April 23, 2009, 12:00 AM

Recession-proofing tip: Accepting European payments can boost sales 70%

Letting European shoppers pay online through their preferred methods can boost overseas sales an average of 20% to 30%, CyberSource Corp. advises in its 2009 Project Guide for e-payment management.

Letting European shoppers pay online through their preferred methods can boost overseas sales an average of 20% to 30%, CyberSource Corp. advises in its 2009 Project Guide for e-payment management.

Many European consumers prefer to pay online with methods including checks, e-wallets, debit cards and electronic bank transfers, CyberSource says. But though 59% of North American merchants accept international orders, the percentage of these merchants that accept payment methods preferred by overseas consumers is relatively low, the report says.

For orders from outside of the U.S. and Canada, CyberSource notes that 26% of North American online merchants accept bank transfers; 15% accept payments in foreign currencies; 5% accept direct deposits and 9% accept payment cards specific to foreign markets.

For online retailers already selling into foreign markets, the costs to start accepting new payment methods can be minimal and are usually related to software coding that ties a retailer’s checkout process to new payment methods, CyberSource says. CyberSource also provides an on-demand global payment service that can enable retailers to handle local currencies and payment methods in more than 190 countries.

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