Online payment gateway in Russia
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The Erstwhile Soviet Union, now popular as Russia, is one of the most powerful nations in the world in terms of technological advancements and scientific development as well. This Largest country of the world has over 145 million populations with Moscow being the capital city. The E-Commerce segment of Russia is speculated to generate revenue of 18000 million dollars. The internet penetration of Russia has increased multifold and people are more and more getting interested in online shopping. Whether it be requirement of any product or service for individual or family, people in Russia prefer to avail services or products of an established brand. With the expansion of online business in Russia many new startups have entered The E-Commerce platform along with the existing online merchants. The main requirement for these merchants are availing a payment gateway and merchant account. www.quadrapay.com has resolved to facilitate the merchants with the most suitable merchant account and a Global Payment Gateway as per their business requirement. If you are also a Russian Merchant looking for global online business, contact us on [email protected]. You can also reach our 24/7 helpline in +1 6318321773.
Online payment gateway in Russia
The user penetration for E-Commerce platform has been speculated somewhere near 35% in 2018, which is in fact of phenomenal progress in terms of online business. The business model of e-commerce in Russia has shown certain traits like cash on delivery payment option is higher in comparison with other payment options. But with the passage of time and introduction of online payment options, to avail products and services online Russians are also changing the trait and accepting online payment options.
To establish in the flourishing online business in Russia, merchants essentially need merchant account and payment gateway. Merchant account is almost similar to a bank account but it enables the account holder to accept and hold the transaction money for a certain time period before it is actually transferred to the bank account. If merchant is based in Russia and the target clientele is within the country then credit/ Debit Card processing merchant accounts are a better option. If the target clientele is based in United States then the best kind of payment option is Echeck and ACH. This is specifically beneficial for high risk merchant account, as it helps in reducing the chargeback ratio and maintaining the merchant account for longer time.
Merchants in Russia can apply with domestic banks for high risk merchant accounts but the underwriting guidelines make it difficult to get a merchant account. Quadrapay advice merchants to apply with offshore merchant account providers to get the best possible services with additional benefits. Although offshore service providers charge more than domestic processors yet the prompt and Quality Services make it worth paying.
Chargeback alerts facility for online payment gateway in Russia
Chargebacks are the main cause for an account’s shutdown. Even when the risk factors of a business are evaluated, chargeback is considered to be of the prime importance. Businesses with higher chargeback ratio are always considered as high risk businesses. Thus, it is difficult for high risk merchants to get merchant accounts and payment gateway. The prescribed limit of chargeback ratio is below 2%. It is really difficult to maintain such a low chargeback ratio unless you have additional services to help you. Quadrapay, in collaboration with one of the best service providers gift the facility of chargeback alerts and notifications service to merchants. Whenever a chargeback is filed, merchants get a near real time notification and it helps them to resolve the matter at the initial stage itself. Merchant accounts for Russia also need chargeback alerts to maintain their long life.
The market outreach of e-commerce is speculated to grow 1.5 times of the current percentage by 2022. This comes out as a golden opportunity for merchants based in Russia to expand their business globally and for the Global merchants to reach their target clients in Russia. The acceptance of multiple currencies and payouts in local currencies also facilitate the merchants furthermore.
If you are a Merchant from Russia looking to expand your online business within the nation and cross border as well, Quadrapay can help you find the best online payment gateway in Russia and the most suitable payment gateway for your specific business model. We provide the most comprehensive solution at the most competitive pricing. Russian merchants can send us an inquiry on [email protected] or call our 24/7 customer care on +1 63183 21773 to get further assistance.