If you sell globally, then pricing locally removes payment friction and helps boost revenue.
To succeed in business, you’ve got to speak your customer’s language. In some cases, this means literally with local language versions of your website and customer service available in your customers’ time zone. Yet localisation doesn’t stop there.
Pricing goods and services in local currencies is critical. Particularly when it comes to impersonal, online sales. Customers want to know how much goods cost before they buy. But if you present prices in an unfamiliar currency, it immediately puts up a barrier.
Customers may have to leave your website to work out the price in their own currency, which is a hassle. It’s also an extra step — an unwelcome interruption. If the customer gets distracted, finds a better offer or decides not to return to complete the purchase, this may cost you the sale.
If you sell globally, then pricing locally removes payment friction. Which helps maximise conversion and minimise cart abandonment.
Localised pricing also means that you can take account of the local cost of living. And price competitively against other local sellers, which helps turn more browsers into buyers.
What’s more, localised pricing can help improve where your website appears in Google and local search engine rankings. Authorisation requests in the card currency are also more likely to be successful.
Multi-currency from PXP
Anyone who’s spent any time around payments will tell you: simple can be harder than complex. Simplicity on the customer-facing front end often means complexity on the back end. Local or multi-currency pricing can quickly become a headache.
PXP Financial’s multi-currency management solution does all the heavy lifting, so you don’t have to. We support around xx currencies, so you can make customers feel at home whenever and wherever they shop online with you. We’ll take care of the rest.
This means you can price in your customer’s currency and get paid in your chosen currency. We’ll help you set up the currency pairs to avoid multiple currency hops. This will also help you manage mark-ups and FX fluctuations when pricing and selling globally.
You can choose the bank account or accounts where funds are settled. And because we offer a many-into-one proposition, we operate to a single statement and settlement date. Reports are available in real-time for a holistic view of your business — all on a single contract. Simple.
Want to know more?
To request a free 30-minute consultation on improving conversion in your business, email firstname.lastname@example.org or complete your details on the contact form below.