The reason is simple. People usually check the amount, but don’t always pay attention to the currency. So, when they see a different price on their bank statement (because of currency conversion), it may cause a chargeback.

Let’s say you sell T-shirts online and your business is based in the UK. That’s why you’ve decided to list the prices in GBP only, even though you allow abroad customers to buy your products.

Imagine that someone from Australia buys a £20 T-shirt on your website and after a few days sees $32.64 on his bank statement.

Of course, he could double check everything before pushing the Pay button, but online purchasing usually comes with speed and convenience. People don’t have time for a long shopping process, so the currency difference could easily be missed.

What’s more, ever-changing exchange rates may result in higher prices which could lead to the customer getting frustrated.

This is just an example, but it happens so often that you should consider providing your customers with multi-currency payment processing to mitigate chargeback risk.

No one likes surprises on payments and ever changing prices. Offering the ability to pay in a customer’s home currency makes online buying easier and eliminates the risk for online shoppers.

Expanding into international markets comes with lots of challenges and goals to reach, but it also helps drive more sales and creates a more competitive company which can become a key player on the market.

Making sales in foreign markets should be connected with accepting payments in customers’ home currencies. There are many solutions to start selling internationally (e.g. with SecurionPay you can process payments in 160 currencies), so it’s good to know the benefits of reaching consumers abroad.

Before you start selling online, do research to learn what the most preferred payment methods are for your target audience. There’s no one solution that fits all. Offering multiple payment options usually improve the number of sales and conversion rate. The same goes with offering payments in multiple currencies.

Prepare to compete for foreign consumers as well. You need to do research on not only payment methods preferred by local shoppers, but also their shopping habits, etc. All that knowledge would be helpful to optimize your marketing efforts and achieve the best results.

Selling globally also comes with a higher risk of fraud. There are a few things to watch closely in order to mitigate the risk. What should you pay attention to?

When you sell globally, check orders twice. Be especially careful with orders from Asia or Africa as they are countries with higher instances of fraud.

Look closely at IP addresses from outside the country, but make sure it could be a fraudulent activity before you accuse a customer. If you have any doubts, contact the customer to confirm that they actually ordered the item.

2. Email address

Email addresses can also set off alarm bells, especially if it contains strange names. For example, hellofromfraudster@somedomain.com or givemethe$$$@gmail.com. It doesn’t mean that every ridiculous email address is suspicious. Don’t overreact, but be careful and listen to your gut.

Look closely at orders when a customer uses an anonymous email service. These services are frequently used by fraudsters because they don’t give personal information to merchants or the police.

3. Time of ordering

Everyone knows that you can shop online anytime you want, 24/7, but you should pay special attention to late night and early morning orders. Fraudsters usually make purchases during this period.

You can also look closely at orders with express shipping because it’s one of the common shipping methods chosen by fraudsters. They also usually make costly orders in high quantities.

Another thing to watch is repeated attempts to order an item or service on the same card. Making unusual orders, such as a large number of orders from a specific country or from similar regions and more expensive orders are also things fraudsters commonly do.

4. Shipping address

Consider cancelling an order shipment when you see that the shipping address looks weird or is different from the billing address. In this case, it’s good to ask the issuing bank to get in touch with the customer. Fraudsters often give wrong phone numbers that don’t match with the credit cards they use to make an order.

Also, remember to update your network security systems and find a company that offers highly effective fraud protection service.

Even if you notice the things mentioned above, it doesn’t mean the transaction is fraudulent. Just be careful with the orders made on your website and listen to your gut.

Also keep in mind that issuers monitor shopping patterns, so sometimes when a customer wants to make a payment that’s not in their local currency, an issuer may suspect fraud.

The main reason that 67% of consumers buy abroad is because there are lower prices outside their country. There is also a wider range of products and greater accessibility of brands that aren’t available in their country. It’s the greater choice and taking advantage of lower taxes and currency exchange that is appealing.