World trade exceeded $28.5 trillion in 2021, and global e-commerce has played a significant role in achieving this target by reaching a level of $4.9 trillion, equivalent to 17% of the total global trade, according to a UNCTAD report. This is an eye-opening stat, but how the internet economy blows up is true.  

International trade is not a five-fingered exercise. Starting a firm on a global scale has numerous problems, including industry, production, financing, transportation, sales, marketing, and, most importantly, receiving money.

The Payment Gateway comes into the picture when you are ready to sell your goods and services and need to accept the payment. Basically, an international payment gateway is a technology that receives payment information from a consumer and securely transmits it to the merchant's bank. An international payment gateway allows overseas clients to pay in their own currency for every purchase.

There are hundreds of payment gateways available, but why are we talking about an ideal one? Because an ideal/best payment gateway will not only list your requirements but also assist you in betterment.

The ideal international payment gateway must have these essential characteristics

• The ideal international payment gateway must offer its merchants state-of-the-art fraud protection tools, such as CVV checker, PCI DSS compliance, fraud score, 3D Security, multi-factor authentication, and other features to prevent fraud. Compared to businesses that only operate in their domestic markets, companies that sell internationally are more susceptible to payment fraud.
   
• To increase customer retention, the best international payment gateway should accept various payment options and provide multiple currency support, as different states have different preferred payment methods and currencies. According to a Statista survey, credit or debit cards are more commonly used in America than any other type of payment, just like they are in Europe. Digital wallets, however, dominate credit cards and other payment options throughout Asia-Pacific. Furthermore, prices should ideally be shown in the local currency; otherwise, online retailers risk losing potential clients.
• An international payment gateway must provide multilingual support as presenting the checkout page in the regional language offers a user-friendly and trustworthy atmosphere for clients to buy more. It elevates you beyond your competitors and boosts customer retention and loyalty rates. It enhances the consumer experience, which finally contributes to building brand value.
• An ideal international payment gateway should provide 24*7 customer support, and the same should be provided in local and international languages, offering a simple and quick resolution to any problems.
• A payment gateway must be user-friendly, easily integrated, and customized according to a merchant's requirements.
• An ideal payment gateway should support the maximum industry type, either low-risk or high-risk.

We've discussed a few of the most important features an international payment gateway must offer.

Is your business, Low-Risk or High-Risk?

Merchants with businesses limited to a country with low transaction volume (less than 20,000 USD/month), zero or very low chargebacks, and a lower percentage of returns are considered low-risk merchant accounts. These are the accounts where the payment gateway offers a low-risk merchant account on an instant approval basis.

But the merchants working globally whose transaction volume is more than 20000 USD/month and whose average transaction rate is also more than 500 USD, those businesses with high chargeback ratios are considered High-Risk Merchants. Normally, not all payment gateways offer services to them, but an ideal international payment gateway provides High-Risk Merchant accounts for these merchants and helps them to do business globally.

Businesses that are considered High-Risk

Most international businesses, as well as some industries, are considered high-risk. Let's have a glance at some well-known high-risk industries.

• Cross-border eCommerce is one of the flourishing businesses, but it's considered high-risk for its high rate of return and friendly fraud. An ideal payment gateway must provide the High-Risk Payment Gateway for its eCommerce merchants.
• Due to the high rate of chargebacks, the complexity of international laws, fluctuating currency values, the potential for money laundering, and the unstable nature of international currency markets, the foreign exchange trading industry is considered high-risk. A merchant needs a Forex Merchant Account for this business.
• Gambling, betting, casinos, and iGaming merchants are also regarded as high-risk businesses. For their business, they also require an iGaming payment gateway, a casino payment gateway, a gambling payment gateway, and a betting payment gateway.
• The fantasy game, e-cigarette, tobacco, and adult entertainment merchants are high-risk businesses that need specialized payment gateways. An ideal payment gateway must offer a fantasy game payment gateway, an e-cigarette payment gateway, a tobacco payment gateway, and an adult toy industry payment gateway for their merchants to offer them a safe and secure payment solution.
• IPTV, Tech Support, and subscription services are also considered high-risk due to their cancellation and high refund requests. An ideal international payment gateway must provide these services to High-Risk Merchant Accounts.

Conclusion

When a company decides to sell worldwide, it takes a significant step. The process necessitates significantly more strategic thought than it first appears. One of the technical difficulties that online retailers have is the choice of an ideal international payment gateway. Here, we've covered a number of the International Payment Gateway's key components. As a result of comprehensive research done by our R&D team on hundreds of payment gateways, we discovered PayCly to be one of the best emerging payment gateways with all the necessary features, such as security, a fraud prevention system, chargeback prevention tools, support for multiple languages and currencies, and 24-hour customer service.