| Discussion Forum: Thread 330424 |
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| | | Author: | Lakeshore_BAM  | | Posted: | Nov 23, 2022 08:05 | | Subject: | Multiple Accepted Currencies or Not | | Viewed: | 106 times | | Topic: | Currency | |
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| Hi, I reside in the USA and recently started a BL store and am accepting international
orders from several countries. This post is mainly geared towards other sellers
who do the same.
I currently have it listed that I accept USD, Canadian dollar, Australian dollar,
and euro.
#1: should I try to list all the main currencies from the dozen or so countries
I sell to and add those to my accepted currencies section?
#2: should I only accept USD? I ask because I know that just accepting US dollars
eliminates the need for me to pay the Paypal conversion fee, but also, does that
seem to block out a substantial % of potential buyers from my non-US customers
(in your experience), Or do non-US customers tend to be able to pay in USD with
relative ease.
I accept PayPal onsite payments only.
I realize that I have to make the final decision but I'd appreciate any input.
Thank you very much!
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| | | | | Author: | Emporiosa | | Posted: | Nov 23, 2022 08:12 | | Subject: | Re: Multiple Accepted Currencies or Not | | Viewed: | 58 times | | Topic: | Currency | |
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| In Currency, Lakeshore_BAM writes:
| | Hi, I reside in the USA and recently started a BL store and am accepting international
orders from several countries. This post is mainly geared towards other sellers
who do the same.
I currently have it listed that I accept USD, Canadian dollar, Australian dollar,
and euro.
#1: should I try to list all the main currencies from the dozen or so countries
I sell to and add those to my accepted currencies section?
#2: should I only accept USD? I ask because I know that just accepting US dollars
eliminates the need for me to pay the Paypal conversion fee, but also, does that
seem to block out a substantial % of potential buyers from my non-US customers
(in your experience), Or do non-US customers tend to be able to pay in USD with
relative ease.
I accept PayPal onsite payments only.
I realize that I have to make the final decision but I'd appreciate any input.
Thank you very much!
|
It's usually a matter of preference, and you touched on it (the fees portion).
Do you wish your international buyers to cover the conversion fee, where it converts
from their currency to USD. Or do you wish to cover on their behalf by accepting
a wider range of currencies? Savvy buyers may opt for stores that accept their
currency to save on that, so of course, offering a wider variety may cater to
more.
What you could also do is if you find yourself buying from sellers in Canada
or Europe for example, is accept their currencies so you can keep it in your
PayPal account and then use those currencies directly when buying stores that
accept it (and then no conversion has to happen). A lot of sellers in Canada
for example accept USD because they shop from US stores a lot, so it's not
a big loss (if at all).
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| | | | | | | Author: | Lakeshore_BAM | | Posted: | Nov 23, 2022 08:39 | | Subject: | Re: Multiple Accepted Currencies or Not | | Viewed: | 38 times | | Topic: | Currency | |
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| In Currency, Emporiosa writes:
| | In Currency, Lakeshore_BAM writes:
| | Hi, I reside in the USA and recently started a BL store and am accepting international
orders from several countries. This post is mainly geared towards other sellers
who do the same.
I currently have it listed that I accept USD, Canadian dollar, Australian dollar,
and euro.
#1: should I try to list all the main currencies from the dozen or so countries
I sell to and add those to my accepted currencies section?
#2: should I only accept USD? I ask because I know that just accepting US dollars
eliminates the need for me to pay the Paypal conversion fee, but also, does that
seem to block out a substantial % of potential buyers from my non-US customers
(in your experience), Or do non-US customers tend to be able to pay in USD with
relative ease.
I accept PayPal onsite payments only.
I realize that I have to make the final decision but I'd appreciate any input.
Thank you very much!
|
It's usually a matter of preference, and you touched on it (the fees portion).
Do you wish your international buyers to cover the conversion fee, where it converts
from their currency to USD. Or do you wish to cover on their behalf by accepting
a wider range of currencies? Savvy buyers may opt for stores that accept their
currency to save on that, so of course, offering a wider variety may cater to
more.
What you could also do is if you find yourself buying from sellers in Canada
or Europe for example, is accept their currencies so you can keep it in your
PayPal account and then use those currencies directly when buying stores that
accept it (and then no conversion has to happen). A lot of sellers in Canada
for example accept USD because they shop from US stores a lot, so it's not
a big loss (if at all).
|
Emporiosa,
Thanks for your detailed response!
