How to scale your eCommerce business the secure way

ECommerce is on the rise. Accelerated in part by the COVID-19 pandemic, online purchasing is more popular than ever. But with so many small- to medium-sized enterprises (SMEs) taking advantage of the moment, how can you feel good about growing your own sales? While there are a number of tips and tricks when it comes to marketing, automation, and product diversification, one thing is certain: you need the security of a global payments solution partner to scale your eCommerce business with confidence.

Find the right global payment solutions partner

There are a number of ways that a global payment solutions partner can help you stand out in the crowd and grow your eCommerce business, including:

• Providing affordable rates for international transactions: Avoid the high fees of international wire transfers.
• Streamlining transactions: Manage all of your business across multiple platforms and marketplaces in one easy-to-use dashboard.
• World-class customer support: Rely on a team of experts to help navigate your sales.

But one of the most important ways a global payment solutions partner can help you grow your business is by increasing your security.

Scams are more common than ever

With the growth of eCommerce business, there are also new risks. In fact, the increase is attracting more scammers to the market. There are many common scams to watch out for. A few that hit SMB’s the hardest are:

• Disappearing suppliers: This is when a supplier accepts your payment and then disappears, leaving you to foot the bill without the product.
• New bank account scams: This scam happens when a person poses as your supplier, encouraging you to make a last-minute change to the bank account number associated with your payment. In this instance, you may think you are dealing with a trusted supplier when you accidentally send a scammer a large amount of money. The Australian Competition and Consumer Commission shares an example of how one fake email cost a business owner $17,000.
• Transparency scam: This is when a supplier subcontracts your order to a third party without your knowledge or consent.

When it comes to scams, no one is safe

If you’re a small- or medium-sized business owner, you might think you’ve seen it all. But eCommerce scams are becoming so complicated that even the most experienced seller can be fooled.

Take one company’s tale as an example: This forewarning post details a long scam by a potential import/export vendor. The company did everything right by verifying, asking the right questions, and even traveling to China to meet with the vendor. Many meetings, fake documents, and negotiations later, they were unknowingly scammed out of thousands. They write:

“There were no red flags…The most interesting part: they knew the business in and out. Knew about our products and the market in general. They seemed to be very well prepared.”

Protect yourself with a global payment solutions partner

When it comes to eCommerce scams, the majority of victims never get their money back. That’s why you should take the steps to make your transactions secure. A fully licensed international payments solution partner like LianLian Global can help by simplifying complex cross-border transactions and providing you with peace of mind — and more time to grow your business. Your provider should help you by:

• Screening and verifying transactions
• Carefully following local compliance regulations
• Making payments transparent
• Preventing unauthorized transactions and fraudulent payments
• Encrypting information to keep data safe
• Operating with trusted financial partners

Start growing your eCommerce business the secure way today by using a global payments solution partner.