How can cross-border expansion be simplified for merchants?
- Merchants and PSPs can implement Open Banking payments “as a service”
- Collection model vendors eliminate the need for local merchant bank accounts
- Open Banking can help reduce local collection fees
When it comes to cross-border transactions, Open Banking payments have the potential to deliver a seamless, borderless online user experience, giving consumers the option to get the goods they want and pay with their preferred method.
You just need to find a vendor that can enable Open Banking payments. If you work with one that has a collecting model, your merchants don’t even need a local bank account or contract.
With the right partner, there’s no longer a need to use multiple providers to support local card payments, work on multiple new technical integrations or many of the other painful processes that can make cross-border expansion a lengthy and agonising mission.
Cross-border-native Open Banking payments (such as Trustly) can eliminate the hassles of cross-border payment acceptance. For example, a Swede may have a card that works in the UK, but when they are ready to click buy, the UK merchant's acquirer won’t accept the payment.
Real-time Open Banking payments also offer the potential to diminish the age-old problems of card fraud and rising card processing costs. However, it must be noted again, that achieving those benefits will require support from a qualified partner.