Merchants engaged in cross-border commerce and logistics continue to produce solutions and products aimed at helping merchants strengthen relationships with their consumers and improving the pace of global business.
For these merchants, timing is key. According to a recent report from logistics provider DHL, the cross-border eCommerce market is poised for big growth over the next few years: The company anticipates the value of the international eCommerce market will grow to $900 billion by 2020. Meanwhile, growth rate of cross-border eCommerce is expected to be twice the rate of domestic eCommerce growth, according to the report.
News of this anticipated growth appears to be sinking in with cross-border merchants. In recent weeks, several companies have launched products aimed at improving the flow of international trade. These solutions include products that allow small- to medium-sized businesses to get faster access to their money and help companies deliver local payment options to new markets. Other companies are working to help cross-border merchants defend against global fraud.
Notable News from the X-Border Space
Several companies are helping eCommerce merchants by protecting them against the harmful effects of fraudulent charges. Estimating that merchants stand to lose $98 billion a year in fees, ACI Worldwide and Chargebacks911 have teamed up to help merchants protect themselves from illegal chargebacks. ACI Worldwide is also working with Digital River World Payments to provide fraud solutions for the company’s eCommerce merchants.
Beyond fraud protection services, other companies are rolling out solutions aimed at expanding the availability of local payment methods in various global markets. In Latin America, for example, EBANX has launched a new plugin for its payment gateway that allows merchants in the region to accept 12 different payment options. And, across the globe in Morocco, Transpay has expanded its services to allow its clients to accept Morocco’s local currency payments.
While some companies are providing tools to allow eCommerce merchants to offer local payments, others are helping merchants retain customers by anticipating local taxes and fees on their deliveries. For the March Tracker’s feature story, PYMNTS spoke with Rajiv Ayyangar, VP of product for Yakit, about how cross-border tools are helping to improve consumers’ delivery experiences and expectations by allowing merchants to pre-calculate taxes and fees on international orders.
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About the Tracker
The PYMNTS X-Border Payments Optimization Tracker™ is the framework for evaluating players in the cross-border payments landscape, and the quarterly index tests the readiness of the companies to serve a global audience.