Having a multi-currency merchant account can be a very easy way to increase the sales for business from the international buyers. The Multiple Currency Merchant Account or Multi-Currency Merchant Account allows a merchant to display the prices of products and services in a different currency. This means the buyers can choose the product from the list and make the payment as per their currency. This also helps Merchants to increase revenue.
It is very much required to have a multi-currency merchant account to accept the payment as the world is becoming a single marketplace. In order to sell products and services to global buyers, US sites are on the top till now. We at Merchant Stronghold offers the Merchant Accounts for your businesses as well as the 24/7 services. In case of any issues or queries related to the account setup or another technical glitch, you can visit us at merchantstronghold.com
BENEFITS OF MULTIPLE CURRENCIES MERCHANT ACCOUNT
Merchant:-
Increase In Sales: As a Merchant, if you display the prices in different currency then it helps in increasing the sales globally.
Higher Conversion Rate: While shopping from a website a buyer does not need to focus on converting the price into local currency. The only focus should be on buying product or services and making payment in their local currency. Using Multiple Currency Account gives you a higher conversion rate of shoppers to buyers.
Reduced Chargebacks: Transparency in currency makes it easier for the buyers to make a purchase, which in turn reduces the chargebacks. Also, a reduction in other service queries from the buyers, as Merchant showcases that they care about the buyer’s shopping experience.
Enhanced Buyer’s Trust: As the buyer becomes more comfortable buying any product or services in their local currency. So this builds the buyer’s trust or enhances their loyalty towards the merchant.
Reduction In Expenses: Using Multiple Currency Merchant Account reduces the processing fees or expenses. Also, lowers the foreign exchange risk.
Competitive Advantages: Multiple Currency Merchant Account gives you the provision of being top of the competitors as well as, makes your customers visit again and purchase more from your site.
For Customers:
Better Experience: Prices displayed in the local currency gives the buyers a good shopping experience. It also offers them more familiarity.
No Extra Fee: Buyers can pay in their local currency with no surprise factor at the end. They can avoid the currency exchange fees by paying in their local currency.
Well Informed: If buyers are well informed then they will be confident enough to buy more from the site. This will eventually increase the number of sales and revenue.
No Transaction Fee: If buyers are paying in their local currency then there will be no foreign transaction fees on their final statement of the purchase.
We have mentioned the benefits of having a Multiple Currency Merchant Account above. In case of any other queries visit us at app.merchantstronghold.com for better assistance.
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