What’s Multi-Currency Support?

Multi-currency support means that shoppers can pay for your products or services using the currency they are already comfortable using. Typically, shoppers in other nations are forced to pay entirely in USD or Euros instead of the currency of their country of residence. This experience can be jarring for many online shoppers and may even discourage them from completing their transaction.

Luckily, there are ecommerce solutions working to eliminate this experience and protect your bottom line by offering shoppers an array of payment options to choose from. PineSucceed, for example, enables shoppers to pay in a variety of currencies, including USD, Australian Dollar, Canadian Dollar, Swiss Franc, Danish Krone, Euro, Great British Pound, Hong Kong Dollar, Japanese Yen, New Zealand Dollar, Swedish Krona, and Singapore Dollar.

Exchange Rates & Pricing

Retailers typically add a percentage markup to the cost of producing or purchasing a product. This pricing is often based on a retailer’s local currency, which means each time a buyer purchases the product using a different currency, the transaction amount is determined by real-time currency exchange rates.

Because exchange rates for fiat currencies fluctuate constantly, this exchange rate can work in favor of the retailer or the buyer, depending on the timing of the purchase. The result is an inconsistent profit margin, sometimes even a loss.

Bottom Line

These considerations haven’t deterred retailers. In fact, 32% of sampled retailers are using multiple currencies in their day-to-day operations—six different currencies on average.1

With the growing popularity of crypto currencies like Bitcoin, Ethereum and Ripple, cross-border currency lines could start to blur, and these headaches may someday be a problem of the past. Some major ecommerce sites, like Overstock.com, Microsoft and Expedia, have already begun accepting Bitcoin payments. However, because cryptocurrency payments are still largely nascent, with low consumer adoption for mainstream purchasing due to lack of knowledge and uncertainty, we are far from a fully electronic global monetary system.

Consumers are expected to spend $2.9 trillion on cross-border ecommerce by 2022. In other words, retailers that aren’t leveraging multiple currencies today should consider it while keeping some of these complexities in mind. Start thinking beyond your home town, your home state, your home country. If you aren’t, your competitors surely are.

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