Online Payment Solution Finder to pave way for small businesses in e-commerce
Small firms in developing countries are confused and dissatisfied with the availability of online payment solutions.
The International Trade Centre’s ecomConnect Payment Solution Finder provides valuable information to understand online payment tools and their fees.
(Geneva, 7 October 2021) A new survey by the International Trade Centre found that 60% of small businesses in 22 developing countries, across Africa, Central America and South Asia, are dissatisfied with the options available when it comes to online payments. According to the survey, the most difficult aspect for merchants is accessing updates on the choice of providers and understanding their fees.
For all forms of e-commerce, access to competitive payment solutions is essential. Many global payment solutions providers are based in the United States or the European Union, focusing their attention on merchants in these regions. Enterprises in developing countries often do not have access to the most popular gateways, such as PayPal, Stripe or Amazon Pay, and are unsure where to find relevant information on the alternatives.
Launched today during ecomConnect Days, the International Trade Centre’s Payment Solution Finder is a digital tool to help businesses easily and efficiently find payments solutions for which they may be eligible.
The tool, primarily designed for retail e-commerce, focuses on payment solutions available in developing markets that allow small businesses to receive payments from international buyers. The tool also incorporates background information and contacts for the listed solutions.
The Payment Solution Finder is available through ecomconnect.org – a free online community for e-commerce professionals.
About the survey
The International Trade Centre survey on the experience of micro, small and medium-sized enterprises with payment solutions was conducted in September 2021 and covered 47 respondents in 22 countries (the majority being in Bangladesh, Honduras, Ghana, Guatemala, Kenya, Nigeria, Tunisia, Pakistan and Panama) 60% of which are current users of online payment solutions.
Thirty-four percent were not satisfied with the fees and another 25% were unsure of the fees charged by their online payment vendor.
Respondents highlighted other challenges such as customer mistrust, high service fees and costs of currency conversion, and delay in getting money from financial accounts.
“For many small businesses, being able to receive online payments is the last mile on their e-commerce journey. Many small merchants find themselves at a loss to know where to get the latest information on the services which may be available to them. Our new ‘Payment Solution Finder’ takes the pain out of this process.”
Pamela Coke-Hamilton, Executive Director, International Trade Centre
Notes and contact
About the ecomConnect Programme – The ecomConnect Programme helps small and medium-sized businesses in developing and least developed countries to market and sell their products online through training, research, structures, partnerships and digital tools and technologies. The programme’s goal is to connect enterprises to local, regional and international online markets in an inclusive and sustainable manner. It also offers access to the online community ecomConnect, where enterprises can access free resources and business opportunities.
For more information on Payment Solutions Finder, write to:
ecomconnect [at] intracen.org (ecomconnect[at]intracen[dot]org).
About ITC - The International Trade Centre is the joint agency of the World Trade Organization and the United Nations. ITC assists small and medium-sized enterprises in developing and transition economies to become more competitive in global markets, thereby contributing to sustainable economic development within the frameworks of the Aid-for-Trade agenda and the United Nations’ Sustainable Development Goals.
For more information, visit www.intracen.org.