Card payments are attaining speed and most people are becoming banked. Local eWallets are most preferred in the CIS region, surpassing global merchants. Online banking has extended into a new sensation, with eCommerce being a feasible alternative.
Although in past was a cash-oriented culture, local customers in Russia slowly become more satisfied with advanced technologies and assured of their security. The federal eCommerce market is predicted to expand.
As per the Statista forecasts, COVID-19 will entirely affect the Russian eCommerce market value in the next 5 years. However, between 18 and 26% development in value as compared with the baseline strategy without the pandemic.
What Is An International Online Payment Gateway?
In a world where cross-border and online transactions are turning to the usual, the confidence that you will accept online payments for the products or services you are dealing with is crucial. A global online payment gateway enables merchants to take card payments that have already been confirmed and approved. Without approval from the payment gateway. Your customer’s card information will decline. And the transaction will not complete until an approved payment method has been preferred.
Alternatives To Payment Gateways
eWallets offered by InstantCharge are a good alternative to payment gateways.
An eWallet is a sort of electronic mode that is useful for online transactions and also for depositing, withdrawing, and conversion of your funds. By using an eWallet all of this processes easily via a mobile application. Customers can deposit funds into their wallets with the help of various payment methods.
For instance, We deliver the following options to customers.
- UnionPay China
- Net banking & UPI
e-wallets are advantageous in several ways.
- Decreases chance of fraud
- Save time & efforts
- Shop online on the go anytime & anywhere
- Accept rewards and cashback
- Provides loyalty cards and gift cards
- Lower fees
- Several deposit and withdrawal methods consist of support for both fiat and cryptocurrency
Why you should prefer an online payment solution to do business in Russia?
The probable market for online shopping in Russia is tremendous. High internet perception rates merged with brands embracing a strong social media existence have resulted in promontories that the e-commerce perception rate in Russia will acquire 62% by 2023.
There are presently 62.9 million online customers in Russia and in 2023, they put 883 million online orders. Statista’s Digital Market Outlook predicts the number of online customers in Russia will boost to 73.1 million by 2025. If they shop at the same ratio as existing customers, we could see more than 1,000 million online orders in Russia in 2025.
Clearly, the possibility of evolution is tremendous. In 2020 the Russian e-commerce market was about 2.7 trillion RUB. But it launches to reach more than four times that amount, 10.9 trillion RUB, in 2025.
To focus on this potential, merchants require to have a quick, safe, and cost-effective mode of assuring they accept the online payments for their online deals.
What’s Essential When Selecting a Payment Gateway In Russia?
Assume you are a Russian-based merchant searching for a payment gateway or an international business with shoppers in Russia. In that scenario, there are various things to take into contemplation when determining a payment gateway service for your business:
- Safety: Online transactions can be an appealing prey for hackers or fraudsters, so the safety of your online payments is crucial. Your customer’s payment information requires to be maintained securely and you will have to be confident that you will accept the funds due to yourself. Hence, you must only prefer payment services that deliver high security and anti-fraud standards.
- Cost: There is a variety of transaction fees to regard, and many payment service providers will assess minimum and maximum monthly transaction volume limitations. eWallets do not have limits on transaction volume and charge excessively low or zero fees.
- Speed: You don’t like to renounce customers because of a slow checkout procedure. It must be quick, specific, and adjustable. Ensure you prefer a payment service that enables customers to settle transactions in their desired language, native currency, and via local payment methods.
- The comfort of withdrawal: The best payment gateway Russia also creates it effortless for merchants to withdraw their money.
Why Should You Choose a Payment Gateway Russia?
Moreover, we deliver a secure and easy way to get your business set up with a quick, adjustable, user-friendly alternative payment gateway.
- Secure: Merchants and customers are observed with strict KYC (Know Your Customer) and AML (Anti Money Laundering) checks. However, all payment transfers are safe and compensated, so chargeback chances are limited on the payment platform.
- Quick: The best payment gateway Russia delivers an easy-to-use and suitable way of managing incoming and outgoing payments. There is a variety of payment kinds received comprising MasterCard, UnionPay China, cryptocurrency, visa, net banking, and bank transfer. The set-up time is fast and easy, with validation and particular merchant IDs that enable the design of multi-currency funds.
- Availability: It is available in more than 110 countries and sustains transactions in 29 fiat currencies. Its interface functions in more than 20 languages and all transactions can be handled on the action with the mobile app.
- Local payment methods: Russian customers can use its local bank wire option to withdraw funds from their payment gateway accounts quickly and cost-efficiently.
- Cashback: Payment gateway Russia delivers cashback services in collaboration with forex and betting merchants.
Local Bank Wire Feature For Russia
A local bank wire enables you to accept funds to your local bank account in your native currency, a feature that is delivered by your payment gateway Russia. With the help of this feature, you can prevent time and funds as it removes the requirement for an intermediary bank. An intermediary bank would also charge you 3-4 days processing time and higher transfer fees (7%), while with your payment gateway Russia local bank wire feature it’s a one-day procedure time and fees are much less than (1~2%).
So, click here to explore more about InstantCharge local bank wire service.
If you are willing to begin accepting online payments safely and cost-effectively, get the best payment gateway services in Russia today.