For Jack Ma, executive chairman of Alibaba Group Holdings, today is an extremely busy and lucrative day because the company he founded 15 years ...
The global e-commerce technology company is out to increase e-retailers` comfort level in processing payments abroad with foreign systems that don`t use credit cards.
With more than half of e-commerce transactions in Europe completed without credit cards, many U.S. e-retailers are missing out on a significant share of online sales from European consumers, says e-commerce payment processing and services provider CyberSource Corp. That`s why it has a launched a new Global Payments Suite that integrates risk management localized for foreign markets with payment processing and regulatory compliance software, the company says. "This is a set of services that enables people to do e-commerce cross-border with a minimum amount of complexity," says Victor Dolcourt, senior product manager for the Global Payments Suite.
CyberSource says it decided to introduce the suite after U.S.-based online merchants said they could significantly increase their European sales if they could increase their ability to accept payments with local methods, such as direct bank transfers common as an online payment method in Germany, Italy and Spain. Although he would not name retailers, Dolcourt says one estimated its Germany-based sales would rise 30% once it began accepting bank transfers and debit card transactions.
"Now that we have this all available in a suite, we`re seeing a greater willingness among online retailers to go more international," he says.
One of the key anti-fraud aspects of the Global Payments Suite, he adds, is its built-in address verification service designed for individual European markets. Dolcourt notes that address verification is more difficult in many markets outside the U.S., where there is often little consistency in the way mailing addresses are organized and printed. This makes it harder, for instance, for a merchant to quickly check for inconsistencies in shipping and billing addresses.