The retail world has become comparatively smaller. With continued efforts toward globalization, the consumer market has evolved into one compact room. As a result, small, medium, and large businesses aim for overseas clients. Businesses in metropolitan cities have thrown open their doors to foreign clients who regularly walk into their stores.
However, the primary issue in selling to foreign customers is the difference in currencies. It is a hassle for both the retailers and the customers. As a leading growth partner to merchants, we at Innoviti offer the perfect workaround with our software offerings.
Now, an intuitive online payment platform to link customers and retailers with a uniform mode of payment is crucial. This is where Innoviti comes into play. It brings next-gen payment solutions for a hassle-free experience.
What are payment gateways?
An online payment gateway is a medium for accepting payments. It offers a standardized platform for businesses to engage in easy online transactions. Customers can use payment gateways to pay in person during the time of checkout. Here is the detailed process:
- First, the payment gateway checks for sufficient funds in the customer’s account
- If there are available funds, the customer information is then processed.
- Next, the banks of both the customer and the merchant work to ensure the transaction is successful.
- Once done, the gateway approves or denies the transaction according to the response.
What are multi-currency payment gateways?
Multi-currency gateways allow customers to pay in their home currency while abroad. In such a scenario, the customer can accept and withdraw in the same currency without bearing any foreign currency transaction fee.
Multi-currency gateways have been designed in light of the payment preferences of tourists. It’s a no-brainer that the presence of such mediums increases the scope of the consumer market and ease of overall sales.
What is the need for multi-currency payment gateways?
A multi-currency payment gateway relieves businesses of the hassle and cost of foreign currency transaction and conversion fees, which can be as high as 3% and above. With multi-currency payment gateways, businesses can avoid unnecessary costs that eat into their profit margins.
Furthermore, customer experience has gained importance lately. From choosing products to the point of purchase, a smooth user experience is crucial. Multi-currency payment mediums contribute to this experience.
Confidentiality while transferring and receiving funds is another crucial factor. These gateways also help businesses maintain transaction data privacy.
How do multi-currency gateways work?
Multi-currency payment gateways are quite simple in their functioning.
- The businesses or merchants display the prices of products in their billing currencies.
- Customers can pick the mode of payment on the payments page in their preferred language.
- They can also choose the currency they wish to pay in.
- Once the currency is selected, the payment gateway converts the product’s pricing into the chosen currency.
- Businesses can then settle with the payment provider in the billing currency. There’s no need to bear foreign exchange charges.
In this way, multi-currency payment gateways provide the customers and the merchants with a customizable purchasing experience.
Are you looking for a similar platform for your business?
Innoviti offers Dynamic Currency Conversion
Innoviti Technologies is committed to helping businesses overcome obstacles — currency conversion being one. They work seamlessly to help small and large Indian businesses accept overseas payments instantly.
Innoviti offers the relief of currency conversion at the time of payment. With the feature of Dynamic Currency Conversion (DCC), our enterprise merchants are in a position to provide full transparency as the end-customer transacting in foreign currency is aware of the costs involved. Moreover, its solution on UNIPayNext enables Dynamic Currency Conversion, accepts international cards.
Innoviti stands to support Indian merchants, retailers, and enterprises from end-to-end. They create a niche for these businesses by helping them attract more and more customers.
For retailers looking for a sophisticated yet straightforward technological tool to accept payments, Innoviti is the answer.
We have been contributing to the Indian FinTech sector since 2008. Innoviti is serving 25,000 businesses, and the number keeps increasing further. Whether a small business, company, merchant, or retailer is looking to ease its financial transactions for clients, this is the best option to consider.
Innoviti is using technology to create purchase options that drive smart purchase decisions. Check out Innoviti to learn more!