How to integrate new markets quickly whilst maintaining good customer experience with FxC.
In the latest of our #BridgeBuilder series, we spoke with Jon Allen, MD at FxC, about the technologies that help merchants trade overseas online. FxC’s technology allows merchants to reduce transaction costs for international customers, provides clear exchange rates to potential consumers and allows merchants to expand quickly into new markets. This technology makes Jon the perfect person to speak to about innovating in the payments space and how new technology drives wider business decisions.
Consumer choice driving innovation
Bridge’s payment orchestration software allows customers to transact using the card or payment system they prefer; this sentiment is echoed by Jon, who says the demand to view prices and purchase goods in one’s home currency is “driven by consumer choice”.
“FxC’s software allows for users to purchase foreign goods and services in their local currency, which comes with several benefits”, explains Jon. “Firstly, from a user experience perspective, customers abroad are wary of an international purchase costing them more than expected. Nobody wants an unexpected bill, so this is very important for building up customer trust.”
Jon continues: “In a lot of cases, even when users have selected their country, the prices listed are ‘indicative prices’, which can be disheartening for consumers when they get to the checkout and see the additional costs of overseas purchase. When the customer can see the price of goods in their home currency from the beginning of the purchase journey, you’re enabling greater transparency as the user is charged exactly the same price that they see on the screen.”
Seamless transactions with lower fees
The second barrier to purchase for international customers is the additional costs associated with the sale. “The fees that come with purchasing goods and services overseas can be costly due to transaction fees, foreign card usage fees and variable exchange rates. As an example, some foreign card usage fees could be 3%,” says Jon. Using FxC’s technology, the cost of trading overseas can be “reduced from 3% to 1%”. Jon’s focus on reducing customer cost through technology is what the team at Bridge also set out to achieve - reducing merchant costs when taking payments and ensuring the experience is as seamless as possible.
The future of payments
Looking forward, Jon is excited to say that merchants can further benefit from payment orchestration technology.
Going beyond FxC’s software, Jon tells us, “orchestration is a natural progression because merchants are handling and transacting with different overseas providers, which can get very complicated, difficult and expensive. Payment orchestration acts as the middleman, directing traffic wherever you want it to go. On top of this, you’re maximising the success rate of your transactions, local or international, and minimising your costs by entering into a competitive world of providers.”
Want to find out how payment orchestration can help improve your business? Get in touch here firstname.lastname@example.org .