Foreign currency merchant account

Processing multi-currency payments explained.

Accepting credit card payment in foreign currency

The Retail Research Organization expect ecommerce sales in Europe to increase by 15.6% between 2015 and 2017. There is no doubt that this is expected to increase year on year, not just in Europe alone, but worldwide. Having a foreign currency merchant account, can increase customer base and therefore profits. Here we look at everything you need to know when searching for the best multi-currency merchant service facility for your business.

Face to face foreign currency payments

Accepting credit card payments in different types of currency is straight forward, lots of acquiring banks offer this service. The key element to processing multi-currency payments is to have a bank account which accepts said currency, more often than not in the country which the currency is commonly used.

 

Processing face to face multi-currency payments can prove beneficial on many levels, not only does it make merchants more accessible to a wider range of customers but it can also have financial benefits. Some acquiring banks offer currency merchant accounts which issue cash back on every foreign transaction processed, this can be as much as 1%

FIND OUT MORE HERE

Multi-currency online payment gateway

When it comes to accepting payments from further afield online, things get a little more complicated. If you sell within the UK you will require a national merchant account, however if you wish to sell beyond the UK you require an international merchant account. This will enable your business to accept payments in more than one type of currency.  When accepting multi-currency, you will need to decide what currency you would like to receive your settlement payments in, this is normally established prior to application with the gateway and account provider.

How much will a multi-currency merchant account cost?

Processing foreign currency payments isn’t as expensive as you might think. Depending on your transaction history rates can be as little as 2%. However, if you are a start-up wishing to use a foreign currency payment gateway and account costs can be slightly higher in the early months, until you can prove good transaction history and turnover.

SPEAK TO AN ADVISOR

How can Merchant Advice Service help with multiple currency payment gateway’s and accounts?

Our experts are UK based, however understand that successful businesses trade worldwide. Our advisors have experience in multi-currency merchant accounts and gateways from Australia to the USA to India and beyond, specialising in processing card payments of large monthly amounts. We’re confident we can find a solution to suit your business needs now and in the future, processing much more than just local currency payments!

CALL US

Make a quick enquiry

Speak to us directly and get any questions you have answered. Submit your details and we’ll be in touch shortly.

Agree

Tick this box to allow Merchant Advice Service and partnering firms to contact you in relation to your enquiry and associated services. Note we do not use pre-ticked boxes or any other type of default consent. We may use the data on this form to to pass you onto an advisor who suits your specific needs. You may withdraw your consent at any given time.

We will keep record of your data and consent granted to us. Your consent will be reviewed on a five yearly basis to ensure that our relationship and the purpose of the data have not changed.

We act on requests to withdraw the information we hold on you as soon as we can.

For further information please refer to our full terms and conditions HERE.

Make a quick enquiry

Speak to us directly and get any questions you have answered. Submit your details and we’ll be in touch shortly.

Agree

Tick this box to allow Merchant Advice Service and partnering firms to contact you in relation to your enquiry and associated services. Note we do not use pre-ticked boxes or any other type of default consent. We may use the data on this form to to pass you onto an advisor who suits your specific needs. You may withdraw your consent at any given time.

We will keep record of your data and consent granted to us. Your consent will be reviewed on a five yearly basis to ensure that our relationship and the purpose of the data have not changed.

We act on requests to withdraw the information we hold on you as soon as we can.

For further information please refer to our full terms and conditions HERE.

By continuing to use the site, you agree to our use of cookies. more information

The cookie settings on this website are set to "allow cookies" to give you the best browsing experience possible. If you continue to use this website without changing your cookie settings or you click "Accept" below then you are consenting to this.

Close