Traditionally, merchants in the U.S. accept USD, but if a merchant has a global market, it can accept other currencies if the processor allows it. We work with merchants regarding their jurisdiction and target market to ensure they are accepting the right currencies. The most popular currencies are USD, EUR, GBP, CAD, AUD and SEK.
Many of our providers offer the settlement currencies of your home country so you do not incur FX fees at settlement. This can save you thousands in the long run, so be sure to inquire to what settlement currency the processor is offering.
As for processing currency, many merchants accept multiple currencies and that’s great news for customers around the world. This is because they won’t see a currency conversion on their credit card statements. For instance, you live in the U.S. and buy something from a UK-based website that processes in GBP. You may see two different things on your credit card statement:
- The final price in your shopping cart may differ from the price on your credit card statement. This is because your card-issuing bank has performed the conversion for you and thus the price may differ by a few dollars
- Your card-issuing bank may charge you a forging transaction fee for purchasing on a website outside of your home country. This has nothing to do with the merchant that sells the product but rather who your card issuer is. Some card issuers waive forging transaction fees altogether.
Having the ability to accept multiple currencies provides the merchant with a host of benefits. For online operations in particular, multiple currency options can transform a national business into a truly global enterprise, making customers around the world easily able to order with confidence. If customers are forced to make a purchase in a foreign currency, they will be less sure of how much exactly they are spending — in fact, payment in a foreign currency often leads customers to question the purchase after the fact and to initiate a chargeback. Increased chargebacks, in turn, jeopardize the company’s ability to maintain a merchant account. In addition, giving customers the ability to make purchases in their native currency builds loyalty and encourages repeat orders: A local currency gives your business a local feel and signals to customers that you have a long-term, genuine interest in staying engaged with the local market.
Gaining the ability to accept foreign currencies may seem complicated in terms of currency conversion rates and transaction reporting, but there are two pieces of good news: First, Performance Card Service works with you every step of the way to make sure your implementation is smooth and you understand all the ins and outs; second, the fees for multiple currency transactions are much more reasonable than most people think. Most of the time a single currency is sufficient; sometimes you need two or three; some merchants require as many as possible. Whatever solution works best for you, multiple currencies is a terrific payment solution to help your business enjoy dynamic growth.