The term “cross-border” literally means “transboundary” in Portuguese, referring to something that crosses country borders. In practice, when we talk about cross-border payments, we are referring to financial transactions carried out between institutions, companies, or individuals in different countries.
This is one of the services offered by StarsPay, making life easier for companies that want to operate in various Latin American countries (check our catalog of served markets). This avoids the need to establish an entity in each country, which requires a high investment and involves considerable bureaucracy. As a result, your company can significantly increase its potential customer base while still receiving everything into your bank account in local currency.
Do you want to operate in several Latin American countries with security and ease? Click here and contact StarsPay.
In an increasingly globalized and connected world, there are many advantages to having the ability to accept customers from various countries. On the other hand, the logistical challenge is substantial and can overwhelm even well-prepared companies. In sectors like iGaming, Games, Exchanges, and eCommerce, it’s essential to be aware of local regulations, exchange rates, security, fraud prevention, and many other factors. With StarsPay, all of this work is simplified through our team of specialists.
The figures involved in the cross-border sector are impressive. A Bank of England estimate predicts the value of these payments will increase from $150 trillion in 2017 to $250 trillion by 2027. In Latin America, a Beyond Borders study estimated that cross-border payments totaled $45 billion in 2022. Just in eCommerce, cross-border payments have also exploded in Brazil, growing by 150% between 2018 and 2022, according to data from the Federal Revenue Service.
For those engaged in digital sales, one undeniable fact is the importance of a good user experience at checkout, that is, when making a payment. Research has shown that a simple process, with a variety of payment options, can increase conversion by up to 35%. Every time a user adds a product to the cart but gets frustrated by a lack of options, a complicated, or insecure process, a potential sale may be lost.
This further emphasizes the importance of carefully addressing cross-border payments. Can you imagine, in today’s world, a website trying to operate in Brazil without offering the Pix payment option, for instance? Other countries also have their popular payment methods, with varying preferences among the populations. Thus, being able to offer a range of payment methods in local currencies and easily accessible options can significantly boost sales and revenue. Even better if you receive the amounts in your bank account, in your local currency, and with excellent cost-benefit, as StarsPay provides.
Contact StarsPay’s sales team now via email: [email protected] and learn how we can make a difference for your company
