With the latest technological advancements in the field of FinTech, purchasing and importing international products has never been easier for both individuals and businesses. Numerous SMEs are also targeting global customers, at which point a payment gateway that supports multiple currencies becomes crucial. Whilst the issues of international logistics, communications and coverage have been resolved, the issue of payments still remains. In this article, we will look at the barriers in international payments and provide a quick guide to international payment gateways for travel, business and freelancers. Let's start with the problems of international payments. :- www.deekpay.com

With the latest technological advancements in the field of FinTech, purchasing and importing international products has never been easier for both individuals and businesses. Numerous SMEs are also targeting global customers, at which point a payment gateway that supports multiple currencies becomes crucial. Whilst the issues of international logistics, communications and coverage have been resolved, the issue of payments still remains. In this article, we will look at the barriers in international payments and provide a quick guide to international payment gateways for travel, business and freelancers. Let's start with the issue of international payments.

Issues in international payments

compliancy

Before accepting payments from foreign banks, businesses must comply with a number of regulatory requirements imposed by the Reserve Bank of India. While compliance with these principles is a one-time commitment, their complexity can be exhausting.

currency exchange

Once you have completed the paperwork and established the legitimacy of your company, the next step is to determine the cost of your product based on different exchange rates. You must also devise a method to accept payments in multiple currencies. Your funds should be converted to Indian Rupees (INR) instantly to ensure smooth transactions.

Payment Monitoring

Not accepting foreign payments through a payment gateway would be both time-consuming and inconvenient in the long run. International payment tracking is notoriously difficult and unreliable. Merchants must manually follow up with issuers and buyers to access funds.

Excessive transaction costs

Transaction fees charged by banks or card providers are a factor that many SMEs overlook in global payments. You are right to assume that foreign payments will face high transaction fees.

How do travel websites use payment gateways for international payments?

Here are some steps for international payment gateways for travel websites:

The customer visits the merchant's website and pays with a credit or debit card. The funds are then sent to the payment gateway. The payment gateway then transfers the amount to the merchant's INR account.

Steps to activate international payments on PayU

Step 1: The merchant submits the necessary documentation.

Step 2: PayU staff ensures that all documents are complete and all fees have been paid.

Step 3: The PayU team submits the prospect to the banking partner for approval.

Documents required for international payments

Below are some of the documents required to activate the International Payment Gateway for Travel Businesses and Freelancers:

Bank statements (for the previous year) / Income tax returns (for the last two years). (New businesses only).

Audited balance sheets for the past two years. (If the company has been in existence for more than two years)

Statement of Profits and Losses (if the company has been in existence for more than two years).

For physical goods, an import/export certificate is required.

For bakery and food commodities, an FSSAI licence is required.

IATA certificates or other recognised certificates are required in the travel business.

PayU's Document Validation Steps

The Terms of Service, Privacy Policy, Refund and Cancellation Policy, and Shipping Policy shall be included. The refund and cancellation policy should include how refunds are made and how long it takes to process them. If the form of payment is shop credit, the expiration date of the shop credit must be stated. The shipping policy should specify whether the merchant offers international shipping. Submit IE (import/export) codes, shipping insurance, and distribution partners. Verify the transaction process by testing the login and password.

If URL redirection is required, Merchant Compliance must provide it. The specific requirements for redirecting URLs should be clearly communicated to the Merchant Compliance team.

Bank approvals

The bank gives final permission and the service will be activated in your PayU account.

International payment gateway for travelling businesses and freelancers

Travelling businesses and freelancers face specific challenges when it comes to payments. These difficulties range from delayed payments to organisation-specific payment schemes that can put a strain on cash flow. Therefore, a good payment gateway should address these issues. Some of the benefits of having an international payment gateway for freelancers include:

Easy currency exchange.

International payments are easy to track.

Avoid high transaction costs.

PayU can be used as the best international payment gateway for freelancers and travel business.

Here are some of the features that freelancers should look for when looking for an international payment gateway in India:

Multiple payment options

As a freelancer, you may work with different types of clients. Each client may have their preference when it comes to payments. Some clients may opt for online banking payments, while others may prefer UPI or wallet transfers. Allowing customers to choose the payment method that works best for them can encourage them to pay faster. A good payment gateway should support all payment methods, including card and wallet transfers.

trading limit

The transaction limit is the maximum amount that may be transmitted in a single transaction. Transaction limits vary from one payment gateway to another. For freelancers dealing with large transactions, it is crucial to determine the transaction limit to avoid future uncertainty. If a client is unable to pay everything they owe at once, they may forgo payment. This could also be damaging to your reputation.

settlement time

The time after a customer makes a payment and the funds appear in your bank account is called settlement time. In most cases, there will be a time lag between the start of payment and settlement. Payment gateways offer a variety of settlement options. As a freelancer, choosing the payment gateway with the shortest settlement time can help you with your cash flow.

common problems

How can retailers securely accept international payments? Merchants can use a simple and secure payment gateway such as PayU, a platform that is PCI DSS certified and offers 128-bit encryption. The platform is also very user-friendly.What international payment methods does PayU accept? PayU merchants can accept credit and debit card payments quickly and securely. With PayU's global payment acceptance capabilities, you can pay in over 100 different currencies.