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If just thinking about selling to international customers scares you, know that you’re not alone. Words like “exchange rates,” “foreign currency,” and “conversion fees” can sound complex. You may worry about any risks, too. But the truth is that accepting foreign money is simpler than you realize, and safer, for small and larger businesses.
Why Accept Multiple Currencies?
A major reason to do so is to appeal to the many customers who prefer paying in their own currency. Shoppers are more likely to make the purchase when prices are displayed in their local currency. When your business automatically handles currency conversion, you reduce any doubts shoppers have that could lead to abandoned carts. Customers see exactly what they will pay, and there’s no worry about conversion fees.
Multi-Currency Platforms Simplify the Process
Previously, international sales meant you had to open several bank accounts or manually track exchange rates. However, the latest payment systems do the complicated parts for you. For example, a multi-currency payment processing solution allows customers to pay in their local currency while you receive money in the currency your business prefers. There’s no having to manage conversions yourself, and it happens automatically behind the scenes.
Avoid Exchange Rate Fluctuations
You might avoid foreign money because of changing exchange rates. But using a dependable multi-currency payment tool reduces the risk of losing money due to fluctuating rates. That happens by locking in exchange rates at checkout, handling conversations in real-time, and providing clear pricing. That enables you to focus on growing your business rather than worrying about swinging currency rates.
Expand the Markets You Can Reach
Another benefit of accepting multiple currencies is that it enables you to reach customers around the world. That can create more sales opportunities and greater revenue. Beyond that, it also makes your business better able to bounce back from local market ups and downs, as if one market slows, another one can thrive.
About the Customer Experience
Currency conversion involves more than just numbers. It also affects customers’ views on your brand. Did you know that consumers are more likely to trust businesses that display prices clearly in their currency? Also, transparent fees can reduce complaints and abandoned shopping cards, leading you to receive more orders.
Conclusion
Foreign money doesn’t need to intimidate you. Instead, it’s an opportunity. With the right tools, your business can get customers worldwide, rather than being limited to the local community. That enables your company to expand without adding stress to your day. A reputable multi-currency platform makes that easier than ever, so you can focus on growing your business.
Now that you’re accepting foreign money, your long-term business approach likely needs updating too. For instance, you might try certain marketing strategies in the most profitable locations this year. Or, you might decide to expand somewhere new based on the international sales you’ve gotten so far. You may also use foreign revenue to help fund a new product line, something you weren’t able to do before. There’s a lot ahead to look forward to!