{"id":37,"date":"2014-11-30T12:00:00","date_gmt":"2014-11-30T12:00:00","guid":{"rendered":"https:\/\/blog.enbecom.net\/?p=37"},"modified":"2023-06-04T15:28:45","modified_gmt":"2023-06-04T14:28:45","slug":"managing-multiple-currencies-things-to-consider","status":"publish","type":"post","link":"https:\/\/www.enbecom.net\/blog\/2014\/11\/30\/managing-multiple-currencies-things-to-consider\/","title":{"rendered":"Managing multiple currencies &#8211; considerations"},"content":{"rendered":"<div class=\"field field-name-body field-type-text-with-summary field-label-hidden\">\n<div class=\"field-items\">\n<div class=\"field-item even\">\n<p>The UK provides great opportunities for trading, but virtually the whole world could be available to you as an online business.<\/p>\n<p>If you&#8217;re thinking of selling abroad, one of the most important things you need to think about is working with multiple currencies.&nbsp; Many customers will want to pay in their own currency, but how do you manage all this?&nbsp; By thinking and working smartly, it could be easier than you might think.<\/p>\n<p>Here&#8217;s some things to think about:<\/p>\n<ul>\n<li><strong>Does your e-commerce software support multiple currencies?<\/strong>&nbsp; Your software may support multiple currencies out of the box, but there may be add-on modules that you need to install.&nbsp; Will these modules affect other modules?&nbsp; Is there a cost to adapt your software to work with more than one currency?&nbsp;<\/li>\n<li><strong>Does your payment processing provider support all of the currencies you want to work with?<\/strong>&nbsp; Make sure that you can accept payments in these currencies and look out for any additional costs involved, including costs for converting the money back into your home currency.&nbsp;<\/li>\n<li><strong>Will your e-commerce site pass currency information on to your payment provider?<\/strong>&nbsp; It&#8217;s important to check this.&nbsp; What you wouldn&#8217;t want is the sale amount being passed on, but not the currency!&nbsp;<\/li>\n<li><strong>What&#8217;s your base currency?<\/strong> You need to choose a base currency (usually your home currency) from which all the other prices on your website will be worked out.&nbsp;<\/li>\n<li><strong>Is it easy for customers to choose the currency they want to buy in?<\/strong>&nbsp; Is it really clear to customers how they can change their currency?&nbsp; Will the change in prices be consistent right across your site?&nbsp;<\/li>\n<li><strong>Is the checkout process still smooth for customers?<\/strong>&nbsp; Make sure everything works together and carry out test transactions from start to finish.&nbsp; Try to cover every eventuality, for example: what happens if a customer adds the first item to their basket in pounds and the second item in euros?&nbsp;<\/li>\n<li><strong>How will you keep your currency conversion up to date so customers pay the right price?<\/strong>&nbsp; Exchange rates fluctuate constantly during every trading day &#8211; over the course of a day you can sometimes see big jumps.&nbsp; The difference could be significant for your business.&nbsp; Left unchecked, an incorrect exchange rate could be the difference between making a profit and taking a loss on a sale.&nbsp; Make sure you keep your exchange rates up to date behind the scenes, so that customers are always shown the right price in all the currencies you accept.&nbsp; This is time-consuming, but necessary.&nbsp; We recently implemented a fantastic system where every night, the currency exchange rates on an e-commerce site were automatically updated using official central bank rates.&nbsp; The business owner doesn&#8217;t need to do a thing.&nbsp;<\/li>\n<li><strong>Be careful when mixing language, currency and location options.<\/strong>&nbsp; There are tools available to auto-detect the customer&#8217;s location and browser language.&nbsp; By all means use these where it provides a better experience, but don&#8217;t assume that because someone is in a particular country that they speak a particular language or want to use a particular currency.&nbsp; With the global society that we now have, everyone&#8217;s needs are different, so provide the best customer experience by respecting their preferences, either through automated means or through the customer making their choice on your site.<\/li>\n<\/ul>\n<p>There are lots of other things to think about when trading internationally, not least shipping, customer service, language matters, VAT and other taxes, importing\/exporting procedures and more, but for many, the returns and other benefits far outweigh the administrative implications.&nbsp; But we&#8217;re not lawyers or tax advisors!&nbsp; So do take a look at Government websites or speak to independent advisors about these issues.<\/p>\n<p>Hopefully the tips in this article will help you expand your horizons and trade in multiple currencies with confidence.&nbsp; For more information on how we can help you build an e-commerce solution with the power to trade internationally, or upgrade your existing website, <a href=\"https:\/\/www.enbecom.net\/contact\">please get in touch<\/a>.<\/p>\n<\/div>\n<\/div>\n<\/div>\n","protected":false},"excerpt":{"rendered":"<p>The UK provides great opportunities for trading, but virtually the whole world could be available to you as an online business. If you&#8217;re thinking of selling abroad, one of the most important things you need to think about is working with multiple currencies.&nbsp; Many customers will want to pay in their own currency, but how&hellip; <a class=\"more-link\" href=\"https:\/\/www.enbecom.net\/blog\/2014\/11\/30\/managing-multiple-currencies-things-to-consider\/\">Continue reading <span class=\"screen-reader-text\">Managing multiple currencies &#8211; considerations<\/span><\/a><\/p>\n","protected":false},"author":2,"featured_media":98,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[3],"tags":[],"class_list":["post-37","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-entrepreneur-tips","entry"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v26.6 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Managing multiple currencies - considerations - Enbecom Blog<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.enbecom.net\/blog\/2014\/11\/30\/managing-multiple-currencies-things-to-consider\/\" \/>\n<meta property=\"og:locale\" content=\"en_GB\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Managing multiple currencies - considerations - Enbecom Blog\" \/>\n<meta property=\"og:description\" content=\"The UK provides great opportunities for trading, but virtually the whole world could be available to you as an online business. 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