Entering new markets opens up new opportunities for any business; it’s not up for discussion. Still, the process is fraught with certain difficulties and risks. The highest priority task is to tackle thorough market research and explore the local shopping habits. This will definitely help you optimise the efforts and resources and achieve better results. It’s essential to realise that cross-border sales and payment acceptance in customers’ preferred currencies are integral components of a successful business expansion.
We have compiled a quick 3-step guide to give you a hand with processing multicurrency payments.
Step 1. Choosing a multi-currency payment processor
Along with marketing efforts to increase your brand visibility and win over the new audience, you need to gain the backing of a reliable payment partner. Finding a proper payment processor to fulfil your business needs can be the only challenge. It’s not that easy, but a reliable and feature-rich solution can solve almost all the other issues.
Apart from accepting and processing online FX payments, a multi-currency payment processor allows you to display prices and pay in different currencies. While choosing a payment platform for your business, pay attention to the following criteria:
- Compatibility with your location. Usually, payment processors have a list of countries they work with.
- List of supported currencies. Double-check what currencies you plan to process and which ones to use for settling your balances.
- Terms of having a multi-currency merchant account. Sometimes it presumes additional fees.
- Choice of checkout languages. A multilanguage checkout with automatic localisation ceased to be a bonus a long time ago; now, it’s a must. Your foreign customers should be able to see and understand all the payment details.
Step 2. Displaying prices
Listing your prices in local currencies for each market is important. All in all, merchants do everything for their customers’ convenience and satisfaction. Displaying prices in customers’ local currency is one of the pillars of a successful international sales strategy. It’s like being hospitable with your guests. Clients pay attention to the amount in price, but not always to the currency. So any incongruity in these points may cause misconceptions and lead to chargebacks.
Fx payments processing and settlement resemble real jugglery for laypeople. One of the essential parts of this process is called currency conversion. But all the magic happens under the hood. That’s why trying to handle it alone might be a real challenge for businesses. Opting for the help of professionals is much better.
Step 3. Fighting fraud
Unfortunately, cross-border sales are often interrelated with a higher risk of different types of fraud. But it doesn’t mean you shouldn’t expand your business; it’s just a reason for you to pay special attention to certain aspects of global sales. These purchasers’ details can be helpful for fraud prevention: