Why sell in multiple currencies?
- localise your currencies to encourage additional sales
- localise your payment methods to give your customers what they expect
What can we do for you?
- Build a robust administration system that deals with the fluctuation in exchange rates
- Set up the payment systems that your overseas customer will expect
- Set single currency (converted) tracking to allow accurate reporting of conversions to help manage your adword spend
Managing exchange ratesWe have various ways of creating the exchange rates from live feeds to manual input. We normally have a master currency and other currencies use the exchange rate We have created many tax systems to ensure the correct level of tax is applied to sales We have many systems that after applying the exchange rate and the tax create rounded pricing and recalculate the tax so that the prices display in the expected manner.
Localising your currency displaySetting up a robust currency system is not as obvious as you might expect:
Decimal places are not consistent. We assume everyone has pounds and pence, but for example Sweden has Krona but there isn't an equivalent of pence.
Even Euros are displayed differently in different countries:
France : 44,50 €
Germany: 44.50 €
Ireland: € 44.00
Displaying your prices in a non local format will show you to be just that - non-local and could result in lost revenue.
Payment gateways.In the UK we are quite happy to put our credit card number into a website but this isn't a Europe wide concept
Localising your payment methods can make a huge difference to sales. Payment by bank transfer and other systems like Multibanco in Portugal or Sveawebpay in Sweden are the expected norm in those countries and not offering these could radically reduce sales.
Taking payments in one currency and transferring them to another can result in some large fees, these need to be accounted for within the price of the product so your conversion rate system needs to allow for an additional margin to be added.
Tracking sales in your master currencyOne other real bonus of having a built in currency conversion engine is that it allows you to track and report all of your sales into Analytics in your primary currency. This allows you to very easily see your sales and relate them to traffic sources especially of you are using Adwords and need to track a realistic return of investment.