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| [January 10, 2019] |
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BlueSnap Data Finds North American Retailers Miss Out on 6% of Global Sales by Not Using Localized Payment Processing
BlueSnap,
an online payments technology company, today announced new findings
based on the analysis of transaction data from its All-in-One
Payment Platform. According to BlueSnap, retailers that do not
process online payments in the country where the transaction is made
will fail to convert 6% of all international eCommerce sales. For the
retailers that do process payments locally, they also save 1% on
cross-border credit card fees, on average.
Last year, Internet
Retailer's 2018 E-Retailer Global Expansion Report estimated that
the international sites operated by the top 1000 US retailers (excluding
Amazon and its financial data) generated $37.6 billion in sales outside
of the US and Canada in 2017. Assuming nearly 50% of these organizations
are not processing payments locally, and comparing Internet Retailer's
data to its own findings, BlueSnap can infer that the top US retailers
not using local acquiring are missing out an estimated $1.1 billion in
potential eCommerce sales.
"While there are many factors that contribute to businesses not using
local payment processing -- including their global footprint, a lack of
education and limited access to the tech that enables it -- the benefits
of accepting local payment methods and currencies is obvious," said
Ralph Dangelmaier, CEO of BlueSnap. "In order to capture more global
sales, and keep up with today's eCommerce iants, retailers with local
entities need to work with a partner like BlueSnap to reassess their
global payments strategy."
The BlueSnap All-in-One Payment Platform powers global payments in 100
local currencies and over 110
trusted payment types that customers expect and demand. BlueSnap's
global payment solution also enables businesses to increase sales,
reduce false declines, and make customers happy in 180
countries and 29
languages as well as easily enable popular e-wallets like Google
Pay and Apple
Pay, to eliminate friction at checkout.
To learn more about BlueSnap and how its All-in-One Payment Platform can
help your business increase its global sales contact BlueSnap here
or visit: https://home.bluesnap.com/products/global-payments/.
About BlueSnap
BlueSnap provides an All-in-one Payment Platform designed to increase
sales and reduce costs for B2B and B2C businesses. Our Platform supports
online and mobile sales, marketplaces, subscriptions, invoice payments
and manual orders through a virtual terminal. With a single-integration
to our Platform businesses can accept any payment with ease. The
Platform includes access to 110 payment types, including popular
e-wallets, built-in world class fraud prevention to protect your sales
and detailed analytics to help businesses grow. Based in Waltham, MA,
BlueSnap is backed by world-class private equity investors including
Great Hill Partners and Parthenon Capital Partners. Learn more at https://home.bluesnap.com/.
View source version on businesswire.com: https://www.businesswire.com/news/home/20190110005107/en/
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