Who should use a PSP?
If you have a small B2C company focused on selling digital or physical goods globally, or a large company focused only on a local market, a PSP may be right for you.
Which is the right model for your business?
Whether you choose a PSP or MoR modern commerce provider depends on your business type and priorities.All those endeavors are demanding and can take time and attention away from your core business.Such eCommerce providers have more expansive capabilities than PSPs, but they can only manage taxes, back-office operations (invoicing, etc.), or order fulfillment for digital goods, and not for physical goods.[Influencer Media Amazon Beta Bigwigs Social Exclusively Testing Program Aimed At]
The post PSP or MoR? How to choose the right commerce provider for your business appeared first on Rethink Commerce Blog.
How about a hybrid model?
Companies may adopt a hybrid model by taking different approaches in different markets.Modern commerce providers can also improve your performance: implementing pricing localization and multi-currency management can boost growth by about 30%, while having access to several local payment processors can increase authorization rates by up to 40%.[2017 Affiliate Arab Summit Cairo]
Why do I need a digital commerce provider?
There are many challenges associated with selling online internationally.You might be your own MoR in your domestic market and use only a PSP for accepting payments there, for example, but you may need to find a digital commerce provider that offÂers the MoR/reseller model to help you sell in other international markets.To help you more effectively serve your existing customers and attract new ones in different countries, your business likely needs a digital commerce provider such as a Payment Service Provider (PSP) or a Merchant of Record (MoR) reseller.Most PSPs charge a percentage of each payment transaction or a fixed transaction fee.[Marketing PODCAST Business Should On Build Affiliate Your You]
Who should use a MoR?
The MoR model is great for companies selling digital goods, including companies that need sophisticated subscription management capabilities, as well as companies selling globally to individuals or small businesses.Both B2B and B2C customers expect a seamless purchase experience and easy access to all the information, products and services they want, on any device and in any country.A PSP may or may not serve the specific local markets where you want to sell or offer the currencies you want.If you partner with a Merchant of Record provider, it will be able to simplify for you everything necessary for selling in a particular market.Youâll also need to handle other complex issues such as supporting local currencies, adjusting pricing and handling tax and compliance issues.To learn more about what the PSP and MoR models can do for your business and how to assess and choose the right one for you, download our free eBook, âMerchant of Record, Payment Service Provider or Both? How to Choose the Right Payment Model to Grow Online Revenue and Improve Time-to-Marketâ.
What is a MoR (Merchant of Record)?
A Merchant of Record (MoR) commerce provider â also known as a reseller -offers many more features than a PSP and handles more aspects of selling for you.But what do such providers do for your business, exactly, and which commerce model is right for you? Read this blog post for a quick overview, and dive into our new eBook to find the answers in detail.[LeadsGate Information Features General And]
Tip: If you want to sell across the world, plan ahead to partner with a modern commerce provider that can cover all the regions you are targeting.
Todayâs buyers are getting more demanding and selling online is getting more and more complex.A PSP or MoR will help you tackle those challenges so you can focus on your business needs while expanding to new markets.Itâs up to you to pick your provider based on your business needs.[Predictive Apple Fiksu Value Q1 2017 Earnings The For Data Of Prediction]
ÂWhat is a PSP (Payment Service Provider)?
A Payment Service Provider, or PSP, is a company that helps merchants accept payments in different markets by providing a payment gateway.