Shopify Payments – New Feature to Automate Currency Conversion

Shopify merchants who use Shopify Payments now have a new feature to allow them to sell products in foreign currencies around the globe, but then are paid in their local currency.

The feature is now available to all Shopify merchants who have Shopify Payments enabled.

“For any merchant looking to scale their business, having global reach is key. It can be hard to navigate foreign currencies and exchange rates, especially for small business owners. That’s exactly why we created this new way to easily offer your customers a localized buying experience, without any currency exchange expertise required. This means you get paid in your local currency, tied to the bank account you already use with Shopify.”

Shopify Blog

Cross-Border Sales

Offering products in a local currency may increase conversion rates on cross-border sales.

The key to improve conversion rates is offering simplicity and transparency.

If customers in other countries see the selling price in their local currency, they know exactly what they will be paying.

A recent study of UK shoppers found that 34 percent of all UK shoppers purchased items from outside the UK.

READ MORE: Report Says 34% of UK Shoppers Regularly Buy From Abroad

Cross-border sales are a tremendous opportunity for many sellers and any feature that may help to improve the conversion rate to turn browsers into buyers is a huge benefit.

We love to hear your thoughts on this story. Please use the comments section below or head over to our Facebook Group for Small Business Sellers and interact with other small business owners.

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