One of the most obvious benefits of an eCommerce store is that location doesn't really matter; a customer from Australia can buy products from a business in the United Kingdom and have no idea their order is coming from thousands of miles away.
But one of the last remaining barriers to a truly global marketplace is differing currencies. When shoppers see prices that aren't in their own currency, it's difficult for them to understand the true cost of products — and this might even scare them away.
Luckily, Bold Multi-Currency has the solution to this currency conundrum.
Why use Bold Multi-Currency?
Buying in a foreign currency can be a major turn-off for international buyers.
Often, credit card networks and payment gateways charge a conversion fee to the buyer, conversion rates can fluctuate quickly, or worse, customers will have convert prices themselves, adding another unnecessary step to the whole buying process.
Luckily, you can use Bold Multi-Currency to create a local experience in hundreds of countries by automatically displaying prices in customers' own currency.
This puts shoppers at ease and can boost conversions since they won't have to manually calculate what the charge on their credit card will end up being.
How it works
When a customer visits your store, Multi-Currency automatically determines their location using their IP address.
A "currency picker" also loads on the page so that the customer can choose a different currency if they want (perhaps they have a credit card in a different country, or their actual location can't be detected).
The customer will see prices displayed using the currency they have selected. You can choose to generate these prices using up-to-the-hour conversion rates, or at a rate that you choose.
The prices will appear in the chosen currency everywhere on the storefront so customers don't have to leave your online store to convert costs themselves.
The customer will still, however, check out in your store's default currency, so the actual price charged to their credit card might be slightly different than what they see on the storefront. If you want to allow them to check out in their own currency as well, read on!
Completing the checkout process in foreign currencies
If your store uses Bold Cashier, you can allow customers to check out in the currency of their choice.
This has the added benefit of avoiding expensive credit card conversion fees, which can come as a surprise to international buyers and turn them off from future orders.
Giving customers the ability to check out in their native currency can help you to expand to international markets much easier.
Up next, we'll cover how to get started selling with multiple currencies on Shopify.
Setting up multiple currencies
The first step is to set-up your default and accepted currencies from within the app, selecting which currencies your store will accept.
In general, we recommend using Shopify's reports feature (or another tool, such as Google Analytics) to look for the countries that visit your store the most and include them on the list.
Adding too many options can sometimes make it difficult for customers to find the right selection when they're picking a currency (if they aren't able to be geolocated for some reason).
You can add a currency using the button on the home screen. Just search for your currency and select it to add it to the list of available options.
Learn more about setting up multiple currencies here.
If you're using Cashier, you'll be able to choose the gateway that will process payments for the currency.
Many gateways can either accept and deposit payments in the customer's currency, or automatically convert the currency they're given to your home currency after the customer has paid. If the gateway is set to "Display Only," customers won't be able to pay in that denomination, but the app will still convert and display prices on the storefront.
Exchange rates can either be set automated or manual using the options on the Settings page. If you're using automatic rates, you can set up rate padding (so that a little extra is built in for bank charges/fees on your end).
You can even set up rounding rules, so that prices look more natural to international customers. For example, if the actual conversion winds up appearing as $12.42, you can set the app to round up or down to the nearest dollar.
Give your store a global presence
Selling to international customers is one of the biggest opportunities available to online stores, but it's not without its own set of challenges. Use Bold Multi-Currency to help bridge those borders and increase your customer base by putting foreign shoppers at ease. Even better, the app is completely free. Set it and forget it today!
Does your store sell internationally? Let us know what you've learned along the way in the comments section below!