Many factors contribute to the explosion of cross-border trade, such as the phenomenon of globalisation, the tools of mobility, the customers’ needs of immediacy and ease of travel. E-merchants, marketplaces, and payment methods can benefit from these trends if they are able to adapt their organisations to international business. In order to achieve this, organisations need to understand local online shopping behaviour of consumers and the local regulatory framework.
From few payment methods to an exponential portfolio
Before 2010, consumers usually used cash or bank cards to pay for their purchases. However, since 2010 more and more payment methods have been developed in order to provide more secure and easy to use services functioning with smartphones and wearable devices, working seamless across channels. These solutions also cater to the evolution of customers’ payment needs.
Today, consumers want to buy products anywhere in the world, 24/7, with their preferred device and payment method in a personalised and responsive design environment. On their part, merchants reorganise their companies, processes, strategies and join marketplaces to sell in more countries, to more customers with less impact on their organisations and IT systems. A marketplace offers a great way to speed up cross-border sales because of their reach and knowledge of the local consumer’s habits.
It is no secret that marketplaces have to deploy a lot of effort to be compliant with regulations, as well as to offer preferred payment methods. These issues have brought along new problems for all parties of the business chain. The consequences of internationalisation for e-merchants and marketplaces are huge.
To develop their brands, they have to adapt their business to languages, compliances, currencies, cultures, cross-border payment methods, and so on. They also have to integrate new payment methods, which is not an easy thing; merchants, marketplaces and PSPs too have to schedule the integration in their plans, work on development and parameter their IT and information systems, to name a few.
Furthermore, marketplaces need to understand the real value of each payment method. Why and where do consumers use e-wallets? Which one is more useful? For which vertical? Which prepaid payment method is the most relevant for a specific geography? What are their integration protocols? How to make them consistent with the expectations of financial services?
Energise payments in connecting the world
Processing has become a commodity and offering payment solutions is not just about simple connectivity any more. It’s about ‘extra value added’ to meet international and marketplace development. A payment offering must combine processing and added value service like reconciliation, fund collecting, contractual aggregation of international payments, marketplace features, connection to local payment institution players, and remain flexible by quickly integrating payment, mixing payment with legacy loyalty programmes and offer an on-demand programme management approach. This is exactly the Limonetik value proposition.
Limonetik was born with a vision to aggregate payment methods, simplify and accelerate their deployment on the internet. This was just the first step of the actor of fintech! As an innovative company, Limonetik always looks into the future while remaining constantly attentive to the market and customer usage habits.
Today, affirming its market leadership in the overall management of international and local means of payment, the company offers an end-to-end solution from their connection to merchant sites and PSPs, from collection, reconciliation of financial flows and payout and dispatch, to responsive design and personalised payment pages. Limonetik currently connects more than three new payment methods per month to its platform. This was made possible through the interoperability of Limonetik solution with Asian, Russian or Latin American means of payment, large ecommerce websites, marketplaces, and PSPs.
Currently, the company supports international growth in multi-currencies of several of its customers and strengthens its presence in various sectors like travel with the signing of a major contract with Universal Air Travel Plan. Through this partnership, 260 airlines access the Limonetik payment means portfolio via processing mode or full service.
About Christophe Bourbier
Christophe is a born entrepreneur and an executive with over 15 years of experience in competitive and disruptive strategy. Competitor at heart, captivated by international affairs, Christophe, before he founded Limonetik in 2007, had created different companies in High Tech and Communications.
About Limonetik
As an online enriched payment platform (PaaS), Limonetik provides a unique ‘one stop’ shopping payment solution that connects international payment methods to marketplaces and merchants directly or through its PSPs. Limonetik delivers advanced services from collection and settlement management to reconciliation. Limonetik is the guarantee of regulation compliance.
This article is part of the exclusive Ecommerce Payment Methods Report 2016, an educational overview of the global payments industry. For more insights into the latest trends in ecommerce and e-payment methods developments please download a free copy here.
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