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We think of chargebacks as being a modern inconvenience and a feature of commercial dealings. Yet, documents dating as far back as 1800 BCE show that the concept was already in existence in ancient times. To avoid being accused of theft – an offence punishable by death back then – sellers and buyers demanded and carefully preserved receipts and title deeds. If it was proven that the goods (even those purchased in a legitimate sale) were stolen, the buyer had an obligation to return them to the original owner, but also had a right to charge back the seller.
‘Tis the season for merchants to focus on holiday sales.
Thanksgiving, Black Friday and Cyber Monday officially open the holiday season. Combined, they have become one of the best shopping periods of the entire calendar year. Originally a US-focused phenomenon, this obsession to ‘find the best deals’ has spread like wildfire across the globe. In recent years, this weekend has become the optimal time for merchants to increase their sales and generate strong profits by offering customers some great deals both in stores and online.
Online travel is a competitive business with tight margins. All the hard work building brand and attracting customers can be thrown off course if users experience problems or transactions don’t go through quickly and consistently.
This month, Credorax has been spotlighted by PaymentEye to share its wisdom on cross-border ecommerce’s effect on PSPs. Below are a few important takeaways from the article we thought you would enjoy. To read the full article, visit: www.paymenteye.com.
Retail Sales, All-Time High
Retail sales worldwide are at an all-time high. According to data from eMarketer, total retail sales hit $22 trillion worldwide in 2016, up 6% over 2015. That figure is estimated to exceed $27 trillion by 2020 (excluding travel, event ticket and restaurant sales).
Retail sales are growing too – although the growth rate is predicted to peak at 6.3% in 2017, trending downwards towards the end of the 2010s, the market is expected to deliver strong numbers over the next five years.
Ecommerce Makes up Majority of Growth
Although overall growt
h is slowing in line with the rest of the retail market, ecommerce is predicted to make up an increasingly large proportion of total retail sales.
Accounting for 7.4% of that total in 2015, retail ecommerce sales across all devices will reach $2.3 trillion worldwide in 2017, rising to a whopping $4 trillion by 2020 (representing 14.6% of total retail sales).
This should come as no surprise, as over half of all internet users worldwide – more than 24 percent of the global population – made at least one purchase via a digital channel in 2015.
Cross-Border, Heart of Ecommerce Growth
A growing proportion of this trade is cross-border. As tech advances make it easier for merchants to market to customers beyond their domestic borders, the pressure for merchant acquirers to deliver fast, secure and cost-efficient cross-border payments is higher than ever.
DHL Express reports cross-border sales volumes are predicted to increase at an annual average rate of 25% – from $300 billion to $900 billion – between 2015 and 2020.
PSPs Need to Support Cross-Border for Merchants
PSPs should be able to service the cross-border needs of their merchants if they are to stay competitive. Merchants now expect to pay least-cost routing and local fees for cross-border transactions at minimum. PSPs must have in-depth knowledge of regional preferences and compliance regulations. In addition, merchants expect the lowest costs and transparent pricing models as standard. While an acquirer can’t solve every cross-border issue that arises, selecting the right one can definitely enable their cross-border goals.
Acquirer Checklist: The Essentials Every PSP Should Look For
The cross-border ecommerce market provides a unique opportunity for PSPs to move beyond their traditional roles by providing cross-border options for their merchants, but partnering with the right merchant acquirer must be the first step.
To learn more about selecting the right merchant acquirer, download PSPs: Why Does Your Choice of Acquirer Determine Future Success at Paymenteye.com here.
Are you watching the world grow more connected before your eyes? It’s only natural that online merchants see this growth as an opportunity. Increasingly, it is becoming vitally important that online merchants be fully prepared to sell not only “locally” but also to reach into cross-border commerce. PYMNTS.com has been studying factors that separate the most successful cross-border merchants from the rest of the pack. They recently published their quarterly index, which not only shares recent news but also compares 2016 to previous years.
As a FinTech company, we are always happy to see market support for the solutions we provide. We are working to make cross-border payments simple, accessible, quick and safe. The growth of technology and its support of global e-commerce has been fantastic, and we believe that digital payments are a great equalizer. It’s now possible for small businesses to compete in the online space among much larger outfits, capitalizing on the use of digital payments that range from credit cards to e-wallet.
Christmas has come and gone, and New Year’s is fast approaching. Last week, in our Happy Holidays post, we took a look at our major achievements over the last year. This week we bring you the top five blog posts of the year.Continue Reading
Last month’s Emerging Payments Awards in London was truly a night to remember for Credorax. We took home awards for both Merchant Acquirer of the Year and Best Emerging Payments Marketing Campaign of the Year. We are honored to have been recognized for the hard work we put into serving payment service providers and clients around the world.Continue Reading
A recent European Commission report on the state of e-commerce offers some great insights on how consumers and merchants are dealing with cross-border e-commerce payments.
Here are some highlights of the EC Digital Agenda Scorecard:Continue Reading
