As a start-up ecommerce company or SMB, your initial efforts are likely focused on building a quality product or service and selling it through a standard payment method. As your company grows – especially globally – the cost and complexity of your operations grows in turn. Varying payment methods, local currencies, languages, tax remittance and local laws are among the many factors in play as you choose to sell into other countries.
Managing the complexity and cost of this process is a daunting endeavor, and one that many growing companies may not have the manpower and financial bandwidth to manage on their own.
In this downloadable cleverbridge ebook series, we explore the decisions you should consider if you feel you’ve outgrown your current payment provider, and the step-by-step process you should take as you position your company for success.
Calculating the Total Cost of Going Global
Nearly all successful digital businesses go through a similar lifecycle.
First, you need to start selling your product or service online. You look at payment service providers (PSPs) such as PayPal, Stripe or Braintree to begin accepting payments, and you’re off and running. If you’re a subscription business, you are also taking advantage of your payment provider’s simple recurring billing features. However, just like every digital business that grows above the $50,000 monthly recurring revenue (MRR) threshold, you’re starting to experience the limitations and pains of your start-up phase payment provider. Here are some of the common signs that indicate you could be outgrowing your PSP:
• Don’t support the payment methods and currencies of all your target markets
• Payment decline rate continues to be high or even increases with greater customer volume
• Specific countries have higher failed transactions rates than most
• Cart/check-out abandonment rate continues to be high
• Experience billing errors such as duplicate and/or missed customer billing events
• Lack of visibility into subscriber activity and optimization opportunities
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When it’s time to explore new options, you not only want to resolve today’s challenges, but also drive growth for tomorrow. Knowing the cost of ownership of each option is another important factor.
A full-stack ecommerce provider that offers all-in-one global ecommerce, billing and payments solutions can wow your customers with features that extend beyond simple transaction processing – and increase revenue. More comprehensive solutions can also save precious time and resources. To the unfamiliar, how to maximize profits and make life easier with a full-featured ecommerce solution may not be obvious. But don’t worry; just ask these questions when evaluating potential solutions to uncover opportunities – and costs – that are often overlooked.
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Convincing Internal Stakeholders You’ve Outgrown Your Payment Service Provider
Your online business for your digital good/service is losing steam. Your reporting shows that steady churn and stagnant trial-to-paid conversion rates are impeding your ability to grow recurring revenues. Across the board, your finance, technology and marketing teams are looking to innovate.
You know that upgrading your payment service provider is a critical strategy for accelerating your slow growth, and you are equipped with the most important questions for evaluating new providers.
But you need executive and cross-department buy-in for this project — and your colleagues are resistant to change. So what do you do?
Download the ebook to learn more.
Learn how cleverbridge can help manage, monetize and optimize your digital business as you continue to grow. We take responsiblity for recurring billing, global payment processing, compliance, customer service, and more. Contact our sales team today.
Kyle Shamorian is the content marketer for cleverbridge. Connect with him on LinkedIn here.