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Global business expansion isn’t as simple as adding a checkout to a webpage. Businesses need to consider the complexities of cross-border transactions like: the most common regional payment methods, fees for cross-border transactions, regulations around selling digital goods, and if buyers are actually in the region they appear to be. 

Failure to consider the nuances of global cross-border payments in e-commerce can result in dangerous pitfalls like high and unexpected tax bills in new regions, lost revenue from mistaken fraud flags in certain regions, and increased checkout abandonment for a lack of popular regional payment methods. Equally as important are backoffice reporting requirements for subscription businesses.

Using a Merchant of Record like FastSpring allows businesses to outsource the entire cross-border transaction process to a global payments expert, including all the complexities that come with it. To that end, we’re excited to announce our latest payment method integrations as well as checkout improvements to support business growth in new regions across the globe, including:

  • WeChat Pay Integration.
  • Kakao Pay Integration.
  • Mercado Pago.
  • Klarna.
  • Revenue Recognition (RevRec) Reporting.

Tap Into China’s Vast Consumer Base with WeChat Pay

With our new integration with WeChat Pay, FastSpring users gain access to more than a billion active users in China with a familiar, mobile-first checkout experience. Not only does WeChat Pay decrease cart abandon in China, but it also creates additional revenue through its localized payment option for Chinese buyers.

Improve the South Korean Buyer Experience with Kakao Pay

Like in China, South Korean buyers are much more likely to make a purchase on mobile. With nearly 40 million active users, Kakao Pay opens up additional revenue channels for businesses looking to grow their presence in South Korea. FastSpring users who enabled Kakao Pay saw almost immediate adoption of the payment method with 40% of their revenue coming through the payment method almost immediately.

Boost Trust in Latin America with Mercado Pago

As an emerging region, Latin America is projected to have a growth rate of 22% in the next two years, resulting in more than $700 billion in digital sales. Mercado Pago opens up additional regional payment methods for some of the strongest areas of Latin America in Chile, Mexico, and Brazil. This allows buyers in multiple countries to pay in their local currency with a trusted payment method to drive additional checkout completions.

Expand Purchase Options in the Austria, Germany, Norway, and More With Klarna

Boasting more than 85 million active users, Klarna is an excellent alternative payment option in Europe. Particularly in regions like Germany and Austria where card adoption is lower, Klarna opens up additional revenue channels for businesses as they grow their presence in these areas. Klarna will allow FastSpring users to reduce cart abandon and simplify the checkout process for millions of potential users.

Drive Accurate Financial Tracking with Revenue Recognition API

Accurate forecasting is a key part of global business strategy. With our latest API, users can easily automate revenue recognition across their various products and subscriptions. By integrating with backoffice systems, users can recognize and calculate revenue immediately for one-time purchases, or can calculate revenue forecasts for subscriptions when the money is earned.

Accurate financial tracking is a key part of global business strategy. With our latest API endpoint, users can easily automate revenue recognition across their various products and subscriptions. The RevRec API endpoint allows users to generate revenue recognition reports for specific months / years, filter the results by product and/or individual subscriptions, and choose whether to include one-off purchases or just focus on recurring payments. 

Drive Cross-Border Payment Strategy for Your Business with FastSpring

Our latest integrations and improvements allow businesses to expand across the globe with focus on their most valuable regions. With FastSpring, avoid the most common cross-border payment pitfalls and facilitate smooth checkouts, reduce payment declines, and avoid potentially high tax bills with new regional growth. Want to learn more? Visit us at fastspring.com/request-demo/.

Braden Steel
Braden Steel Author
Braden is the Senior Product Marketing Manager for FastSpring. When he's not bringing new products to market, he spends his time writing fantasy novels.