3. Keeping tax calculation simple and fast
The nature of e-commerce is time-critical, as consumers' inclination to purchase tends to depend on how simple the payment process is. Therefore, businesses should implement superior real-time tax calculation for sales originating from different parts of the world, so that they can provide prompt and accurate total order amount for customers at checkout. This would then make the payment process for customers fast and hassle-free, further enhancing the customer payment journey experience.
4. Enabling security, ensuring confidence
Businesses should also look out for fraud management solutions that they can use to protect themselves from the risk of online fraud and habitual chargeback offenders. These solutions are usually equipped with the ability to provide the probability of a fraudulent transaction, coupled with a secure authentication process.
When such a secure authentication process is implemented, consumers may be protected from the fraudulent use of their card at a merchant site. This goes a long way towards building consumer confidence in online payment mechanisms, prompting greater use and increased or repeated spending.
5. Scalability and adaptability
With the significant growth of cross-border e-commerce, businesses should also look for payment acceptance methods that are bank agnostic. These equip merchants with the convenience of switching, adding, or removing payment acceptance options at any point of time, without having to replace an entire system.
In addition, merchants should choose a platform that can be integrated with major commerce platforms, sales systems, order management, and Enterprise Resource Planning systems so as to enhance the adaptability to any change.
Despite the challenges, the case to build a strategy for accepting cross-border orders is compelling for everyone - from entrepreneurs to large corporations. How well businesses adapt their e-commerce payment management strategies will be a key factor in determining their long-term sustainability in the growing international e-commerce world, as global B2C e-commerce is set to grow at 20 percent annually to US$1.298 trillion worldwide.
Businesses will need a robust all-encompassing global payment acceptance system that is nimble enough to adapt to new market conditions, an expanding customer base, and ever-changing customer needs. This will ultimately help businesses to reach more customers, convert more orders globally, increase revenue capture and retention, get to market faster and scale more easily.
- Michael Bradley is Managing Director - APAC, CyberSource
 yStats: Global B2C E-Commerce Market Report 2013 (March 2013). Retrieved from http://www.ystats.com/uploads/report_abstracts/1021.pdf?PHPSESSID=be5f8628a79d29eb3c64c404f59c7854
 eMarketer: Ecommerce Sales Topped $1 Trillion for First Time in 2012 (February 2013). Retrieved from http://www.emarketer.com/Article/Ecommerce-Sales-Topped-1-Trillion-First-Time-2012/1009649
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