Not to demean the incredible work and effort that goes into a local convenience store or a mom and pop diner, but small business owners who think they’ve got headaches haven’t experienced what it’s like to run an international brand. It is everything that a small business demands of you, times a thousand, and then some.
The issue is not just that you’re dealing with a bigger business. Indeed, many international businesses are actually on the smaller side in terms of sheer scale, they merely work with partners overseas or a customer base that is primarily international. It’s not just the multiple locations around the world that make a business international, and it’s not just the multiple locations around the world that make an international business more difficult to manage.
Once you take a business across international borders, it’s not just more logistics to worry about. You also have international law, exchange rates, industry practices, cultural differences and on and on. You have to gear your marketing towards cultures that you might not be at all familiar with, and that often involves hiring a whole new ad team, someone more familiar with, say, the snack market in India. You may have distribution troubles throughout Europe based not strictly on law and regulations, but on all those unspoken rules of engagement, who you need to make friends with in order to fast track the process and so on. Lacking the context for the information you’re getting back home can be a bit like the telephone game, by the time a message gets back to you, you barely understand it, and yet you have no choice but to proceed on the data you have available right now.
In short: International business is complicated.
There’s not a lot that we can do about some of those problems. But, we can at least get you over some of the financial speed bumps involved in taking your business across the border.
Maverick is able to offer merchants the flexibility to expand internationally to numerous options, including multi-currency processing along with partner banks in Europe. With European-integrated banks, Maverick is able to cater to businesses on a global scale. With cutting-edge technology, real-time reporting, seamless integration, fraud prevention and industry-specific solutions, we are able to cater to all eCommerce businesses looking to process globally.
International Acquiring – International business isn’t just US companies opening up shop overseas. It’s also companies from everywhere in the world from South Africa to Canada who want to do business outside of their home turf. If this describes your business in any capacity, then we’re happy to announce that Maverick can provide payment acceptance for eCommerce merchants who do not have a presence within the US. Establishing an international merchant account in their native country allows merchants to avoid costly inter-regional fees that would typically be added to many of their transactions at settlement. Inter-regional fees are one of those things that can really add up over time. It may not seem like much from transaction to transaction, but at the end of the year, depending on the size of your business, you could be looking at a six figure bill just for these little nickel and dime fees.
Multi-currency – Maverick provides merchants with the unique opportunity to accept credit cards internationally in over 50 different currencies as well as receiving settlements in different currencies. By offering customers the ability to make purchases in their local currency, businesses can significantly decrease their exchange rate risk and offer peace-of-mind to their customers, who will know exactly what amount will be authorized at the time of purchase; thereby reducing potential chargebacks and angry customers. No matter where you go, happy customers are still the foundation of a successful business.
Fraud Prevention – Maverick offers a range of fraud prevention services to reduce your expose to fraud, which is crucial when accepting sales on a global level. It almost sounds silly to say, but it’s true that crime is subject to cultural differences just as deep as those affecting food, music, business culture and so on. You know the red flags for a con in the US, but maybe not in Japan or Hong Kong. Every nation, every city, has its own unique strain of criminal culture, and you need a strong fraud prevention approach to ensure that you’re prepared for anything they can throw at you.
Faster Funding – Something that takes a couple days back home can take weeks when it comes to international business. With Maverick we make sure to get you fast funding. All too often, international business seems to work at a fraction of the speed that local business operates at, and we’re doing our best to cut some of the extra time off of your turnaround. You generally need to add a few days to your expected timeframe for almost everything when you run an international business.
PCI Compliance – PCI compliance is tricky enough when you’re only serving customers in a thirty mile radius. Once you start bringing in international customers, it gets a lot more complicated. Not least because different countries come with different standards and practices. Without being PCI compliant, it’s easy to get hit with heavy fines and legal costs not because you were willfully negligent, not because you had any ill intentions, but because you just plain didn’t know, or because you failed to dot all your i’s and cross all your t’s. At least, that’s a risk when your payment processor isn’t taking care of it for you. Luckily, we are.
Running an international business means taking on a lot more responsibility and a lot more risk. But, if you’ve reached that point in your company’s growth, it can also be one of the most exciting and rewarding experiences you have as a business owner. Spreading your wings and exploring the global marketplace is, for many entrepreneurs, that moment where you really feel as if you’ve arrived. You still have a lot of work ahead of you, but you’ve crossed a threshold most business owners will never come close to.
But you have to be prepared for what this new chapter in your business’s story brings. Running an international business often means learning to trust your partners more than you ever have before. You can’t be in the US, China and London all at the same time, and you may wind up looking for someone who can be trusted to make more or less the same decisions you would make, given the same information and the same options, even without your direct input. People who can be taught how to run a warehouse, a distribution center or an office in the same way that you would run them without your needing to be present for every single new development.
Learning to extend this kind of trust isn’t easy, especially not for a self-made business owner who has spent more time doing this solo than with help. We might not be able to tell you who to trust to run a second branch in New Zealand, but we’d be happy to be the people you trust with international payment processing. For as long as you’ll have us, we’ll be proud to be your partner.