Working across borders can become complicated, especially when handling financial matters. Sometimes the most common systems in your own country are less common or unavailable in other countries. To help you find the best way to give your clients the opportunity to purchase your services, we’ve gathered the below information. Please be aware that we cannot guarantee, nor provide support, for any of the payment processing systems since they are not under our control.
1. Major Western Payment Systems
The easiest, and least time consuming (for you), method of billing your clients is by using a major western payment system. Payment processors such as Stripe, Paypal and Square offer easy to use invoicing systems, though they are often not as widely used in countries such as China where credit cards are less common. This is an excellent option to offer your clients but be aware that they may be limited to one of the below options. Paypal has been reported to work in China, though there have been some issues in the past.
Takeaway: If you are getting interest from clients in such places as India, Europe, and much of Asia this probably your best choice for a balance of ease of use for both you and your clients. Currently most of our marketing efforts are going to areas where this makes sense.
2. Localized Payment System
Many companies in other countries have developed and marketed their own payment systems in place of credit cards. Due to the massive expansion of the internet, many countries skipped directly over the step of using credit cards and went directly from a cash-based economy to a web-payment-based economy. In some countries this is not an issue at all, while in other countries it becomes a serious stumbling block.
In China, for example, companies such as AliPay and WeChat Pay are far more commonly used than credit cards. As a non-citizen and non-resident of China, it is difficult to directly get an account with WeChat Pay or AliPay, however there are companies which offer solutions to this problem.
Takeaway: If you are adept at working within a certain country you may see some benefit to setting up payment system through a localized system.
3. Payment Processors That Accept Localized Payment Systems
Probably the most accessible way for both you and your clients is to use a payment processor that accepts payments made by users in their home countries if the client’s home country banking systems are restrictive of using western systems. This allows your client to use the payment systems that they are used to using, while letting you connect your bank account in your own country so you can automatically have the currency converted to your home currency and paid into your account.
Using the above example of China, companies such as NihaoPay, Citcon and Adyen offer streamlined solutions for western businesses and independent contractors that wish to accept payments through WeChat Pay, AliPay and other payment systems commonly used in China.
Takeaway: If your potential clients are from countries where it is difficult for them to use western payment systems, and you are not adept at working within the banking system of that country, this may be a good option to include.