Technological advances and the internet have enabled small businesses to directly sell their products in the global market in the last decade. Earlier they could sell their products locally and to larger retailers or supermarkets, limiting their income potential. Now, selling the products globally is accessible with an international merchant account. It is now possible to quickly sell services or products across international borders by accepting payments in different currencies and paying you in your currencies. Most international payment processors handle ACH transfers, cryptocurrency transfers, credit cards, and transfers for online sales. Besides eCommerce solutions, there are APIs or integrations for point-of-sale (POS) systems. Mobile apps can take payments in person, however small or big. In such a scenario, it becomes effortless to sell items and services anywhere in the world, legally. Here, we present some of the best international merchant accounts for banking business that can do wonders for you.
Stripe Payments
Stripe has been regarded as the best overall international merchant account for banking businesses. Stripe Payments is a complete payments platform engineered for growth. It allows you to accept payments and move money globally with powerful APIs and software solutions. It is a developer-centric payment processor with exhaustive support for foreign currencies and payment methods. Stripe supports more than 135 currencies, and Stipe is available in 36 countries (primarily North America, Europe, and Southeast Asia). It supports leading third-party online payment solution Alipay in all markets, in addition to payment methods popular in North America. Stripes customization can allow you to avoid exchange fees by accumulating separate balances in different currencies. It can then be routed to various bank accounts.
It uses flat-rate pricing with industry-standard rates for online purchases. There are ready-made templates and services which a developer can use to get the most out of Stripe,
Stripe comes with well-developed international support and has excellent marketplace tools. The best part is that there is no penalty for early termination. Some of the disadvantages include that you need to have technical skills to implement the system,
PayPal Payments
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It is best for businesses that operate in several countries using a well-known brand. PayPal has name recognition and wide reach globally regarding online payments. PayPal can process transactions in more than 130 currencies from 45 countries, much more than Stripe. It offers its infrastructure and payment method. Since 2013, PayPal has acquired Braintree and offers both Braintree and PayPal services. Businesses preferring a merchant account or the ones that can handle some coding prefer Braintree services, while those looking for simplicity and quick approval prefer PayPal’s third-party processing services. It is now possible to quickly sell services or products across international borders by accepting payments in different currencies and paying you in your currencies. Most international payment processors handle ACH transfers, cryptocurrency transfers, credit cards, and transfers for online sales. Besides eCommerce solutions, there are APIs or integrations for point-of-sale (POS) systems. Mobile apps can take payments in person, however small or big. In such a scenario, it becomes effortless to sell items and services anywhere in the world, legally. Here, we present some of the best international merchant accounts for the banking business that can do wonders for you.
You need to compare Braintree and PayPal’s services to select an option that works for your business.
2Checkout (Verifone)
2Checkout is a top-rated international merchant service that works in more than 200 countries and 100+ currencies. Additionally, it accepts about 45 payment methods, from cryptocurrency to mobile wallets to international credit cards. It integrates with third-party systems, including POS. Its main feature includes acting as the merchant of record, meaning 2Checkout can handle sales tax, VAT, and remittance. It is easy to use, and its geographical scope is most comprehensive with 235 countries. However, the fee is higher than its peers. Although, it does not have a mobile app and has a longer deposit speed. It is multilingual and has a multi-currency display. Its transaction rates are high, and if you add a cross-border percentage, it may be worth looking at cheaper options like Stripe. Its chargeback fees are calculated considering your dispute history, which is more complicated than most other options on this list that charge a flat fee.
Now, selling the products globally is accessible with an international merchant account. It is now possible to quickly sell services or products across international borders by accepting payments in different currencies and paying you in your currencies.
Helcim
Helcim is considered the best for interchange plus the pricing. Moreover, there are no contracts, and there is 24 by 7 service. On the negative side, it is expensive if you process less than 5000 USD per month. There is tiered pricing, and there are no high-risk merchants. Helcim provides international payment processing for merchants located in Canada and the US. It charges your customers in your currency and pays you back without conversions. So, you need not worry about the daily exchange rates. It charges interchange-plus fees for credit card transactions. It does not have the multi-currency capability like Stripe or process ACH or e-checks like the other payment processors.
Authorize.net
Authorize.net or Authnet, backed by VISA, can provide an international payment gateway for merchants in the US, Canada, and Australia. It is among the most popular payment processors with online solutions. It has a monthly fee, and it works with high-risk merchants. Helcim provides international payment processing for merchants located in Canada and the US. It charges your customers in your currency and pays you back without conversions. So, you need not worry about the daily exchange rates. It charges interchange-plus fees for credit card transactions. It does not have the multi-currency capability like Stripe or process ACH or e-checks like the other payment processors.
Authorise.net has two types of options. The first option has an all-in-one solution that includes a merchant account and charges a fee per transaction across the board.
Conclusion
Doing business at the international level was never so easy. Due to poor exchange rates, small businesses have eye-watering costs for international business payments. However, the good news is that better alternatives can save you hundreds.
