Silicon Valley Bank Introduces Domestic Payment Options for International Online Merchants

by Mercator Advisory Group 0

As the global e-commerce market expands, more and more online merchants are finding that overseas buyers are becoming an increasingly important revenue source. But accepting payments from these overseas buyers who often don’t have a credit card carrying a global card brand (e.g. Visa and MasterCard) has remained a major hurdle. Some payment service providers around the world are offering solutions hoping to address this issue. And Silicon Valley Bank has just introduced a new service that will allow its clients to accept 85 different online payment types from their customers globally.

With SVB’s Global Treasury Platform, companies that sell their products and services globally, can collect payments in foreign currencies, and automatically deposit those funds into their SVB multi-currency or in-country accounts. SVB’s card processing services are provided through Merchant e-Solutions and Adyen, its international card processing partner.

SVB clients now have the ability to accept electronic payments in local payment methods, such as credit or debit cards, PayPal, iDEAL, and Dankort among many others, in countries across Europe, North America, South America and Asia.

With enhanced merchant services from SVB, companies will also reduce processing expenses and cross-border fees, at the same time covering PCI (payment card industry) compliance requirements. Since the hosted payment Web page can be designed to mirror the look and feel of each retailer’s Web site, it also ensures a higher conversion rate during the payment process.

A key component of such global payment solutions appears to be a network of alliance payment service providers in different countries.

Read more about the original announcement here: http://www.marketwatch.com/story/silicon-valley-bank-introduces-international-online-payment-service-2011-08-30

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