Cross-border payment refers to the behaviour of transnational and inter-regional transfer of funds. This transaction can happen between two or more countries or regions due to international economic activities and other business scenarios with the help of certain settlement tools and payment systems.
Simply put, it is to let your consumers pay with their preferred payment methods anytime, anywhere, and only need to cooperate with a payment service provider to accept, process and settle global payment transactions.
Merchants in the UK hope to expand their international business, and further expand the international market. To achieve all of this, the most important thing is to allow consumers to pay in their country’s currency and customary payment methods. Meanwhile, all the collections will settle by providers safely and quickly. In the end, providers settle the collection into the merchant’s commercial bank account.
For example, Chinese customers scan codes to pay through WeChat Pay.
Multi-currency collection through GlobePay, all transaction details are clear at a glance on our PC Merchant Portal and mobile App.
In this way, consumers will use their familiar payment methods to pay. Payment ecology is more conducive to promoting consumption and expanding scale.
For cross-border payments between UK merchants and domestic consumers, the specific funding process is as follows:
For instance, Chinese consumers pay in RMB after placing an order. Then, the payment platform (such as WeChat or Alipay) used by the consumer receives the payment. The funds are settled in GBP through the payment platform to GlobePay’s safeguarded account. After that, the settlement will be settled directly into the merchant’s commercial bank account.
As the “last mile” in the merchant’s sales chain, cross-border payment determines the success of the entire business closed loop. Sometimes, even decide if your business can land properly.
Now, in order to build a bridge with 1.4 billion Chinese consumers, more and more local merchants in the UK mainly adopt global third-party payment companies.
GlobePay holds the authorised payment license. Moreover, as an official partner of WeChat, Alipay, UnionPay and many banks, we are the most suitable choice for all UK merchants.
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