Streamlining Global Commerce: How Splitit Enhances Cross-Border Transactions for Enterprises

How Splitit Enhances Cross-Border Transactions for Enterprises
As merchants look to remain competitive in an increasingly globalized economy, the ability to manage cross-border transactions smoothly is crucial. Offering flexible payment options to customers in different geographies can really help enterprises stand out from the competition.
As well as expanding your market to target new customers, Splitit can help you maintain healthy cash flow and efficient internal systems while processing payments as part of a global strategy.
While many buy now pay later solutions encounter limitations with international transactions, Splitit stands out by offering a unique solution which supports shoppers in over 100 countries. This eliminates the need for merchants to set up separate Buy Now, Pay Later solutions in each country where they operate.
Read on to learn how Splitit works on an international scale and discover how we can help you grow your customer base across the globe while offering a seamless experience.
Challenges of Cross-Border Payments for Enterprises
Expanding across borders presents many challenges for enterprises across all aspects of business operations, from inventory, supply and shipping to marketing, sales and pricing.
When looking at payment processing specifically, there are many details that enterprises typically need to consider, such as:
- Fluctuating exchange rates, which can make it hard to establish a consistent pricing strategy with a healthy margin that still appeals to customers in different regions.
- Diverse regulatory environments must be fully understood and strictly adhered to, in order to ensure you’re protecting the integrity of your business.
- High cost of transaction fees, which can vary depending on the payment platform and international currency network that you’re working with.
Enterprises must make decisions about how to navigate these things, both internally and in their customer-facing interactions. There are crucial financial considerations, such as how fees and costs get passed back to the customer and how global payments factor into a wider pricing and financial strategy.
Limitations of Conventional BNPL Services
Traditional BNPL solutions require customers to apply for a new line of financing, which can become incredibly complicated in the landscape of international markets:
Limited currency options: BNPL platforms may not be compatible with the currencies that your business needs to operate within, which means that it can slow expansion and require you to look for other solutions, further complicating your payment strategy.
Regulatory compliance issues: With increased scrutiny and strict regulations being placed upon legacy BNPL in many global markets, it can be difficult to find a solution that is sustainable on a global scale that also offers long-term stability.
Lack of flexibility in payment terms: The rigid repayment structure that many BNLP platforms require customers to sign up for doesn’t allow for flexibility or personalization across global markets, which can limit an enterprise’s ability to offer valuable solutions for unique customer profiles.
Splitit’s Approach to Cross Border Payments
Splitit works with enterprises to facilitate cross-border transactions through a card-attached installment model, which allows customers to use their existing credit cards to fund their purchase and repayment plan.
This simplifies the process and solves many of the major concerns that businesses face when looking for an international payment solution, such as:
- Currency conversion
- Security and fraud prevention
- Regulatory compliance
- Customer access and convenience
As a white-label platform, Splitit integrates seamlessly within your own branding and customer experience. This allows international customers to have a simple and straightforward interaction with your brand, which helps to reduce friction in the checkout (and passes all the positive sentiment straight back to you).
We work with all major payment providers and ecommerce platforms, so it’s easy and quick to incorporate Splitit into your business operations.
Key Differentiators of Splitit for Global Enterprises
As well as providing a seamless experience for customers, there are many unique aspects that make Splitit a great choice for enterprise-level businesses that are looking to expand into global markets.
- Immediate Payment Processing: Businesses receive funds upfront, which ensures you can maintain healthy cashflow and reduces the risk of delays or currency volatility.
- Seamless Customer Experience: Allowing customers to use their existing credit cards means they don’t need to take out additional financing or fill out long applications—they have everything they need to fund an affordable repayment plan with their existing card provider.
- Global Currency Support: We work with a global payment network and support multiple currencies, which makes it easier for businesses to manage transactions in different countries without additional fees.
- Regulatory Compliance: Your customers are protected by their current banking systems and we adhere to international payment regulations, which means that both you and your customers can have peace of mind when it comes to compliance across borders.
Strategic Implications for Global Business Expansion
Implementing a reliable global payment solution allows you to open your business up to a world of possibilities—literally. With the right payment partner, you can offer competitive pricing and grow your customer base in new markets. This can drive brand awareness at an international level, while also increasing sales, conversion, and other key growth metrics.
Beyond expanding your payment solutions into cross-border markets, Splitit allows you to offer personalized payment flexibility, to support a sophisticated customer strategy. This means you can dial into the different needs and wants that exist within global markets and adjust your marketing and sales messaging accordingly, to maximise opportunity and provide a tailored customer experience.
Splitit can be a tool that empowers enterprises to achieve goals for international growth and expansion in a simple way that integrates easily into your internal systems while also providing a seamless customer experience.
By working with customers’ existing credit cards, you can navigate the challenges of international payments while focussing on the goals that matter to your enterprise. Learn more about our global payment solutions and get in touch to book a demo today.