![]() And Nilson expects that number will reach $49.32 billion by 2030. According to the 2021 annual report by Nilson Report, losses due to card fraud globally exceeded $28.58 billion in 2020. Security FeaturesĬredit card fraud is a significant challenge for every online business. Check currency conversion rates and markups on international cards to avoid last-minute surprises. Thus, choosing a Magento payment gateway that offers the functionality your business needs is crucial. Similarly, if you’re using Magento 2 bundle products to sell subscription boxes, you’ll need a payment gateway that supports recurring payments. If you’re selling globally, you will need multicurrency and multilingual support. For example, B2B customers might prefer to pay via bank transfers and company cards, whereas B2C customers might prefer card or eWallet payments. ![]() ![]() Make sure you choose a Magento 2 payment gateway that supports the payment methods used by your customers. Common payment methods used for online transactions include credit cards, debit cards, cryptocurrency, and eWallets. Payment Method SupportĪ payment method is how customers pay your business through the payment gateway. Too many fees or complicated pricing structures can quickly eat into your profit margin. Review the pricing structure of different Magento payment gateways before creating a merchant account. But some payment platforms charge additional setup fees and monthly gateway fees as well. A percentage-based fee and fixed cost per transaction are the norms. Like most third-party services, ecommerce payment gateways charge a fee for their convenience. Once you have the answers, check the following requirements. What payment options does your target audience prefer? Before you choose the right one for your business, ask yourself these questions:ġ. Why not apply this strategy to currency? That is to say, localizing payment helps store owners build a store view as if it’s created just for a specific area of this world.Magento payment gateways come in different shapes and sizes. Going globally, store owners will display appropriate languages for different store views. In this way, it’s easy to upscale your store’s conversion rate, especially in the cross-border segment. Multi-currency helps you gain more happy overseas customers and turn them into your loyal ones. Therefore, it must be flexible in transaction and payment methods. Increase Your Cross-Border SalesĪ multinational online store needs not only domestic sales but also international customers. That means an international online store needs a stable price for its foreign store views. Your customers may get confused when they see the product price varied depending on the exchange rate. Furthermore, the exchange rate is constantly moving every day. Consequently, it affects the user experience. But this method can not avoid an unrounded number. Your website may let third parties calculate product prices from foreign to local money. As a result, it can save a great deal of time. Because they will see your product price and settle orders without having to convert from foreign to local currency. Shopping online with customer’s currencies makes them find comfort. Enhance Customer’s Shopping ExperienceĬustomer satisfaction is always the ultimate goal of businesses. Why an Online Store Needs a Multi-Currency Feature?ĭo you own an international online store? Or are you having global expansion strategies for your store in the near future? If the answer is yes, it’s crucial to know the range of benefits when using a multi-currency platform. Step 3: Setup the Scheduled Import Settings.How to Setup Multi-Currency in Magento 2.Why an Online Store Needs a Multi-Currency Feature?.
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