Why Is It So Hard To Get Good International Customers Through Checkout?
Retailers operating across multiple markets are plagued with payments challenges – but what makes it so difficult?
Firstly, multinational merchants must navigate a plethora of differences in rules imposed at both the regulatory and supplier level. That's even before adding the complexities involved in ancillary solutions like Dynamic Currency Conversion (DCC) and the difficulties in managing FX. Added to all of this are the notoriously high costs of accepting cross-border payments.
All this complexity means that merchants often suffer from sub-optimal approval rates.
In this presentation, a panel of experts discuss the challenges that cost retailers millions in fees each year, plus the threats to transaction success that mean millions in lost sales. It also explores the challenge of solutions like Open Banking that could offer a remedy for years of inefficiency.