A cross-border payment is the name given to a transaction that is the exchange of goods and or services for money where the two parties are in different countries. The transaction does not have to have involve multiple currencies to be cross-border. For example, a transaction that takes place between France and Spain using euros would still be cross-border.
Cross-border is the term used in e-commerce for the payment of goods/services that involve two or more territories. The transaction does not have to have involve multiple currencies to be cross-border.
Some of the most common cross-border payment methods include bank transfers and credit card payments. Online commerce is fast expanding and the payment ecosystem is evolving to reach new audiences. Merchants can make use of local and alternative payment methods such as open banking, digital wallets, buy now pay later methods and more. You can learn more about payment methods and how to find the right one for the markets in this article.
Cross-border payments allow you to accept payments from overseas territories, increasing the amount of people who can purchase your goods and or services, augmenting sales.
No one payment method fits every need. Every country has their own preferred methods and demographics within that country too. You can find out more about different payment methods in an IXOPAY expertise article.