6 biggest global payment challenges for retailers, importers and online sellers
Last updated: 3 April 2025
Struggling with international payments? You’re not alone. Here are the top challenges faced by global business, and how to solve them.
Key takeaways
- Many businesses lose money on unnecessary currency conversion fees, but holding and paying in multiple currencies can help protect profits
- Paying overseas suppliers can be expensive due to foreign markups and transfer fees, but using a provider with competitive exchange rates can reduce costs
- Late payments can damage supplier relationships and delay shipments, so using a fast and reliable payment solution ensures smooth operations
- Managing marketplace payments in different currencies is complex, but a multi-currency account simplifies collections and reduces conversion fees
- Manually handling cross-border payments is time-consuming and error-prone, but integrating payment tools with accounting software can streamline finances
When you have a global business, managing international payments is a necessity and a constant struggle, especially if you don’t have the right payment partner by your side. Whether you’re sourcing products overseas, selling in multiple markets, or handling supplier payments, unnecessary fees and operational inefficiencies can eat into your margins.
Let’s take a look at the biggest global payment challenges faced by retailers, importers and online sellers–and how WorldFirst can help businesses navigate these challenges, making international transactions fast, secure, and cost-effective.
Table of Contents
1. Unnecessary currency conversion fees are cutting into your profits
Many businesses unknowingly pay double conversion fees when handling foreign currency payments.
For example, if you sell on a marketplace that settles funds in USD but need to pay US-based suppliers, your funds may be converted twice—first from USD to AUD and then back to USD for supplier payments.
This means you incur two transaction fees:
- When converting USD earnings to AUD
- When converting AUD back to USD for supplier payments
Fluctuating exchange rates between transactions can further reduce profits and add uncertainty.
The solution:
The World Account is a multi-currency account that lets you collect, hold, and pay in 20+ currencies without unnecessary conversion fees. You can hold the collected marketplace funds without unnecessary double conversion and pay suppliers directly in their local currency. So, if you receive funds in USD, you can hold the funds in your local USD currency account and directly use the funds to pay your US-based suppliers.
2. Extra sourcing fees are making imports more expensive
When dealing with overseas suppliers, businesses often pay more due to foreign markups, wire transfer fees, and slow processing times. Wholesale B2B marketplaces like 1688.com don’t even accept international cards or wire transfers which aggravates the problem further.
The solution:
WorldFirst offers competitive foreign exchange rates and fast international payments, helping you reduce sourcing costs. Plus, WorldFirst is the official cross-border payment provider for 1688.com. With World Pay, you can securely and quickly pay 1688 suppliers in their local currency – all at competitive rates (up to 0.8%)
3. Supplier relationships are suffering due to payment delays
Late payments can strain supplier relationships and lead to higher costs or stock shortages. When payments to suppliers are late, your shipments get delayed, throwing off your product launch and marketing deadlines, too.
The solution:
With WorldFirst’s fast and reliable global payments, you can pay suppliers on time, every time, ensuring smooth supply chain operations. You can even make same-day payments (cut-off timings apply) to ensure your shipments are released on time. If your suppliers also have a World Account, you can make free and instant payments to them.
4. Collecting marketplace payments in multiple currencies is becoming a nightmare
Expanding globally means accepting payments in multiple currencies, but managing multiple currency accounts across different regions can quickly become a major challenge.
Marketplaces like Amazon require sellers to provide local bank account details that match the region in which they’re selling. For example, listing products on Amazon US requires a USD bank account to receive payments. However, opening a bank account in a different country typically requires a local business registration and address, which can be a logistical nightmare for businesses looking to expand quickly.
Even after setting up multiple accounts, repatriating funds to your home currency adds another layer of complexity. Every time you convert revenue back to your domestic account, fluctuating exchange rates and conversion fees can eat into your profits.
The solution:
WorldFirst’s multi-currency account allows businesses to hold and manage funds in 20+ currencies without needing a local bank account or a registered address in each region. This means:
Seamless marketplace integration: Collect payments in your customer’s preferred currency
Access local bank account details: Each currency account is opened in your business’s name, providing a unique bank account number and code for every currency
Flexible currency management: Hold funds in multiple currencies. Use them to make same currency transfers at zero foreign exchange fees or convert them when rates are favorable
- Open 15+ local currency accounts and get paid like a local
- Pay suppliers, partners and staff worldwide in 100+ currencies
- Collect payments for free from 130+ marketplaces and payment gateways, including Amazon, Etsy, PayPal and Shopify
- Save with competitive exchange rates on currency conversions and transfers
- Lock in exchange rates for up to 24 months for cash flow certainty
5. Manually handling payments is costing you time and money
Tracking invoices, reconciling payments, and dealing with cross-border transactions manually can be time-consuming and prone to errors. For businesses dealing with high transaction volumes, manual reconciliation can also introduce risks. A simple data entry mistake or misclassified payment can lead to discrepancies in financial records.
The solution:
WorldFirst’s integration with Xero and NetSuite make it easy to reconcile all your transactions and reduce accounting admin. You can reconcile transactions in 20+ currencies, which in turn makes it easy to track our revenue and manage our budget. Direct integration means your transactions are automatically pulled into the accounting tools and there’s no need to upload any CSV files. That means less hassle and more time.
6. Employee and business spending across multiple currencies is a mess
When your business operates across borders, making payments in multiple currencies isn’t just a supplier issue. It affects your day-to-day expenses, too. Whether it’s your team booking flights for overseas trade shows, paying for SaaS tools, or covering operational costs in local currencies, relying on traditional corporate cards can be inefficient and expensive. Foreign transaction fees, fluctuating exchange rates, and the hassle of tracking receipts across different accounts create unnecessary headaches for finance teams.
The solution
WorldFirst’s multi-currency debit cards simplify global business spending. You can issue virtual cards for your company and employees and make payments in 150+ currencies. When you make transactions in 15 supported currencies, there are no foreign exchange fees (as long as you have sufficient balances). Plus, with real-time expense tracking and custom spending limits, you’ll have full visibility over company spending.
Take control of your global payments with WorldFirst
Managing international payments doesn’t have to be complicated. Whether you’re dealing with fluctuating exchange rates, costly double conversions, or supplier payment delays, the right payment partner can help you cut costs, streamline operations, and scale faster.
With WorldFirst, businesses can:
- Send payments in 40+ currencies across 130+ countries and regions
- Collect and hold funds in 20+ local currency accounts
- Lock in exchange rates for up to 24 months with forward contracts
- Target a specific foreign exchange rate with firm orders so you never miss a great opportunity
- Open a World Account and receive funds at no cost
WorldFirst gives you full control over your global transactions with fast, secure, and reliable international transfers, helping online sellers, SMEs, and global businesses stay competitive in the international market.
Disclaimer: The information contained is general only and largely our views. Before acting on the information you should consider whether it is appropriate for you, in light of your objectives, financial situation or needs. Although information has been obtained from and is based upon multiple sources the author believes to be reliable, we do not guarantee its accuracy and it may be incomplete or condensed. All opinions, estimates, mentioned products/services and referenced material constitute the author’s own judgement as of the date of the briefing and are subject to change without notice. WorldFirst shall not be responsible for any losses or damages arising from your reliance of such information.
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