Payment platform dLocal has debuted a new “all-in-one” tool for online businesses.
dLocal for Platforms lets dLocal onboard sellers, service providers or contractors to the platform, while dLocal verifies them before paying out, according to a Thursday (April 13) press release.
“Everyone selling their services or products on a platform relies on receiving their payment in due time and order,” said Federico Mazzoli, dLocal’s vice president of product, in the release. “That’s where we step in to sort the challenges they face when offering a convenient and local checkout experience, for both sellers and customers. No need to connect to hundreds of different processors, and way less hassle when making payments to other merchants or sellers.”
The new tool uses a single application programming interface (API) integration that lets users pay in local currency as well as distribute and split payments among users, while automatically setting fees or commissions before paying the final amount, per the release.
As PYMNTS wrote earlier this year, offering local payments is crucial for merchants hoping to expand overseas.
One study found that consumers complete 77% of global eCommerce purchases using local payment methods, such as local cards or cash.
“Lacking an adequate selection of locally preferred payment methods can result in customer abandonment, with 44% of consumers in the United Kingdom saying they would forgo a purchase if their favorite payment method were unavailable,” PYMNTS wrote.
And eCommerce merchants who expand overseas are often surprised at the degree to which global payment trends vary compared to what they encounter in the West. There is a vast array of local and alternative payment methods around the globe, each of which is some customer’s favorite, Andy McHale, senior director of product at Spreedly, told PYMNTS.
“For the U.S. and large parts of Europe, we tend to think of credit cards as the primary method of paying for things, whether that’s in person or online,” he said. “But that doesn’t work for every individual, every ecosystem, every region on the planet. You’ve got your digital wallets, PayPal, Apple Pay, Google Pay. You have your bank account and direct debit as well.”
The launch of dLocal for Platforms comes a little less than a year after the debut of dLocal Go, an online platform for businesses to process payments and access other financial services in emerging markets.
dLocal Go is a self-service platform that launches quickly and aids in the processing of local payments in Latin America, Africa and Asia. It was created to help small- to medium-sized businesses (SMBs) improve sales as they expand into new markets without having to be in those countries.
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April 14, 2023 at 02:16AM
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