What is a Multi-Currency Merchant Account?
A multi-currency merchant account is the most valuable tool that you can begin using, to open your business up to international markets. It is an e-commerce card processing account, that can accept currencies from overseas countries. For example, if you are based in the USA, one of our multi-currency accounts can allow you to accept such currencies as Canadian dollars and the Euro.
Which Countries Shop Overseas?
Today, a huge portion of the world’s population shops overseas. North American and European markets make up the majority of these, as well as those of China, Japan, and India respectively. However, today, there are examples of online overseas purchases coming from every country on every continent, and that trend is only set to increase as time goes on.
Things You Should Find Out
So, when you begin taking your first steps into the world of international retail, you should make sure that you are finding out all of the important pieces of information available. You need to understand the needs, habits, and demands of your shoppers and where they are located. At the same time, you want to make sure that you have a multi-currency account that is going to work in your interests, such as the one that we can provide to you. At 5 Star Processing, we recommend to all of our readers to find out the following details as much as possible:
- Buyer Locations
- Shopper Habits and Expectations
- Most Popular Currencies
- Settlement Currencies
- Merchant Account Fees
One of the most important things that you can include in your multi-currency e-commerce site is a tailored currency display. Even if you can accept payments from international cards, if your website doesn’t show this it can harm your sales. Your customers want to have an easy experience when making a purchase through you and that means that you need to make sure that each of your accepted currencies is shown. For that, you need to take the steps to include international currency merchant account support to your website, too.
Managing International Fraud
International fraud is a very real concern for anybody with a multi-currency merchant account. While many are aware of these risks, many people are getting set up with a multi-currency account for the first time might not be. That is why it is important to do your research and find out the kinds of risks that you could be exposed to.
At 5 Star Processing, we want to help each of our clients and readers recognize things to be cautious of. So, make sure that you are aware of the following things:
- Suspect Buyer Countries (Most Commonly African and Asian), Identified Using IP Addresses
- Strange Email Accounts (Anomalous Names and Domains)
- Conflicting Order and Payment Addresses
- Suspect Ordering Times (Typically Late Nights and Early Morning Hours)
- Other Suspicious Purchase Patterns
Importance of a Strategy
All in all, before you begin to confront the world of multi-currency e-commerce, you should always make sure that you are prepared with a plan. Take our advice and review as many other sources as possible, so that you can give yourself the greatest chances of safe, sustainable success.