As international communication continues to become easier through platforms such as WhatsApp, Skype, facetime, instant messaging, Instagram and Facebook to name a few; businesses must take into consideration broadening their scope to incorporate international markets as well. As the rise of online shoppers increase each year, and more and more businesses are moving towards an online presence that is optimized for tablet or mobile, those businesses that have not yet begun the transition from brick and mortar to online are becoming further and further behind.
As the online shopping experience continues to grow, and travelling is becoming increasingly easier and cost effective, accepting international currencies at your place of business will provide you with the reach to break into overseas markets and garner the attention of potential customers, which your business may have been unable to do before.
Not only will accepting international currencies grow your business, but it will also provide you with customer loyalty for those overseas markets that you target. Whether it is through an online store, or through a location such as a hotel, international customers appreciate being shown and charged for the products or services that they purchase in their home currency. The following 3 tips will show how accepting international currencies at your business will not only grow your business but drive revenue as well.
1. Customer Loyalty
Whether you have an online store or a business that accepts international currencies, providing a clear bill in that customers home currency makes the transaction very straight forward, and allows for no surprises on their credit card statement. When an international customer knows that a transaction is being done in their home currency, in a safe and secure manner, and exactly what they pay with their credit card is what shows up on their credit card statement, that customer will always look to your business when travelling or shopping online. This simple process may seem like something that would not make a huge different in a customers loyalty, however, the most at ease you can make an international customer, the easier the transaction is, and making sure everything is clear will provide comfort to the customer, ensuring their return.
2. Reduce chargebacks
When international customers receive their credit card statements at the end of the month, they international purchases do not always match up with their credit card purchases while they were away, or purchases they made online. With a proper merchant services program that allows you to accept international currencies, your customers will never have to worry about matching their receipts to their credit card statements reducing the risk of costly chargebacks that your business will incur. Credit card chargebacks come directly out of your bottom line, and more often than not, your business is on the hook for the total amount of the purchase price, as well as chargeback related fees from your merchant services provider. When international customers know that they will be able to match their receipt to their credit card statement, your international customers will be comfortable and happy doing business with you, and will keep your money in your pocket.
3. Expanding Your Business
When it comes to expanding your business, having an online presence and accepting international currencies is a great start. Not only will your business be able to break into over seas markets, but you will be able to promote your business directly to the market that you will to cater to. Also, depending on the market that you wish to break into, you will be able to price your products according to what the market will hold, giving you more opportunity for cost effective pricing, and a great way to manage fluctuating currency rates.
When looking to expand your business, accepting international currencies is a great way to break into over seas markets, build customer loyalty, reduce costly chargebacks and manage currency exchange rates. Discuss with a trust merchant services provider today.