Easy domestic processing for payments in Russia
By Melvin Schreijer, Product Manager23 Nov 2020
Russia is a market that can offer big opportunities: With a population of more than 145 million and an eCommerce market of over EUR 30 Billion with a 15% growth rate, it has the attention of many players. Although the numbers are impressive, the eCommerce market also will bring some challenges:
- Cross border acquiring of cards often shows low authorization rate, while setting-up a local entity and process via domestic channels won't solve your issues around local VAT and the repatriation of collected funds;
- The regulations in Russia require you to store consumer data locally;
- The Ruble is a very volatile currency: The longer you wait to convert and repatriate, the higher the risk that fluctuations in the exchange rate lead to a loss in value;
- As the preferred local card scheme, more and more cards are issued by MIR. In order to optimize your selection of available payment options MIR becomes a vital product.
How we can help you
Our solution for the Russian market will help you to address all of the challenges listed above. Many of our customers have already been benefitting from our partnerships with Russia's leading acquiring banks:
- The solution doesn't require a local entity and will foresee in the repatriation of funds;
- Your transactions will be processed locally and will be routed directly to the issuing banks, resulting in the highest possible authorization rate;
- Our solution allows you to accept Visa, Mastercard, MIR card and more local payment methods;
- We will collect the Ruble and convert it to your preferred currency of choice;
- The solution is fully compliant with Russian regulations.