Through the collaboration with these payment partners, Shopify aims to improve cross-border commerce for Indian merchants on the platform, as approximately one in five sell internationally to an average of four international markets, reaching an estimate of 70 million shoppers from all over the globe. The partnership follows Shopify’s focus in promoting cross-border business by enabling merchants to have payments received with hassle-free procedures and decreased transaction fees.
Payoneer enables companies and individuals from over 200 countries and territories to have international collaboration and advancement, with enterprises and professionals being able to pay and be paid globally and locally through Payoneer’s solutions that are quick, adaptable, secure, and affordable. Working towards enabling trust in cross-border trade for small and medium-sized businesses (SMBs), Tazapay combines the latest financial technology and services to make international trade safe and simple, with the company enabling merchants to run businesses in more than 173 markets. India-based global payments company PayGlocal helps strengthen cross-bordr business and global commerce within the Indian ecosystem through its solutions’ suite that focuses on business, experience, and associated risk.
For merchants to be able to scale globally, reliable payments are considered a key enabler, and as cross-border transactions represent an invaluable business share for India-based Shopify merchants, the company decided to collaborate with the aforementioned providers to enable seamless international payments that are increasingly cost effective. Shopify representatives have stated that following this partnership, merchants will be offered a multitude of benefits which include expedited settlement, improved chargeback protection, native risk engine built for fraudulent transactions’ prevention, and additional local support.
Commenting on the integration with Shopify, Payoneer officials have advised that they are looking to enable Indian brands to enter the D2C space and expand globally through means of simple, compliant, and secure payments.
Furthermore, Tazapay will offer the ability to collect payments from international customers via cheap, local payment methods in more than 85 countries, in addition to credit cards. Their partnership with Spotify helps reduce costs and increase conversion rates for merchants, enabling them access to a wider customer base all over the globe, with Tazapay providing Buyer Protection for all transactions. Furthermore, the company is transparent when it comes to FX, allowing merchants to manage their cashflow and P&L (profit and loss statement).
PayGlocal’s platform is designed to offer safe and smooth checkout experiences. The company helps enable customers to transact in currencies and payment methods of their choice, as it supports over 120 currencies, accepts international cards, enables more than 40 local payment methods, and provides end-to-end encryption as part of their offering. Due to this, merchants have higher payment rates, lower chargebacks, and an altogether smoother transaction. Through the partnership with Shopify, their merchants will be given the necessary tools for selling beyond borders, with PayGlocal expecting their services to help create a lenient and cost-effective payments ecosystem.
The new payment methods are set to become available to all Shopify merchants, enabling them to process payments in an easy manner though localised payment modes that are present in different countries across the world. The initiative is also thought to help promote stability in cross-border payments, enabling both merchants and customers to take full advantage of the platform.
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