If you have a company or business which collects multiple foreign currencies in terms of payments against your services, you need to set up a multi currency processing platform. While setting up a multi currency processing platform, you need to keep in mind factors like costing, settlement currencies, interchange fees, cross border fees and FX considerations.
Before facilitating a multi currency transaction system for your online business, you need to consider if you need to set up this platform or not. Mastercard and Visa have assured that these cards can be used anywhere in the world to make payments and the same goes for India. Foreign customers can make payments using The bank of these customers will issue and handle all foreign currency related and exchange rate concerns.
You can set up a multi currency transaction platform for your online business to help customers with their payment options. To encourage sales, reduce disputes and gain trustworthiness of your client’s currency exchange platform can play a pivotal role.
Setting up a multi currency platform helps a business
There are three aspects where setting up a multi currency exchange platform will help your business grow. These are:
● Marketing
In order to gain trust, you must focus on delivering value to your customers. This sole reason can take you ahead of your competitors. You also need to remove any discrepancies, fears and offer more to gain the client’s trust. Creating a system of payment gateway in India for your website will help you gain more trust and deliver value to promote your business at the same time. Converting prospects to sales is one of the major challenges a business has to face, and setting up a currency exchange platform for smoothing down the payment process will help you convert your prospects to sales.
● Commercial
Multi currency facilitation has its commercial advantages too, especially with the cost saving option. Although cost efficiency is not easy to achieve and it also has a complicated structure nevertheless it is obtainable.
● Administrative
Each business has its unique challenges. There is evidence of multiple incidents where setting up a multi currency platform created administrative advantages over businesses. For example, your production and raw materials are bought in foreign currencies and you are selling your product and services in local currency. This creates an FX risk in your business (maintaining profit margin becomes hard in the course of currency buoyancy). Again, there are some administrative advantages that are universal in nature. Suppose you are selling a product of US 100 dollars to an Indian customer and he pays through a credit card. For some reason, the customer returns the product, so now the customer will get a refund and the refunded amount should be the same but if any chance the currency rate drops, the refunded amount will become less which in turn will make the customer severely unsatisfied. A good way to avoid this problem is to charge the customer in their local currency. So setting up a multi currency transaction system would be a great option.
Setting up multi currency processing in India
You can set up a multi currency processing system using payment gateway in India. You need to consider and explore some points like:
- Your business location
- Location of your clients
- Required payment types of different countries
- List of settlement currencies
- List of processing currencies
- Minimal customer dissatisfaction
- Minimal rejection of a transaction
- Commercial concerns address
With worldwide networking and advancement in technology marketing and business are also reaching a new height every day. Multi currency processing platform will help you and your business reach more customers around the globe.
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