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6 biggest global payment challenges for retailers, importers and online sellers

Last update: April 3, 2025

Contents

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.

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 NZD and then back to USD for supplier payments.

This means you incur two transaction fees:

When converting USD earnings to NZD
When converting NZD 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

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.

Based in Sydney, Jim is responsible for the WorldFirst business across Australia and New Zealand. He brings with him over 25 years of experience helping Business Owners, CFO’s and Treasury Managers overcome the challenges with cross border payments and navigating volatile foreign exchange markets.

Jim Vrondas

Author

Country Manager ANZ at WorldFirst

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6 biggest global payment challenges for retailers, importers and online sellers

1. Unnecessary currency conversion fees are cutting into your profits

The solution:

2. Extra sourcing fees are making imports more expensive

The solution:

3. Supplier relationships are suffering due to payment delays

The solution:

4. Collecting marketplace payments in multiple currencies is becoming a nightmare

The solution:

5. Manually handling payments is costing you time and money

The solution:

6. Employee and business spending across multiple currencies is a mess

Take control of your global payments with WorldFirst

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The simpler way to pay and get paid

Save money, time, and have peace of mind when expanding your global business.