5 Benefits Of Having Multi Currency Payment Option On Your Multi Vendor Marketplace

Did you know that cross-border services will help the ecommerce market reach $627 billion by 2022? (Source: Forrester)

Ecommerce marketplace is gaining huge profitability across the globe and giving the opportunity to many businesses to thrive in the online market.

We already know that Amazon is one of the biggest multi vendor marketplace platforms in the world. While the online businesses are hitting the peak of the online world, it opens the door to all the new and developing brands to grow their business-like Amazon. 

If you also wish to launch a global online marketplace or expand your business beyond borders, you face many challenges like transaction costs, foreign exchange volatility, customer satisfaction, supplier relations, and many more.

And combating all these challenges gets easier when you have a multi currency payment feature on your multi vendor marketplace platform. When you allow your customers to pay in their native currency, it is more likely to gain them as loyal customers.

Why add multi currency payments on your online marketplace

Let’s explore the top 5 benefits of multi currency payment options on your multi vendor marketplace

1. Reach global markets by selling in native currency

Every business looks forward to improved business growth and increasing the customer base. Well, you can achieve both by understanding the preferences of customers in context to the overall buying and selling process. While selling globally can increase your customer base, it is important to keep a close check on the must-have global features on your platform. Like, multi currency payment support is a must-have to sell in global markets. 

StoreHippo helps your multi vendor marketplace to go global with unlimited currency support. Now, your enterprise business can easily reach new geographies as you allow customers to purchase in their native currency.

2. Faster checkouts with customer’s preferred currency

Customer experience is one of the most important factors to survive in the competitive   ecommerce industry. As most of the customers prefer to find products easily, place orders quickly, and make payments online, they expect the same experience while buying globally. They prefer to do it all online even for international payments. 

With the go-global features of StoreHippo, you can enable faster checkouts, offer improved customer experiences, and better customer satisfaction. The global features allow your customers to view prices in their native currency, pay online for orders, get invoices and receive refunds in local currency. When customers get everything according to their preferences, they are more likely to visit your site again and again, which generates repeat business for your online store.

3. Adapt pricing based on geography

Another interesting benefit of having a multi currency online marketplace is the ability to display different prices based on geography. For example, if you run an international store in the USA and sell a product for USD 10. Now, if you choose to sell the same product in a different country to widen your customer base, you would choose to sell that product in 30 CAD because you know that prices in Canada are higher for the specific product category. 

This helps you to display different prices on multiple stores and leverage the localization benefits. With StoreHippo, you can easily implement this kind of geography-based pricing and allow you to do it all with the inbuilt features and tools.

4. Ensure customer loyalty by avoiding transaction costs and extra charges

Using multi-currency helps you to retain customers for a longer time as they feel satisfied about making payments seamlessly. When you go global, there are different types of currency conversion and transaction charges that can be avoided with the state-of-the-art features of ecommerce platforms. By avoiding these additional charges, you can offer better prices to customers while earning increased business margins.

Like, StoreHippo helps you to be very transparent about your pricing while fostering repeat sales. The inbuilt multi currency solution helps you to accept payments in any currency of your choice and ensure that they come back to your store in future.

5. Boost your brand value

Last but not the least, having a multi currency option on your online stores helps boost your brand value across the industry. Most of the customers prefer to shop from a trustworthy website, it is highly important to ensure secure and native currency payment options. Allowing the customers to personalize their user experience through payment modes and currency is a great way of showing them you think big. It enhances the trust factor for customers. And they feel that your website is legitimate and a strong brand because it offers payment in multiple currencies.

Why is StoreHippo the best ecommerce platform to build your multi currency online marketplace?

No surprises, selling globally provides you with great opportunities and growth. However, you will need the best-in-class ecommerce platform that is equipped with the go global features. Apart from having the right tools and features, the platform should also be easy to use. The platform should make your life easy and help you handle your international business without any hassles.

StoreHippo is a one-stop platform for all your global business needs. We know the importance of multi currency features and introduce the top global features to help your multi vendor marketplace grow worldwide. Some of the unique features offered by StoreHippo are:

• Automated currency rates - It updates the currency rates automatically on a daily basis to save your time of checking and updating the currency rates manually

• Unlimited currency support - Reach new markets without thinking about currency support hassles. StoreHippo offers complete freedom to users to buy products in their local currency

• Location-based currency switch - The platform provides IP based auto-switches that can detect currencies as well as locations

• Store-based currency support - StoreHippo provides the flexibility to set specific currencies on sub-stores and allows customers to choose their preferred currency

• Full-fledged template support - StoreHippo offers a full-fledged multi currency online marketplace solution without any additional plug-in or app requirements. It provides inbuilt support for all types of currencies

• Switch between auto/manual conversions - StoreHippo ensures that you have complete control over currency conversions with manual overrides. It allows customers to select their preferred currency manually

• Automatic conversion at payment level - With StoreHippo, you can get complete payment support for any chosen currency. For example, if a payment gateway supports limited currency, you can easily convert the transaction to the desired format and bill the customer accordingly

What’s more? It comes ready with international payment gateways to cater to maximum international customers. With StoreHippo, you get an inbuilt multi currency invoicing feature to automate the whole process of payment, invoicing, and reconciliation for your global business. The solution is designed to help you to convert more buyers into loyal customers by providing their preferred currencies on your multi vendor marketplace. Don’t wait to check out global business features by starting your 14-day free online trial  store today.