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RS<br />
supplement international payments<br />
26 RS February - March 2013<br />
Weighing the options<br />
When retailers expand overseas they need to think about local payment options,<br />
but their stores in the UK need to offer alternative ways to pay for foreign visitors<br />
too. Ellie Robinson asks; is there enough choice?<br />
The traditional maxim of retailers has been ‘the customer<br />
is always right’. But when you have customers from all<br />
over the word clamouring to pay by a variety of methods,<br />
how do you accommodate all these wishes?<br />
For example, credit cards and debit cards are the payment<br />
method of choice in the UK but across the Channel in mainline<br />
Europe bank transfers or cash on delivery are preferred when<br />
making online purchases.<br />
Therefore an international strategy on payments is crucial<br />
for any retailer who has expanded overseas or who has overseas<br />
shoppers using their stores.<br />
The use of alternative payment systems is on the rise,<br />
particularly in economies that have seen a recent sudden<br />
explosion of e-commerce growth. WorldPay’s Optimising your<br />
Alternative Payments report found in the UK and US, card<br />
payments continue to dominate, while in Germany online credit<br />
card penetration is low and managed offline credit transfers<br />
are popular.<br />
Chief product officer at WorldPay, Philip McGriskin, explains<br />
further: “Just as alternative payment spending varies by<br />
geography, so too does the vertical sectors.<br />
“In the US for example, the majority of e-commerce spending<br />
takes place within the retail, travel, airlines and services sectors<br />
whereas, in the UK, a significant amount of online spending goes<br />
on insurance and financial services. This insight is essential for<br />
retailers who are looking to expand abroad.<br />
“International expansion presents a huge opportunity<br />
for retailers in the e-commerce space to gain competitive<br />
advantage. A little localisation can go a long way to helping<br />
customers navigate and buy online. If retailers can get this
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