could argue that 2020 was an ugly year for many. This was not the case, however, for the eCommerce sector, which saw demand surging and, as a result, advanced in a single year which many expected over the next 5-10 years. This is normal, in a way. Artificially high demand and the promise of abnormally high profits called for more supply which required investments in order to keep up.
Fast forward three years and demand has come back significantly from the 2020 highs and has left a significant bit of the supply hanging. Those businesses that built sustainable operations will continue serving the market while those less professionalised will have to leave. For those that stay, a key question emerges: how do we continue growing? And more often than not, the answer is by going global.
As businesses look to access global markets they need to adapt to the way transactions are conducted in other countries the same way a European citizen travelling to the UK needs to adapt its language to English and, if she wants to drive, she'll have to sit on the right seat.
One such adaptation refers to the way money is collected and paid in different countries and currencies.
If you are an eCommerce business looking to sell internationally, you may wonder why is this something you should even look into.
Because international operations are typically conducted in different currencies and payments in different currencies are typically executed through different payment routes. And most probably because your existing bank account offers limited possibilities when it comes to international transactions. You may be able to make a payment in a different currency but you won't be able to hold or collect different currencies in your existing account. And for sure you won't be able to make any of these in an easy, fast, and, particularly, cheap way.
In case you want to save time reading, I'll give you a hint: digital multi-currency wallets are your best ally when it comes to handling international transactions. You can easily open one by clicking here. That said, I encourage you to spend a few more minutes and go through the remainder of the text.