With international expansion a clear trend for US merchants and others, there was extensive discussion by various panels during ETA TRANSACT 14 of topics such as expanding into Canada, cross-border eCommerce, BRIC payments, true global acquirers and successful business models, the international growth potential for acquiring, international expansion strategy, and navigating international strategies.
Extensive educational panels and many trends in payments were discussed during the ETA TRANSCAT event. Held at the Mandalay Bay Resort & Casino in Las Vegas, ETA TRANSACT brought great business opportunities for new partnerships, networking and sharing knowledge among most of those attending. Just like most of the major events in the payments industry this year, this one highlighted the importance of working together, finding the right partners (depending on specific needs), and the security and safety of the payments ecosystem. Debra Rossi of Wells Fargo noted: “For the first time, competitors and partners have to come together to help the payments industry grow.”
Neighboring Canada is the first and easiest option for US merchants to expand internationally thanks to the common language and geographical location, and I was part of the panel focused on expanding into Canada, along with representatives from Home Trust Canada, Rocket Pay, Optimal Payments and Planet Payments. The panel gave those attending a better understanding of Canadian market expectations. It also highlighted a very interesting and atypical Canadian Card Not Present market, offering companies in the payment chain a fantastic opportunity with intriguing challenges. That’s because this evolving market with new technologies, regulatory changes, and products and services constitutes a local resource with the right contacts and right partners, where the correct understanding of the Canadian market is paramount.
In terms of emerging markets, Indonesia has often been mentioned as a new market of interest, alongside Poland, Turkey and India. Unsurprisingly, France was considered as one of the toughest markets to enter due to the language barrier and a strong local payment method; we have explained in detail the reasons why the French market is so inaccessible for international PSPs and online merchants, but we’ve also shown a success story on how to overcome the market barriers.
In a nutshell, ETA TRANSACT offered those attending wonderful opportunities to learn more about international expansion-related aspects and the trends in payments, covering legal aspects, fraud and risk, the particularities of different markets, alternative payments, global acquiring, how to approach new markets, and the importance of partnering with the right local providers (or international providers with local knowledge).