Are you an e-commerce store owner? Or are you looking to start an ecommerce business? If yes, then keep on reading. Starting an ecommerce business has become really popular, especially with the wide number of tools available to people. Successful e-commerce websites deliver the best customer experience so this means having a user-friendly website and an easy and secure checkout system.

What is a Payment Gateway?

A payment gateway is a crucial element for online businesses. It is an online software that enables you to accept online payments. It captures a customer’s credit or debit card details and allows online transactions to happen. Popular payment gateway providers are Stripe, PayPal and Square. The main stakeholders involved include the business owner, cardholder/customer, issuing bank, card schemes and acquiring bank.

How a Payment Gateway Works?

A payment gateway helps e-commerce businesses to grow, as it can get a business up and running quickly by offering a secure and efficient checkout experience. However, when it comes to doing cross-border transactions and conducting businesses internationally, most payment getaways come with some additional costs, which business owners should be aware of.

For example, when using a payment gateway, you may be required to pay fees on currency conversion when settling funds in foregin currency. This typically incurs an additional percentage fee on top of your payment gateway provider’s fees.

What is a multi-currency payment gateway?

A multi-currency payment gateway lets you accept payments in multiple currencies. For example, if your customer makes the payment in USD, you can settle and withdraw in USD without being forced to convert to your own currency first. This is a great feature as it offers currency flexibility for global customers and helps you to drive more global sales. Your customers can also enjoy a better user experience as they can pay directly in their local currency, which makes the purchase process much simpler and more efficient. As business owners, it can also be more cost-effective as you can now do more business internationally and you can reduce conversion fees.

TranSwap provides an alternative for business owners

TranSwap officially launches our Global Accounts feature. A TranSwap Global Account helps you streamline your international payments and receive multiple currencies.

Why apply for a TranSwap Global Account?

• Unlock cross-border opportunities and reach new international markets.
• Everything is instant. You can pay, receive and hold up to 34 currencies anytime and anywhere.
• You can easily convert and hold the currency when the exchange rate is in your favour. As a business owner, you spend less time worrying about currency fluctuations and unreasonable conversion fees and instead, spend more time on growing the business and gaining an upper hand in managing foreign exchange volatility.
• TranSwap leverages international and local networks to facilitate payments to 180+ countries. You can manage cash flow smoothly and bolster your competitive advantage in local markets by paying and receiving money in local currency.
• Save more on exchange rates.
• Licensed and regulated globally. All funds are securely held with major global financial institutions.

Ready to get started? TranSwap's multi-currency global account is free to register and it only takes a few minutes to set up. Sign up today!