International Merchant Account – All things to know

Planning to have an international business where you ship products to different countries, but you might need to have a payment portal from where you can process the payments via different types of medium. Payment medium usually includes debit card, credit card, PayPal, PayTM, UPI, etc. Basically with a merchant account, they are taking the portal from the bank which will transfer the amount from the customer’s bank to your account via any medium.

There are different types of Merchant Account; one common type of Merchant Account is the International one. The International Merchant Account happens to be one of the best types of account. This type of account provides a host of different benefits to international customers and even for you as a merchant. Let us have a look at what exactly the International Merchant Account serves.

If you are a merchant, you will take the International Merchant Account if you need to have transactions in more than one type of currency. This problem was usually solved with the Visa and JCB Card’s and the customers were able to pay different currency amount via their card. But with this account, it enables us to enter the pricing according to different countries with a different currency. With this, the customer will be having the same amount in the statement as they will pay without any conversation fees.
For Example: You are an India based merchant and you are dealing in some accessories of 6000 INR, when a customer from the US will buy it they will pay in US$ but if it was via the visa thing he would have paid around 110$ including charges but with this International Merchant Account enabled the customers can pay the exact 100$ amount, without any loss.

Now let us talk about different benefit which the customers will have an even we will have as a merchant.

Benefits to International Customers:

• This will allow the International customers to have a much familiar shopping experience by showing the products in their own currency system.
• No Surprise or Hidden Amount, as they will pay in their currency without any conversation fees.
Benefits to the Merchant:
• With International Merchant Account, international customers will be attracted and will transact more on your website, and hence increased global sales.
• The international customers will not leave the website without checking out due to currency issues.
• Loyal Customers
• You can easily take higher margins in different currencies.
With the International Payment Gateway, there will be no different transfer fees from one country to another.
What do you think about the International Merchant Account? Will you be taking one against your general merchant account? Do let us know in the comment section below.