The flourishing of an always-connected global economy in which consumers disregard national borders and shop for their favorite products and brands at their convenience — on the device of their choice — is bringing payment systems to the fore. Already, over 40% of global e- commerce users make purchases on non-domestic sites.1 That now includes more than a third of purchases by U.S. shoppers.2 One study showed a 53% year-over-year increase in global cross-border discretionary sales during the second quarter of 2020.3
With consumer adoption expected to continue rising, merchants are presented with an enormous growth opportunity. “The most successful companies will be the ones that can meet the new global demand and serve an increasingly geographically diverse customer base,” says Paul Sandmann, head of international expansion strategy with Merchant Services at Bank of America. To do this, merchants will have to develop a global payments strategy that keeps costs low, minimizes fraud and creates a frictionless buying experience for customers, no matter their location around the world. Here are some suggestions.