How to Accept International Payments

The Canadian population grew by over 3% in 2023. It was the largest population increase in Canada since the 1950s, with StatsCan reporting that 97.6% of that growth was fueled by immigration. The situation in the US is similar where immigration rates are the highest they’ve been in 20+ years.

This has left North American retailers scrambling to figure out how to accept international payments.

Accept international payments to serve the influx of new customers.

North American retailers who dig further into the immigration numbers are even more incentivized to learn how to accept international payments:

• The overwhelming majority of new immigrants are between 25 and 34 years old.
  
  
• The average age of a naturalized citizen is 41 years old.

In both cases, immigrants are in their prime spending years, and they’re spending sizable sums to get set up in their new homes. And they want to pay for their purchases using methods they’re comfortable with because arranging North American finances takes time, and transferring funds from back home can be inconvenient, challenging and expensive:

• Wire Transfers are cumbersome and inconvenient for cross-border commerce.

• North American bank waiting periods can be up to five days.

• Exchange rates and transaction fees generally wind up making every purchase more costly than it needs to be.

By knowing how to accept international payments directly, you’ll make it easier and more convenient for new immigrants to pay you in their home currency.

The end result beyond making the sale is that your newcomer customer will remember you, come back to you and tell people in their community about you.

How do international payments differ from North American payments?

Most international payments are simple to use as a buyer and a seller.

For buyers, the two easiest international payment methods are WeChat Pay and Alipay, which is why they’re also two of the most popular international payment methods. Over 1.5 billion people use either or both regularly because the QR code-based interface is the fastest way to make IRL and online purchases, and the fees are low.

The QR feature is also a plus for merchants in a few ways:

• They can create their own QR codes and get paid without a physical card reader or register.

• They can use their QR codes to track purchases and promote loyalty participation.

• They can lean into the reality that 50% of customers consider ease of checkout when deciding where to shop.

And unlike most North American payment methods, no sensitive payment info has to be taken. Their QR codes link directly to their customers’ accounts and the payment is made.

That’s it.

Best ways to accept international payments: Steps to success.

If the immigration trends and the value-add benefits of accepting international payments like WeChat Pay and Alipay have convinced you to onboard international payment acceptance, these should be your immediate next steps:

Figure out where your new customers will be coming from.

This will help you direct your investment wisely. Alipay and WeChat Pay will most likely be table stakes for you, but you may want to consider other options as well. If you have customers from Mexico, you might look into Todito Cash.

Choose an international payment processor.

You’re looking for a partner that can automatically convert your customer’s payment into American or Canadian dollars. You want no hassles on your end, and you definitely want a seamless, familiar experience for you customers. 

Display prices in the currencies you accept.

When accepting international credit card payments, do the math so your customers don’t have to. One hundred percent accuracy would be best, but you can probably get away with a small range if what you sell is subject to price fluctuations. In-store, you could have dynamic signage displaying today’s equations. Or better yet, just charge in local currency and let the customer’s app do the conversion.

Encourage visits.

Thinking beyond accepting the international payment method of their choice, what else would make an international customer consider you? Is it translated product descriptions or wayfinding? Is it free or discounted shipping to the country of currency so sending stuff back home gets more affordable?

You know how to accept international credit card payments. Now what?

Now you have a major competitive advantage in whatever industry you’re in. You can lean into aggressive and highly targeted marketing campaigns to drive trial among new immigrants, visitors from around the world or international B2B partners. With OTT Pay, your business can easily start accepting international payments – including WeChat Pay and AliPay – with our Smart POS Terminal and easy-to-integrate plugins that work seamlessly with your preexisting payment ecosystem.

Accept a Wider World of Payments™ and let your business grow with the evolving North American population.