Report: Fraud, Payment Processing Challenges Hinder Cross-Border E-Commerce

Report: Fraud, Payment Processing Challenges Hinder Cross-Border E-Commerce

October 24, 2019

A new survey predicts e-commerce will top $3 trillion this year for the first time. But despite the growth, retailers say fraud prevention and currency and payment processing are obstacles to taking advantage of the growing market. 

The research from antifraud technology provider Kount and BlueSnap, an online payment and gateway provider, finds a shift toward online shopping internationally. North America’s top 1000 e-retailers have sold $143 billion worth of goods to customers outside the U.S. this year. Amazon accounts for 44 percent of those international sales.

The survey also found 67 percent of retailers agree international e-commerce is a critical source of future growth, and 52 percent concur with the statement that international e-commerce “is suitable for us because we have many international customers and followers of our brand and products.”

But there are two primary concerns are preventing North American retailers from catering to international shoppers, the report summary notes: fraud and the challenge of accepting foreign currencies and payment types. Among the respondents, 60 percent of respondents cited “currency and payment processing” as a top obstacle to international e-commerce. And 60 percent said “fraud prevention” is a hindrance to wider adoption of foreign transactions.

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Joan Goodchild