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