BlueSnap Data Finds North American Retailers Miss Out on 6% of Global Sales by Not Using Localized Payment Processing
Analysis of transaction data on the BlueSnap All-in-One Payment Platform identifies costly trend for eCommerce businesses in the US and Canada
Boston, MA – January 10, 2019 – BlueSnap, an online payments technology company, today announced new findings based on the analysis of transaction data from its Global Payment Orchestration 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 giants, retailers with local entities need to work with a partner like BlueSnap to reassess their global payments strategy.”
The BlueSnap Global Orchestration 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 Global Payment Orchestration Platform can help your business increase its global sales contact BlueSnap or visit: https://www.bluesnap.com/products/global-payments/.
BlueSnap provides a Global Payment Orchestration 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 100 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://www.bluesnap.com/.
Ryan Lemos, 617-874-5210