I think I'll just change my settings to only accept USD so I won't need
to eat conversion fees with international buyers that don't use USD. My store
is still brand new so I don't think it'll cause an uproar 
I assume PayPal would then automatically convert their currency to USD before
I get the money in my PayPal account?
Do you find it necessary to explicitly state in my store terms that the buyer
is responsible for PayPal conversion fees when not using USD since I will only
accept USD or do buyers tend to already expect that type of thing when using
a non-accepted store currency?
Thanks again.
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| | | | | | | | | Author: | Lakeshore_BAM | | Posted: | Nov 23, 2022 08:48 | | Subject: | Re: Multiple Accepted Currencies or Not | | Viewed: | 44 times | | Topic: | Currency | |
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| In Currency, Lakeshore_BAM writes:
| | In Currency, Emporiosa writes:
| | In Currency, Lakeshore_BAM writes:
| | Hi, I reside in the USA and recently started a BL store and am accepting international
orders from several countries. This post is mainly geared towards other sellers
who do the same.
I currently have it listed that I accept USD, Canadian dollar, Australian dollar,
and euro.
#1: should I try to list all the main currencies from the dozen or so countries
I sell to and add those to my accepted currencies section?
#2: should I only accept USD? I ask because I know that just accepting US dollars
eliminates the need for me to pay the Paypal conversion fee, but also, does that
seem to block out a substantial % of potential buyers from my non-US customers
(in your experience), Or do non-US customers tend to be able to pay in USD with
relative ease.
I accept PayPal onsite payments only.
I realize that I have to make the final decision but I'd appreciate any input.
Thank you very much!
|
It's usually a matter of preference, and you touched on it (the fees portion).
Do you wish your international buyers to cover the conversion fee, where it converts
from their currency to USD. Or do you wish to cover on their behalf by accepting
a wider range of currencies? Savvy buyers may opt for stores that accept their
currency to save on that, so of course, offering a wider variety may cater to
more.
What you could also do is if you find yourself buying from sellers in Canada
or Europe for example, is accept their currencies so you can keep it in your
PayPal account and then use those currencies directly when buying stores that
accept it (and then no conversion has to happen). A lot of sellers in Canada
for example accept USD because they shop from US stores a lot, so it's not
a big loss (if at all).
|
Emporiosa,
Thanks for your detailed response!
I think I'll just change my settings to only accept USD so I won't need
to eat conversion fees with international buyers that don't use USD. My store
is still brand new so I don't think it'll cause an uproar
I assume PayPal would then automatically convert their currency to USD before
I get the money in my PayPal account?
Do you find it necessary to explicitly state in my store terms that the buyer
is responsible for PayPal conversion fees when not using USD since I will only
accept USD or do buyers tend to already expect that type of thing when using
a non-accepted store currency?
Thanks again.
|
I found the answer to this question of mine with a quick Google search:
I assume PayPal would then automatically convert their currency to USD before
I get the money in my PayPal account?
YES
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| | | | | Author: | 1001bricks | | Posted: | Nov 23, 2022 11:49 | | Subject: | Re: Multiple Accepted Currencies or Not | | Viewed: | 34 times | | Topic: | Currency | |
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| | | #1: should I try to list all the main currencies from the dozen or so countries
I sell to and add those to my accepted currencies section?
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Simple: you'll lose more in fees, but do you prefer 90% or 0% of an hypothetic
international order?
That's the idea.
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| | | | | Author: | yorbrick | | Posted: | Nov 23, 2022 12:33 | | Subject: | Re: Multiple Accepted Currencies or Not | | Viewed: | 41 times | | Topic: | Currency | |
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| In your situation I would also take only USD payments.
As a UK buyer, I rarely buy abroad due to shipping costs. If I do need to buy
abroad then chances are it is either a very good deal or I cannot get it here.
I am not going to be too bothered that I need to pay in USD and pay the extra
percentage in conversion fees. I'm not going to refuse to buy as they don't
take my currency.
Fortunately, I have a decent credit card anyway that charge mastercard rates,
so I can pay the total in USD (or whatever) direct from my card through paypal
and get charged a more favourable rate than buying using a GBP balance and converting
it to USD.
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| | | | | Author: | hiltontegan226 | | Posted: | Nov 23, 2022 13:16 | | Subject: | Re: Multiple Accepted Currencies or Not | | Viewed: | 51 times | | Topic: | Currency | |
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| | I think you should work just with US dollars, so it will be much easier to you. |
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USA, Michigan
Canada, Ontario
France, Provence-Alpes-Côte d'Azur
United Kingdom, England
Ukraine, Kyiv