Multiple Currencies

[Visio]

I'm curious to hear everybodies opinions on this subject, as it's quite a crucial aspect of e-Business.

I see more and more hosting companies by the day offering their services in multiple currencies. Giving the user more of an option is one way of seeing it, but is it overkill, as it all has the same value in the end surely?

What do you think?

[Chicken]

For me personally, I'd much rather shop prices in USD, even if I'm buying something from England. It wouldn't surprise me if others feel the same way (people in the U.S., as well as people in England being more receptive to providers who price in pounds). I would go as far to say that I probably wouldn't buy if that wasn't the case.

[Visio]

It's interesting that you feel this way Chicken.

Thinking about it again, from a marketing point of view it must be good though, right? I mean if this is the case and what you're saying some people enjoy shopping in their own currency.

With the internet being an international market it's a lot more common to have people from countries that visit your site, that don't shop using your currency. This is one advantage.

Any more opinions on the subject?

[wisehosting]

I asked for feedback before launching our new design from clients. A couple did say that we should also have $ prices alongside our UK £.

It's difficult though because depending on the currency rate each day - dollar prices can vary a fair bit - sometimes a few $ for a reseller ac. Most US customers are happy to buy in sterling and have their credit card do the conversion . . obviously I must lose out on some custom though.

I did consider using the euro . . . but didnt do anything about it. . .

[electric]

If the customer wants to buy your services, then it won't matter what currency you offer. They will buy it even if it is in Russian Ruples.

But if your service is not unique and there is no difference between your company/service or another company/service.. then US customers will probably buy from US sellers (US dollars) and UK customers will probably buy from UK sellers (pounds).

If you want to attract both buyers, then offer both currencies if you can.

[asp-hosting.ca]

Offering more currencies might attract more customers. If you can, offer it.

[consul]

Nice topic. Actually, we are contemplating on also offering in GBP and EURO aside from USD. But, we are still in the research stage.

The factors to be considered are transaction charges for the credit card processor. Personally, I have the tendency to offer Euro after an encounter with my aunt who visited us last December. She came from Italy and brought some Euros.

:)

[asp-hosting.ca]

The best thing to do is to offer different currencies for different countries/markets.

[GordonH]

We let people choose to pay the total in various currencies and do the conversion, but they rarely take the option.
We have seperate brands in different countries anyway so most of our US customers woudl be buying from our US service and taking the defualt USD option.

Euros are popular though.

[browsehosts]

Visio,

Look at it this way:

It is best to remove as many obstacles from your customer purchasing from you as possible. If that means offering a payment page in chinese, then that is what you should do. If it means offering their native currency, then that is what you should do. If you have 0 customers, and a desire for 0 customers from china, then don't put chinese currency as an option of payment...get the idea?

[GordonH]

As a side note Paypal now offers several different currencies.


A common obstacle is American Express.
Many hosts do not have Amex merchant accounts for some reason
but Amex members are very loyal to their cards.
I guess that anyone using a payment processor will be able to take Amex, but if you have bank acquired merchant accounts Amex costs money and can be difficult to set up.

[browsehosts]

Gordon,

That is a great example of a possible obstacle to buying that should surely be removed.

[Chicken]

A common obstacle is American Express.
Many hosts do not have Amex merchant accounts for some reason
but Amex members are very loyal to their cards.
From what I remember, Amex used to be nearly double the fees of Visa. I'm not sure if it still is, but that was one reason that many places didn't accept it (that goes for hosts and other non-virtual businesses).

[GordonH]

I pay the same as for VISA as a merchant, but they sting me over $500 a year for my platinum card.......