Multiple studies have shown that cross-border transactions are on the rise, accounting for an ever-greater share of global commerce. As businesses continue to seek to expand their global reach, there is an attendant increase in importance for systems that can handle international payments. For anyone who runs an ecommerce business, the need for a reliable international POS is only going to grow.

Currency flexibility — handling multiple types of currency.

With ecommerce now simpler and more versatile than ever, even smaller businesses now frequently deal with customers from other countries. Consequently, the need to be able to process international payments is more pressing than ever, with a virtual POS that can handle varying types of currencies no longer seen as a luxury, but a necessity. For a customer, the ability to pay in the currency of their choice is something that builds confidence, trust, and loyalty with a business, so if it matters to them, it should matter to your business.

Currency conversion is a complex matter, with rates fluctuating almost constantly and major changes often happening in the course of a day. For your business, it is important that the POS software uses the most up-to-date conversions to ensure you are getting the most accurate value each and every time you sell abroad. Furthermore, a POS system that doesn’t natively handle international currencies could cause you to land with more transaction fees than you should have to pay.

Geographical compatibility — ensuring worldwide usability.

We’re all familiar with at least a few payment networks, with VISA, MasterCard, and American Express being just a few of the names that work worldwide, while names like Alipay specifically serve countries like China. A quality virtual POS will enable payment through as many of these national and international networks as possible, increasing the range of ways for customers to give you money.

In the U.S., we’re familiar and comfortable with credit cards as a payment method, but this isn’t universally true elsewhere. In other countries and regions, it may be more popular and trusted to make payments with digital wallets or by bank transfer. Allowing these as a payment method will open your business up to more global customers and increase your potential customer base.

A POS that not only permits but is optimized for as many payment avenues as possible will ensure greater customer satisfaction and fewer lost sales. When people get to the checkout, they’ll find their experience smoother than it might otherwise have been. People remember when they’ve had a satisfactory service.

Security measures — safeguarding international payments.

It is simply a fact that in an international transaction, there are more moving parts. This, in turn, means there are more potential points of weakness that can leave a transaction vulnerable to a security breach. This doesn’t mean you should be reluctant to accept international payments — far from it. What it does mean is that there is a need for additional security measures, such as end-to-end encryption and tokenization, that protect payments.

The risk of fraud is a real one, with international payments popular among fraudsters seeking to obscure the source of funds. Attacks known as “man in the middle” scams, which involve hackers intercepting data, are also a risk. The right payment software will be one that takes the extra verification steps necessary to prevent these fraudsters from exploiting you or your customers.

Reinforced encryption methods and ultra-secure data storage are a must when you’re dealing with any online financial transaction, and more so when those transactions cross borders. When you’ve got the right virtual POS, you can feel confident that you’re not going to be at the mercy of rogue actors who could make life more difficult. So can your customers, which is beneficial for your business’s ongoing viability on an international front.

Language and support options — bridging linguistic barriers.

A good international POS system should have the ability to operate in a number of languages. The language of commerce can be highly technical, and while English is seen as a common tongue, being able to operate in your native language is vital. It’s just as important for multiple languages to be supported on the customer side, too; a sale is never complete until it is processed, and offering payment gateways in a range of languages means there will be fewer carts abandoned late by wavering customers.

It’s not just the question of language that needs to be squared away, either. International support needs to be provided across the time barrier, too. When you’re dealing with people from across the world, and their morning is your night, 24/7 customer support is non-negotiable. Even the strongest payment processes can come under duress during holiday periods and sales events, and being able to deal promptly with issues, in a language you understand, is indispensable. 

POS providers, then, need to be serious about providing “wherever, whenever” support. Tech issues don’t work to a clock, and so neither can tech solutions.

Integration with accounting software — streamlining financial operations.

Making financial transactions is one part of running a business. Logging them accurately is another, with implications for accounting, tax and ongoing budgets. Most businesses have digital accounts these days, with the likes of QuickBooks and Xero being a common sight in offices across the world. It’s beneficial for a company to have a POS that integrates with their accounting software, as it will then log transactions automatically without error or delay.

This is highly beneficial, as it allows businesses to make accurate forecasts not just for sales as a whole, but as a breakdown across markets. Any international business — large or small — will have an advantage if they can stay on top of these numbers.

Conclusion.

In a world that is getting smaller every day, it’s essential to be in a position to take advantage of the growing range of options available to businesses that trade across borders. Having a virtual POS that handles multiple types of currencies and offers operations and support in a number of languages is vital to running your company in this age. Taking the time to research your choices is no longer an option, it’s a necessity.