Small businesses aiming to expand their eCommerce presence across borders in 2023 may want to keep cross-border frictions top of mind.
Whether domestic or international, payments management is resource-intensive but essential to a business’s stability. Small businesses, startups and leaner organizations seeking to expand their reach beyond domestic confines can thus face difficulties navigating this space. Challenges include ensuring payments are compliant with global regulations and customs, managing multiple currencies and managing accounts payable and receivable. Research has found that navigating cross-border payment complexity is a leading limitation to growth for 27% of small and midsized businesses (SMBs).
One example of this payments complexity in action: PYMNTS has found that the number of payment methods merchants in different countries accept can vary wildly. The average…
