What is an international online payment gateway?
In a world where cross-border and online transactions are becoming the norm, having the confidence that you will receive payment for the goods you are selling is vital. An international online payment gateway allows merchants to receive card payments that have already been verified and authorized. Without authorization from the payment gateway, your customer’s card details will be refused, and the transaction will not progress until an authorized payment method has been used.
Alternatives to payment gateways
E-wallets, such as those offered by STICPAY, are a good alternative to payment gateways.
An e-wallet is a type of electronic card that is useful for online transactions as well as depositing, withdrawing, and converting your funds. With an e-wallet, all of this can be accessed easily through a mobile app. Users can deposit funds into the wallet using a range of payment methods.
For example, STICPAY offers the following options to customers:
- Visa
- MasterCard
- UnionPay China
- Bank transfers
- Cryptocurrency
E-wallets are beneficial in many ways:
- Reduced chance of fraud
- Save time
- Shop online on the go
- Receive rewards and cashback
- Stores loyalty cards and gift cards
- Low fees
- Various deposit and withdrawal methods including support for both fiat and cryptocurrency
Why do you need an online payment solution to do business in Russia?
The potential market for online shopping in Russia is huge. High internet penetration rates combined with brands adopting a strong social media presence have led to projections that the e-commerce penetration rate in Russia will reach 60% by 2023.
There are currently 62.8m online shoppers in Russia and in 2021, they placed 883m online orders. Statista’s Digital Market Outlook expects the number of online shoppers in Russia will increase to 73.1m by 2025. If they shop at the same rate as the current shoppers do then we could see 1,000m+ online orders in Russia in 2025.
Certainly, the potential for growth is huge. In 2020 the Russian e-commerce market was worth 2.7tr RUB but it is projected to be worth more than 4 times that amount, 10.9tr RUB, in 2025.
To capitalize on this potential, merchants need to have a fast, secure, and cost-effective way of ensuring they receive the payments for their online sales.
What’s important when choosing a payment gateway in Russia?
If you are a Russian based merchant looking for a payment gateway, or a global business with customers in Russia, there are some things to take into consideration when deciding on a payment solution for your business:
Security: Online transactions can be an attractive target for fraudsters, so the security of your transactions is paramount. Your customer’s details need to be kept securely and you need to be confident that you will receive the money due to you. Therefore, you should only use payment solutions that offer high security and anti-fraud measures.
Cost: There is a range of transaction fees to consider, and many payment providers will impose minimum and maximum monthly transaction limits. E-wallets like STICPAY do not have transaction limits and charge extremely low or no fees.
Speed: You don’t want to lose customers because of a slow checkout process. It needs to be fast, straightforward, and flexible. Make sure you pick a payment solution that allows customers to settle transactions in their native language, national currency, and via local payment methods.
Ease of withdrawal: STICPAY makes it easy for merchants to withdraw their funds. They can even withdraw funds in Bitcoin or Ethereum if they prefer.
Why should you choose STICPAY as a payment gateway in Russia?
STICPAY offers a safe and easy way to get your business set up with a fast, flexible, user-friendly alternative payment gateway.
Secure: Merchants and customers are monitored with strict KYC (Know Your Customer) and AML (Anti Money Laundering) checks. All transfers are secure and indemnified, so chargeback risks are limited on the platform.
Quick: STICPAY offers an easy-to-use and convenient way of handling incoming and outgoing transactions. There is a range of payment types accepted including MasterCard, UnionPay China, cryptocurrency, visa, and bank transfer. The set-up time is quick and simple, with verification and individual merchant IDs that allow the creation of multi-currency accounts.
Accessible: STICPAY is available in 190 countries and supports transactions in 29 fiat currencies and two cryptocurrencies. STICPAY’s interface operates in 19 languages and all transactions can be managed on the move with the STICPAY app.
Local: Russian customers can use STICPAY’s local bank wire option to withdraw money from their STICPAY accounts rapidly and cost-efficiently.
Cashback: STICPAY offers cashback services in cooperation with forex and betting merchants.
Local bank wire feature for Russia
A local bank wire allows you to receive funds to your local bank account in your own currency, a feature that is provided by STICPAY. By using this system, you can save time and money as it erases the need for an intermediary bank. Using an intermediary bank would cost you 2–3 days processing time and higher transfer fees (5%), whereas with STICPAY’s local bank wire feature it’s a one-day process time and fees are much lower (1~2%).
Click here to find out more about STICPAY’s local bank wire service.
If you are ready to start taking online payments securely and cost-effectively, open a STICPAY account today.
Originally published at https://sticpay.com on January 24, 2022.
