Cross-border payments checklist: How to expand your eCommerce business globally

Shoppers expect payments to be fast, familiar, and secure. According to our recent research with Statista, 94% of shoppers globally say that transparent pricing and being able to pay via their preferred payment methods, such as credit cards and digital wallets, are the most important aspects of the checkout experience.

Can your current setup support a smooth expansion into the global eCommerce market and let you make and receive payments anywhere like a local? Use this checklist to assess your current capabilities and identify areas of improvement.

1. Ensure that your payment provider adheres to global and local regulatory compliance, including:

✅ The necessary global licences and permits to process cross-border payments.

✅ International compliance standards like Payment Card Industry Data Security Standard (PCI DSS) and Service Organization Control 2 (SOC 2) to protect financial data and customer transactions.

✅ Integrations that sync with your accounting software to simplify tax filing and reporting.

2. Make and receive payments like a local business

✅ Make and receive payments in local currencies, such as by using a multi-currency account.

✅ Settle and hold funds in local currencies to avoid having to pay for unnecessary foreign exchange (FX) conversions and transfer fees.

3. Localise the checkout experience

✅ Display prices in local currencies to prevent confusion that comes with paying in a foreign currency.

✅ Offer local payment methods, such as digital wallets (e.g. Apple Pay, Google Pay, WeChat Pay) and buy now, pay later (BNPL) options (e.g. Klarna, Afterpay), as well as major card schemes. See the 160+ local payment methods offered by Airwallex.

4. Save on payment processing costs

✅ Choose a provider that gives you access to competitive foreign exchange (FX) rates.

✅ Eliminate unnecessary FX conversions by settling payments in the same currency that customers pay in. Access funds without having to open local bank accounts in each settlement currency.

5. Optimise payment success

✅ Partner with a provider that uses advanced machine learning tools, such as optimised messaging and smart retries, to reduce technical declines and improve payment acceptance rates. 

✅ Use AI-driven fraud detection tools and features (e.g. 3D Secure authentication) to analyse transaction patterns and block suspicious activity in real time, without disrupting legitimate payments.

6. Build trust with secure payment experiences

✅ Check that your provider implements advanced security measures, such as encryption and tokenization, to keep customer information safe during transmission and storage.

7. Optimise cash flow

✅ Get real-time financial insights on a single dashboard for better visibility and control.

✅ Automate reconciliation using integrations with popular accounting software, such as Xero and Quickbooks.

Start making and receiving payments like a local with Airwallex

The first step to making and receiving payments like a local is opening an account on Airwallex – no trip to the bank or complicated paperwork needed. Combined with our payment solutions, you can boost your checkout experience. Create, share, and customise no-code Payment Links, or use our plug-and-play integrations to expand your breadth of payment methods on platforms like Shopify, WooCommerce, Magento, and more. Alternatively, embed a low-code checkout solution on your website or customise your own solution with our Payment APIs.

With just one integration, you can expand globally, securely, and cost-efficiently:

• Accept payments in 180+ countries via major card schemes and 160+ local payment methods

• Save on FX fees with like-for-like settlement into multi-currency accounts

• Access 60+ trade currencies at interbank rates and save up to 80% on FX fees

• Drive conversion uplift with AI-powered optimisation while reducing fraud and payment costs.

Join the 150,000+ businesses that trust Airwallex to process over US$100 billion in global payments annually.

Ready to expand your global reach?

Appendix: Preferred payment methods when buying online from another country

We partnered with Statista and surveyed 13,000 cross-border shoppers around the world to find out how they like to pay when they shop online, cross-border. Below, you’ll find the payment preferences of shoppers in different markets. Offering diverse local payment methods can help you expand your customer base and sell globally with confidence.

Preferred payment methods for cross-border online purchases in Europe

Expanding into Europe? See more Europe-specific cross-border payment insights.

Preferred payment methods for cross-border online purchases in the US

Expanding into the US? See more US-specific cross-border payment insights.

Preferred payment methods for cross-border online purchases in the UK

Expanding into the UK? See more UK-specific cross-border payment insights.

Preferred payment methods for cross-border online purchases in Southeast Asia

Expanding into Southeast Asia (SEA)? See more SEA-specific cross-border payment insights.

Preferred payment methods for cross-border online purchases in Hong Kong

Expanding into Hong Kong? See more Hong Kong-specific cross-border payment insights.

Preferred payment methods for cross-border online purchases in Australia and New Zealand

Expanding into Australia and New Zealand (ANZ)? See more ANZ-specific cross-border payment insights.

Source: Statista, Airwallex