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 a 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.
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 a merchant account and payment gateway. A 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 the merchant is based in Russia and the target clientele is within the country, then credit/ Debit Card processing merchant accounts are a better option.Merchants in Russia can apply with domestic banks for merchant accounts, but the underwriting guidelines make it difficult to get a merchant account. Quadrapay advises merchants to apply with offshore (CIS) 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.
The market outreach of e-commerce is speculated to grow 1.5 times 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 the 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. Although we don’t guaranty any success in you getting a merchant account in Russia. We will still try our best to assist you.