First Data Introduces Local Payments Solution to Power Cross-Border Global Commerce

First Data Introduces Local Payments Solution to Power Cross-Border Global Commerce

Image: 
Chamber Member News Post Date: 06/27/17 Source: First Data By: First Data
Summary

The rise of global commerce is creating an increasingly borderless economy, and businesses need to provide the payment method their customers prefer, regardless of regional and cultural preferences. To meet this growing need, today First Data (NYSE: FDC), a global leader in commerce-enabling technology, announced the availability of the First Data® Local Payments solution, which will provide digital businesses and their customers with access to 195 local payment options when fully implemented.

Even in a global, always-on digital economy, payment methods have remained largely regional and country specific. Trust and security concerns, cultural preferences, technological limitations, and political restrictions influence purchasing methods, which vary extensively around the world.

With First Data’s Local Payments solution, a merchant can manage varying online payment methods through a single interface, using a single collection model. Now, a retailer can easily enable a customer in Europe who wants to use a mobile wallet or a customer in Latin America who prefers making electronic cash payments. Local Payments facilitates numerous payment methods, including real-time online banking, direct debit, cash/voucher payments, payment wallets, payout schemes, and more.

“There has been a significant increase in cross-border shopping in recent years, and while geography is no longer a transactional barrier for eCommerce, payment methods can be a hurdle. Today, 57% of global consumers shop across international borders, and separate reports have indicated that as many as half of these people may end a sale if their payment choice is not offered,” said Shane Fitzpatrick, global head of eCommerce at First Data. “First Data’s Local Payments solution empowers businesses to accept payments in the methods their customers prefer, all through a single-source provider, no matter where they are located.” Read Full Article