Foreign currency merchant account

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Libby James
Merchant Services Expert

Libby James is co-founder, director and an expert in all things merchant services. Libby is the go-to specialist for business with more complex requirements or businesses that are struggling to find a provider that will accept them. Libby is regularly cited in trade, national and international media.

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%


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.


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!

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Libby James

Libby James Co-founded Merchant Advice Service alongside David Bird in 2016. Her finance background, coupled with retail and customer service experience, gave Libby the drive to bring transparency and non-biased advice to the world of merchant services. Having come from the heavily regulated mortgage and insurance industry, Libby found it puzzling that other financial sectors lacked regulation and transparency leaving customers confused and unable to make informed decisions when it came to accepting card payments. This was soon to become Libby’s obsession!

With the help of some of the industry’s best, Libby began to research acquiring banks, complex terminology/regulation, and the problems customers experience within merchant services and payment gateway markets. She spent years on sourcing solutions for complex clients, which previously others were unable to assist with. Libby established relationships with brokers and banks which would soon form the cornerstone of Merchant Advice Service. As a result Libby has been featured in high-profile publications across the web.

Libby is proud to be the entrepreneur’s champion, supporting start-up businesses regularly. Her industry insights can often be found on LinkedIn where she provides free of charge advice and money saving pointers. It’s safe to say she has her finger on the pulse of everything card payments related.

Libby speaks of her experience in founding and running Merchant Advice Service…

‘Merchant Advice Service is one of my greatest achievements to date. We help business owners to overcome card processing issues which can become detrimental to their business. We assist SME’s in finding suitable card payments solutions, helping them create their vision. Each and every day is different, exciting and fore filling. As technology advances I can’t wait to see the way in which the merchant services market advances, and I’m pleased that our business will play a part in educating company owners along the way.’

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