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Get In On the E-Commerce Explosion with Multi-Currency Processing

April 25 2014 | By Pam Mukiama

Get In On the E-Commerce Explosion with Multi-Currency Processing

The number of people who buy goods online is growing at a staggering rate. Global online retail sales topped one trillion dollars for the first time in 2012 and this number has continued to grow since then. According to eMarketer's latest forecasts, worldwide business-to-consumer (B2C) ecommerce sales will increase by 20.1% this year to reach $1.5 trillion.

These numbers make sense when you consider the global adoption of technology, advancements in infrastructure and an increasing trust in online shopping. Consumers around the world are ready and eager to buy online thanks to the variety afforded them, lower prices and overall convenience. Any online retailer hoping to be successful needs to see global expansion as a crucial component for growth and find a way to capture their share of the e-commerce explosion.

The good news is that geographical expansion need not be a daunting experience anymore. Access to burgeoning markets including the UK and Asia Pacific is made easily possible with Multi-Currency Processing.

What is Multi-Currency Processing?

Multi-Currency Processing is the ability to price and bill in over 120 different currencies around the world while still settling in your own currency. Merchants who want to sell their products globally are able to do so without having to set up a physical presence in multiple countries.

Gaining access to foreign markets without the expense of having a physical presence is a cost effective way to grow your business. Online retailers such as LuluLemon are already taking advantage of Multi-Currency Processing to reach a global clientele. You can establish an international presence online and ship to your customers wherever they are. If your website is your passport, Multi-Currency Processing is your visa to more than 120 countries globally.

Multi-Currency Processing allows your customers from different parts of the world to visit your online store and select which country they are in and which currency they wish to purchase in. They get to see your products in prices they are familiar with; increasing the likelihood they will make a purchase. Familiarity eliminates fear and increases buyer confidence.

Multi-currency processing also helps to reduce chargebacks. When your customers receive their credit card statements, there are no surprises as far as charges go. What was displayed on your website corresponds with what is on the statement and there is no ambiguity or confusion. Chargebacks can be expensive and can negatively affect a merchant's account so finding ways to avoid them is always a plus.

Gain market share, increase conversions and reduce chargebacks with Multi-Currency Processing.

To learn more about Multi-Currency Processing and discuss your global aspirations please contact us.

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