How E-Commerce in Africa Can Overcome Global Payment Challenges
Gaining real-time access to your finances is an expectation for a lot of global businesses. However, it’s not always a given for industries across Africa. Several roadblocks can create a fragmented or slow environment, leading to delays in payments, or ending up with a heavy bill of transaction costs and conversion fees. This creates unpredictability when devising plans for market growth or estimating revenue.
Adopting a new way of sending and receiving payments might just be the necessary change that will tear down these roadblocks. This involves moving away from traditional banks or cash payments and pivoting to an intuitive platform with smooth processes and easy management of multiple global currencies.
According to the International Trade Administration, Africa is forecasted to surpass 500 million e-commerce users by 2025, with the market reaching an annual revenue of $41.6bn by that year. However, there are several challenges that e-commerce businesses in Africa encounter which can hinder their growth. We’re addressing the ways that African e-commerce businesses can overcome the challenges of cross-border payments, and how Verto can open new doors to help e-commerce in Africa flourish.
A common challenge for e-commerce businesses is integration with other countries and familiarising themselves with various countries’ regulations and remaining compliant. Verto conducts thorough due diligence to ensure no high-risk clients are onboarded, and we adhere to financial crime compliance regulations across the globe. Upgrading your network to a trusted payments provider could give you the peace of mind that you’re protected from regulatory or reputational damage.
The Top 10 Barriers Slowing Your FinTech Business Growth.
Get startedSecondly, cybersecurity and the risk of fraud raises issues for e-commerce. Consumers may wish to send cash or use unreliable payment methods to purchase goods. Therefore, businesses are unable to safely receive funds, creating further issues when trying to grow globally and expand into new markets. Get support from Verto Global Accounts which allow you to collect local and international payments from anywhere with a virtual IBAN. Receive payments promptly, and with no high transaction fees.
E-Commerce companies may also be unable to pay out in multiple global currencies, so it becomes difficult to grow their market share. They may also be weighed down by manual payments to suppliers and partners, both locally and internationally. Alleviate the stress and send payouts globally in bulk with one single API. The Verto API offers the most efficient way to automate and integrate your payments with just a few clicks.
Finally, e-commerce businesses across Africa have a strong appetite for growth and expansion to other regions. However, keeping up with tech innovation to improve delivery and supply chain management can prove challenging. Relying on traditional payment methods, or not capitalising on the rise of digital wallets may prove costly in the long run. Verto offers multi-currency wallets that allow over 50 global currencies to be held, exchanged, and paid out at high speed and low cost.
The fintech industry is always in flux, and that’s why we adapt to keep up. Verto is at the forefront of digital innovation when it comes to B2B payments, and we’re engineered for businesses in emerging markets. Our technology has been the driving force behind why we’ve been chosen by thousands of global businesses that want a trusted partner to help them grow.
Speak to our sales team to find out how we can help you: sales@vertofx.com
