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Currency Exchange Calculations

Accepting currencies greatly increase conversions for global ecommerce solutions
Translating Currency Value in Real-time

Exchanging Currencies in ecommerce

There are Three Steps to take before accepting foreign currencies on your ecommerce storefront or marketplace:

  • Step 1
    A multi-currency merchant account needs to be established through a bank or service that offers merchant accounts for global businesses
  • Step 2
    A global ecommerce company must establish an integration to a payment gateway that accepts international currencies
  • Step 3
    The ecommerce platform (like Clarity ecommerce) or cart must support multiple currency transactions
Integrating Exchange Rate Conversion APIs

Calculating Exchange Rates on International ecommerce

The protocols involved in establishing mult-currency conversions are not easy, but with the help of a multi-currency ecommerce integration, this is made possible. For customers, their preferred currency of their country of residence must be shown to them in real time during the checkout process. This reduces confusion and purchase friction during your ecommerce checkout process.

Furthermore, local payments gives your ecommerce website the chance to offer international customers a familiar payment method. Unfamiliar payment methods can increase suspicion and become a barrier to sale for many customers. "In Germany, for example, wire transfers are the most important local payment method," explained Vodnik. "Whereas in Japan, the Konbini payment method is a popular alternative, representing nearly 40% of some of our clients Japanese transactions." Source: Forbes

On the business operations side, a currency integration streamlines the international payments acceptance process. A multi-currency integrate ecommerce solution also insulates your company from losses stemming from fluctuating currency values, which can change suddenly and unpredictably.

Seeing an unfamiliar currency on an ecommerce site is confusing to a lot of people and can lead to the abandonment of online shopping carts. To decrease ecommerce friction and cart abandonment, set prices in every relevant local currency. Craig Vodnik, VP of Operations at Cleverbridge
Clarity International Currency Development

Adding Real-time Currency Conversion to Your Site

Translating currencies in real-time both to inform the user and facilitate an instantaneous exchange of currencies at current market value can pay massive dividends for a global ecommerce company. A currency integration will increase sales conversions and your bottom line. We know this because we've designed hundreds of custom currency integrations for ecommerce platforms, including our own, that never fail to produce the same result: more international ecommerce revenue.

If you're thinking about expanding your enterprise ecommerce business globally or need a currency integration for your international ecommerce platform, give Clarity a call today for a free consultation!

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