Posted by tina on Nov 18, 2015

 

multicurrency payments

Multicurrency payment processing increases orders from your buyers worldwide. Contact info@paynetsecure.net today.

Growth in Global eCommerce

According to a pymnts.com analysis, the global ecommerce sector is currently worth $1.2 trillion. As domestic markets mature, international markets are becoming increasingly attractive.  There's real opportunity for growth when you target international buyers.

Shoppers world-wide want to feel comfortable buying on your site.  And the easiest way for you to encourage shoppers to order is to display pricing in local currencies.  

Multi-currency processing the simplest way to build trust and encourage orders.  Keep visitors on your site focused on buying.  Rather than being distracted thinking about how much a product will cost in their own currency.  

Multi-currency processing shows the amount of a purchase in the local currency of the buyer.  Customers shop without confustion and concentrate on what to buy, not currency conversion.   

Avoid Shopping Cart Abandonment  

 Global ecommerce comes along with great opportunities, but also with new challenges. One of them is shopping cart abandonment which occurs if the currency being displayed to the customer is different than the local currency familiar to buyers.

While it is easy to focus on the potential of global ecommerce, keep in mind the most basic method of reducing shopping cart abandonment is by implementing multicurrency processing.

One of the most common deal breakers that leads to shopping cart abandonment occurs when the website displays the local currency in the initial stages of the order processing, yet another currency shows up when the customer reaches the payment page.

Adding a currency translator during the payment process may help the customer get a picture of the costs.  But, providing actual multicurrency processing is second to none in terms of conversion and customer satisfaction.

Keep Buyers Focused on Purchasing, Not Converting Currencies

Currency discrepancies generate multiple issues for the buyers.  

Imagine the uncertainty about buying from you if customers cannot quickly see exactly how much the product will cost them in local currency.   Buyers also wonder if there will be additional costs that are not revealed, such as currency exchange rates charged by certain processors.  

The confusion leads to frustration and unwillingness to make a purchase now.  And it's unlikely potential customers will revisit your site in the future either.

Even if customers do buy, the lack of knowledge of what the items actually cost in local currency creates unnecessary issues for you in the future.  Lack of multicurrency processing result in complaints and even chargebacks, particularly if the currency discrepancy means that customers pay more, not less than what was anticipated.  

How Many Currencies Do You Need?  

Based on the information gathered from multiple markets, the minimum number of currencies that should be available on the website in order to achieve moderate success in cross-border ecommerce is six.

PayNetSecure believes that six currencies is too low when it comes to having a truly global customer base. The key to maximize success is to offer processing in the currency of the local buyer, no matter where the buyer is located.  

This is why the payment platform provides merchants the capability to accept no less than 164 currencies with settlements in 25 currencies.

This diversity is facilitated by the vast network of acquiring banks located around to world that you have immediate access to when you establish your merchant account.

As a result, you

  • Obtain more sales through localization of payments
  • Create more income by reducing processing and cross-border fees
  • Simplify operations by streamlining accounting and reconciliation processes

Interested in increasing your global ecommerce sales with multicurrency processing?  

Contact info@paynetsecure.net today