When you choose to accept payments in multiple currencies, you and your customers immediately begin to realize the benefits. Even so, getting to that point can be a daunting task if you have never sold your products and services on the international market before. The good news is that with the right payment processor and some solid research, you can quickly get up to speed on everything you need to know to successfully sell abroad in shoppers’ monetary denominations of choice.

Advantages of accepting multiple currencies.

Whether they live stateside or reside overseas, customers with recognized credit cards such as Mastercard and Visa can simply input their payment information into your shopping cart software at the time of purchase. Why then would they need or want to complete the transaction in any other way? 

For one thing, they might end up paying more in fees. But that’s not all. The reality is that people do business with sellers they trust. A relationship can break down in many ways: if a seller is brusque or unhelpful, if their website is difficult to navigate, or if the payment experience is complex or difficult to understand. Someone familiar with Euros will most likely not automatically know how to convert them to U.S. dollars. Upon seeing that your site does not offer prices they can recognize and immediately figure into their budget, the buyer just might click away in favor of a seller who offers multi-currency conversion. 

Cart abandonment like this is something you should do your best to keep to a minimum. Another such business bugaboo is the dreaded chargeback, a funds reversal that happens when a customer goes directly to their credit card company to dispute a charge and request their money back. In the international payments arena, many chargebacks are caused by confusion stemming from currency conversion difficulties once the customer’s credit card bill arrives. Although you will never totally eliminate chargebacks, allowing people to pay in their local currency can go a long way toward reducing misunderstandings and keeping disputes to a minimum.

Best ways to accept international payments.

Now that you are hopefully beginning to grasp the upsides found in letting your international customers pay using their currency of choice, you are probably wondering how to go about setting up your systems. There are several ways to get started quickly and affordably.

• PayPal. On the surface, PayPal may seem like the best and easiest option to incorporate into your business. However, it is expensive (poor exchange rates, a $25 monthly fee for online payments, and a per-transaction charge for small businesses). Furthermore, the company tends to freeze accounts seemingly for no reason, combined with notoriously bad customer service that makes resolving the situation protracted, frustrating, and complicated. Until the situation is resolved, merchants have no access to their funds, leading to cash flow bottlenecks.
• Other online payment gateways. Although PayPal is the most well-known, numerous competitors offer similar advantages, often at a lower cost and with superior customer support. Regardless of which one you choose, you will find these payment gateways to be easy-to-use while also giving you quick access to your funds. Additionally, fees are percentage-based, generally with a per-transaction cost and no exchange rate or conversion costs. Supported features usually include easy integration with third-party apps and services, access to multiple payment choices such as foreign currencies, subscription options, and recurring billing capabilities.
• Cryptocurrencies. Although Bitcoin is the one with the highest name recognition, there are numerous types of digital currencies. This relatively new way to pay for goods and services is preferred by a small but growing number of loyal fans throughout the world. To accept crypto, however, you must first create a digital wallet such as Coinjar that both you and your client agree to use. Once you do, you will be able to receive the digital coins and convert them to your local currency. Since you do not need to utilize the services of any banks to make the transaction, costs are lower with cryptocurrency. Additionally, exchange rates are often better. On the minus side, however, Bitcoin and other crypto options are volatile; their exchange rates can wildly fluctuate, which means that you might end up with less in your bank account than you had anticipated.
• Multi-currency account. One of the most popular of these international payment processing options is Wise, an online bank account that provides you with the invaluable benefit of having a “local” presence in several countries where you might want to do business, including Australia, and the UK, Canada, and the Eurozone. Thanks to this benefit, you can receive local currencies faster, more conveniently, and with better exchange rates. When you choose to go with a multi-currency account, you will be entrusting your payments to an institution that is reliable and well-regulated. Opening one is fast and easy, and you always get the interbank or “real” rate for all transfers and conversions. Regardless of where your customers live or what currencies they use, these accounts allow you to receive their payments. Often, you can find an account provider with no setup fees or monthly charges, and you never have to pay to receive payments.

Entering the international marketplace is an exciting and effective way to expand your footprint and offer your products and services to an entirely new population of interested customers. Although gaining their trust may be more difficult because of geographical and cultural differences, one extremely positive step you can take is to accept payments in your shoppers’ native currencies. Doing so enhances your transparency, removing potential confusion and reducing the likelihood of unanticipated charges. Although there are many ways to launch your business abroad, opening a multi-currency account will provide you with a reputable, affordable, and fast solution that you and your foreign customers can count on, both now and for years to come.