Elavon, a global payments provider and PPRO Group, a cross-border e-payment specialist, have announced a partnership to offer international alternative payment methods (APMs) to Elavon’s customers across Europe to expand their global reach.
The partnership with PPRO strengthens Elavon’s existing European acquiring proposition, allowing its customers’ shoppers to choose their preferred local payment method when shopping online including direct debit, bank transfers, cash-based e-payments, and e-wallets.
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Elavon provides a single integration and customer service experience for both domestic and international payments processing. Elavon’s customers will now be able to add more than 50 preferred local and international payment methods to ensure they get the best transaction conversion rates.
Boston Consulting Group estimates that by 2025, annual global cross-border eCommerce revenues could increase to between $250bn and $350bn —up from about $80bn in 2014. PPRO Group’s recent research, conducted in cooperation with Edgar, Dunn and Company, reveals that in many markets 50% or more of existing online transactions use local payment methods, sometimes even unfamiliar to Western and global companies.
In the UK, for example, consumers are very card centric with cards accounting for 52% of all eCommerce transactions in 2017, but this isn’t the case for e-commerce markets overseas. In Germany, card payments only account for 12% of eCommerce payments with 51% of consumers preferring bank transfers, whereas in China 49% of eCommerce payments are via e-wallets.
Hannah Fitzsimons, General Manager for Elavon Europe comments: “Global cross-border eCommerce revenues are increasing rapidly, and alternative payment methods are becoming a must have for retailers as they strive to compete.
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By GlobalData“Taking local payment trends into account is vital for our customers as they need to ensure their shoppers can pay using their preferred local payment method to get the best payment conversion rates. We are excited to be partnering with PPRO, an expert in APMs, to provide the largest selection of payment options for our customers so their customers can shop seamlessly online across borders.”
