Multi Currency Encourages Mores Sales
By: Chris | Posted: 26th July 2007
The world is quickly becoming one giant marketplace. It certainly makes sense for merchants that sell worldwide to provide multi-currency payment processing for international buyers.
It’s a simple concept really. When a buyer goes to a merchant site, the price is displayed in the currency of the location of the buyer. The consumer knows exactly how much a product will cost in local currency which eliminates the mental gymnastics of converting one currency into another.
Simply having a currency converter on a site doesn’t do the trick. A buyer who is distracted thinking about what the goods will cost in local currency loses concentration on the ultimate goal of any merchant. The goal, of course, is having the consumer buy the products on the merchant’s site.
When the buyer receives the monthly credit card statement, the amount of the purchase is displayed in local currency, reflecting the amount of the original purchase. There is less likelihood that a consumer examining a credit card statement will question the purchase.
Consumers buying in local currency develop a sense of comfort and security about shopping on the merchant’s site. The merchant is perceived as more localized, which encourages buyer’s trust. Of course, trusting customers that feel safe will buy. And the probability is that the customer will spend more money on a first purchase. And will return more often to buy more in the future.
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Tags: money, likelihood, shopping, probability, consumers, merchants, payment processing, currency converter, concentration, credit card statement