By Logan Monday
Welcome back to our Going Global series where we’ve been illustrating the opportunities and highlight potential pitfalls of payments in regions that we’re active across the globe. We’ve then been showing you the best practices for success so you can focus on what matters most: Your product and business. In case you missed the second part of the series covering APAC then click here to get caught up.
For the third part of our Going Global series, we’re moving on from APAC and turning our sights to EMEA and zooming in on Germany. Did you know that German banks recently joined with other major European banks to launch the European Payments Initiative, (EPI)? Well, we do. As a global eCommerce provider, we support our clients in growing their business across the globe by leveraging our technologies and expertise to navigate local market’s unique needs.
The companies that overcome these hurdles will forge success tomorrow and the day after. Without further ado, let’s look at EMEA and then zoom in on Germany.
EMEA contains numerous economies each with its own varied mix of regulatory, consumer demographics and economic variables. Per the Global Payments Report, this vast community of payments is a wellspring of payment innovation. The variety of regulatory and consumer demographics within EMEA has slowed a unified payment solution from developing. However, the European Payments Initiative, EPI, is partnering with banks across multiple European markets to create a unified payment solution tailored for Europe. Clearly, EMEA is a source of constant innovation for both the B2B and B2C spaces. This can be cause for paralysis by analysis, however it offers incredible opportunity to advance your payment digitization process. Let’s look at Germany as an example.
Zooming in on Germany, your success is dependent on recognizing that the German consumer adoption of digital payments continues to steadily improve over the past five years. The Global Payments Report shows that cash has long been king for the German consumer, however that ended this year with debit payments becoming the number one POS. This coincides with German banks partnering with banks across Belgium, France, Spain and the Netherlands to unify their markets in a single European payment solution. As the digital rails for these payments are strengthened by the banks, consumer adoption to digital wallets, particularly for mobile eCommerce, is expected to accelerate out of its currently cautious pace.
Focus on Infrastructure Development
Entering the German market can be a profitable option for businesses in the B2B payment space, so long as businesses are prepared for the necessary infrastructure developments. As a mature market it’s smart to prioritize long-term growth over immediate rewards. Forrester supports this mindset by highlighting that infrastructure upgrades are driving the next wave of B2B payment innovation. These upgrades include automating payments, digitizing checkout options and fraud protection. By prioritizing infrastructure development, you will be positioned to partner with German payments in the digital space, promoting the growth you want in a mature market.
Here at cleverbridge we’ve recognized that supporting infrastructure development is a key to success for German payments. We’ve focused on transforming processes to streamline checkouts, automate payments that reduce churn and improve your fraud prevention.
Click here to read more about our how automation can grow your local payment services.
As the German market evolves into the digital payment space, fraud prevention will require adoption at scale. German consumers and businesses have a high expectation of transactional reliability. Companies that focus on fraud prevention through automation have the advantage of meeting those expectations in real-time and at scale, furthering consumer trust.
Here at Cleverbridge our fraud prevention incorporates sophisticated fraud technology that uses a machine learning model to predict and screen orders in real time. For an extra layer of protection, our expert analysts identify fraud patterns specific to your business and efficiently prevent and manage chargebacks. This ultimately results in fewer instances of fraud, more valid transactions, and a safer, smoother customer experience.
For the third part of our Going Global series, we’ve shared how the topics of digitizing payments, investing in infrastructure developments and automated fraud prevention is an opportunity for business growth into the EMEA, specifically German, markets. As you’ve noticed here at Cleverbridge we’re focused on supporting our partner’s needs for global growth and customer success. Are you ready to begin expanding your growth into EMEA and Germany? Then click below to begin your global growth.