E-commerce merchants based in the US and Canada now have a game-changing advantage to ring up sales from European consumers. The Single Euro Payments Area (SEPA) exists to unite the 28 EU countries (+7 others) into a single digital marketplace.
The intention is to end many of the issues EU merchants encountered expanding into cross-border sales. This same EU-centric regulatory push has opened the door for North American merchants. SEPA provides for a single payment method known as a direct debit. This payment option is used by anyone with an EU bank account.
Enter SEPA EuroDebit by Alternative Payments
SEPA EuroDebit is the e-commerce payment method connecting US and Canadian businesses with the whole of the EU market. European shoppers are able to use the same direct debit payment option they use at home to make purchases from any North American merchant who accepts SEPA EuroDebit. As with all Alternative Payments portfolio of regional payment methods settlements are made in US or CAN dollars.
The European Central Bank and European Economic council continue to update the regulations and push for further developments. These efforts have led to the intent to move the SEPA payments to be instant or real time in 2017. This benefit will be extended to SEPA EuroDebit merchants.
The hurdles for North American based SMEs looking to increase market share by attracting Europe’s growing e-commerce consumer base are eliminated. This is great timing for US/CAN based webshops, too. According to a recent Nielsen survey 13,000 consumers in 26 countries, 57% of online respondents in the survey say they purchased from an e-tailer outside their country’s border in the past six months.
The stage is set for e-commerce players to grow their revenue by attracting the European market. SEPA EuroDebit is the end to end payment solution bridging the gap across the Atlantic.
Find out more about SEPA EuroDebit here.