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Complete Story
03/27/2024
Only 22% of Companies Tap Recovery Tools for Failed Cross-Border Payments
PYMNTS
Many eCommerce merchants in the United States want to expand their businesses through cross-border sales, but cross-border transactions are not without pain points.
As PYMNTS Intelligence’s “Cross-Border Sales and the Challenge of Failed Payments” revealed, faulty cross-border payments took a toll last year, costing U.S. merchants at least $3.8 billion in sales.
The report drew on insights from 300 executives who identified the challenges they face when initiating cross-border payments.
Eighty-two percent of merchants said they find it difficult to identify the causes of failed payments. Those merchants with a high cross-border focus experienced an average failure rate of 11.4%, compared to 10.1% for those with a low cross-border focus.
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