Money2020 attendees are arriving in Las Vegas today and we are releasing tip #2 on our countdown of the Top 5 Ways SPEED WINS – a series of five tips for speeding time to revenue and growing your online payments program.
Tip #2: Increase Your Acceptance Rates
You might have had this conversation with someone who doesn’t know much about global commerce and online payments.
You: I’m feeling the pressure to increase my online sales, but it’s hard to find new customers or new markets.
Helpful friend: You should start selling your products in Europe. I heard a report on the news about how everyone is online over there and shopping like crazy on the net. You should do that!
Really? Europe is a big opportunity? Your well-meaning friend has an amazing grasp of the obvious. However, what he doesn’t know—and what you probably do know—is that commerce in Europe can be very complicated.
For instance, every issue the U.S. market faces is magnified in Europe; issues that include SEPA compliance, VAT laws, delivery times, returns, payment security, non-arrival, and others. In addition, Europe poses a unique set of challenges; different countries with different consumer laws, tax regulations and language barriers. On top of that, there is all of the inherent risk of fraud and non-payment.
And of course tackling these selling considerations isn’t simply a “European” problem – it’s a challenge you face when going into any international market. This is why it is so important to be proactive with your global commerce solutions. The more homework you do in ensuring your business is ready for local markets, the more successful you will be in increasing your acceptance rates and ultimately growing your online sales. If you are not prepared, your business will get bogged down in red tape, and then nothing happens. And your competitor that does have a handle on these global and regional challenges and gets there first, wins. Again, it’s all about speed.
With roots in Northern Europe, headquarters in the U.S. and payment connections in all regions of the world, you should take advantage of our insights here to optimize online opportunities across the European Union, increase acceptance rates and speed your time to revenue.
For more ideas on how to increase your acceptance rates, attend Digital River CEO David Dobson’s Money2020 presentation – New Insights from Live Payments Data. This session will take place at Money2020 on Monday, November 3, at 8:50 a.m. PST in Juniper 3 at the Aria Resort and Casino in Las Vegas. Click here to add this session to your calendar. If you are attending the conference, be sure to visit Digital River at booth #1101 to take a spin on our ski simulator and see for yourself SPEED WINS!
Want to meet and mingle with our payments experts in person? Request your invitation to our Money2020 networking event at Cosmo’s Chandelier Bar on November 3, at 7:30 p.m. PST.