Is Your Business Ready to Accept Multiple Currencies Online?

OlufisayoJanuary 26, 20210746 views

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One of the best things about the internet is that it can connect you, and your business, with people thousands of miles away, as easily as if they were just down the road.

This means that your pool of potential customers increases exponentially, however, it’s not without its difficulties.

Specifically, accepting multiple currencies online, so we’ve created this easy guide to accepting multiple currencies on your website – click the link for further information.

Accepting other currencies

You may wonder why accepting payments in other currencies is necessary when Visa or Mastercard transactions can do this automatically, however, the issue with this is that there involves an extra layer of calculating exchange rates and working out any potential mark up fees.

Often there will come some discrepancies from this and with pricing disputes come chargebacks and unhappy customers who won’t return. By offering your customers the ability to see exactly how much your product is going to cost them in their native currency, you are providing them with the best service. This transparency will make it a much easier and more pleasant experience for all parties.

Issues that may come with international payment processing

It’s not quite as simple as just accepting these payments, as your accounting system needs to be set up to process these, and create reports that convert the various currencies into one local currency. There is also the added complication of following the specific regulations of each country to ensure you are adhering to all laws.

Every country is so different that this can be quite difficult and may require a little more manpower than it may have done when you were only operating with one currency. It’s also important to be constantly evaluating the currencies as their worth will regularly fluctuate over time.

It can feel really daunting to look at the infrastructure needed to be able to accept these multi-currency payments, but at the same time, once they are set up, you will see the monetary benefits and it will certainly be worth it in the long term.

By investing in a system like Inovio.com to handle your international payments, you can make the whole process easier as they update the exchange rate daily so that you don’t have to worry about it.

You’ll also be able to set pricing in any currency, but receive the deposits to your business in USD so you can see clearly how much money you’re bringing in without having to manually exchange this all into one currency.

So, if your business is not yet ready to accept multi-currency payments, it’s time to start looking into it as you can see the benefits, not only to your bottom line but also as a reputational aspect.

Your customers, or potential customers, overseas will be able to see easily how much buying from you is going to cost them, with no nasty surprises for them, and therefore no chargebacks and bad reviews for you. Everyone wins.

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