ECommerce provides opportunities for your business to reach far beyond your local area. How far, though, depends on the tools you use. In today's world, you can take payments from—and send products and services to—customers who live and work anywhere in the world. To fully leverage this, you need to be able to take payments from other countries. Setting your website and payment processing up to function in multiple currencies can help you push your sales to the next level.
Cast a Wider Net
The most obvious advantage of accepting multiple currencies comes with the openness to more customers. In an online world, the only limits on your potential customer base are self-imposed. If you market to more customers and use a system that allows them to buy from you, you can grow exponentially more than you could with a local operation.
Here, you need to strike a balance between the opportunity of reaching more customers and the extent of your appeal to those customers. Consider whether a product or service has value, or may even be offensive in certain countries or cultures. Still, today's payment processing and pricing platforms can manage multiple currency options efficiently, so the benefit comes with relatively little additional cost. Extending your reach, done thoughtfully, provides tremendous growth potential for your company.
Transparency Lowers Your Risks
One aspect of multi-currency pricing that your customers will love is the ability to understand what they are paying. If your eCommerce platform shows pricing in the currency used by your customers, it creates a transparent experience for that transaction. A U.S. dollar, for example, is worth over 100 yen. A customer in Japan who sees a price of $200, without thinking about conversion rates and different currencies, might see an incredible bargain, only to be shocked when the funds leave his or her account.
For your business, another concern with a lack of pricing transparency is a higher risk of chargebacks. You want to avoid problems that can raise your fees or put your processing at risk; pricing transparency for all customers helps you avoid that situation. Laying your prices out clearly online gives you a distinct advantage by protecting both you and your international customers.
Managing Your Growth
Like every decision, your adoption of multi-currency pricing should come with thought and planning. You need the infrastructure in place to manage your growth and keep up with customer demand. This constitutes the proverbial good problem to have: It is an issue, but one most businesses are happy to embrace. With little downside to be found, giving multi-currency pricing and processing for your eCommerce gives you the opportunity to grow quickly.