Selling in Multiple Currencies with Shopify Payments
Multiple Currencies with Shopify Payments: What this Means for E-Commerce Stores
There isn't any question that selling in multiple currencies will affect your business positively. There are many products that are quite universal, and it's amazing to see people around the globe clamoring for the same things such as the latest smartphones or flat-screen TVs. When your business offers multi-currency payment options, then you have no limits as to how many customers you can help. The good news is Shopify offers the ability to sell in multiple currencies.
Forget about exchange rates
One thing that may turn potential customers off is the issue with exchange rates. For instance, they may want your product, but they might have to spend too much more on it in their native currency. This can really take the fun out of shopping. No one wants to pay any extra fees just because they live in a different country.
In a global marketplace, everyone wants to get the same pricing structure for any product. Yet, when you use Shopify's multi-currency option, all your potential clients will be just as ready to buy as they would be shopping at their local stores. Plus, they will appreciate your company's ability to serve them in their local currencies. So, there is less hassle and more shopping taking place.
Buyers get to see the prices displayed in their currencies
Another feature of Shopify's multi-currency program is buyers will only see prices in their native currency. Still, here's the kicker, you'll only see prices in your local currency too. To illustrate, if you're from the U.S., you will see your product's prices labeled in USD. Yet, if you have a potential customer from India, they will see prices displayed in rupees.
You will get a global response
One of many reasons to launch an e-commerce store is for the reach and ease. With a wide variety of tools available online, such as Shopify, you can have your store up and running within a matter of minutes. With that type of capability, why wouldn't you want your store to appeal to as many potential customers as possible?
Your e-commerce store is now relevant in many localities far and beyond your native place of business. Shopify has put in a lot of time to add multi-currency support for product prices, transactions, refunds, listings, and more. All you have to do is ensure you have the latest version of Shopify.
To illustrate, a transaction API will include the currency field for every multi-currency order. Then, all transactions will be presented to the recipient in their local currency. You can also install the Refund API, Order API, Checkout API, and more.
Why sell less when you can sell more? If you have the multi-currency option with Shopify, doesn't it make sense to use it to acquire new and global customers? Plus, you don't have to perform the exchange calculations manually and no longer have to worry about exchange rates. Not to mention, your global customers will be quite happy when your store can cater to their currency needs.