How Shopify payments help retailers sell and get paid in different currency? Huong Vu October 12, 2023

How Shopify payments help retailers sell and get paid in different currency?

How Shopify payments help retailers sell and get paid in different currency?

Up until the point of going global, Shopify was a powerful e-commerce platform that supported merchants in growing their businesses. Suddenly, obstacles start appearing for the traders. It is impossible to scale a single Shopify store to offer its products internationally. 

Options are limited, costly currency fluctuations are a possibility, and conversion fees apply. Because of this, many global firms choose a multi-store design, setting up distinct Shopify instances for every market. Compared to a single shop, this option allows retailers to have more localization flexibility nonetheless, it is not ideal because it results in data duplication, difficult store administration, and greater infrastructure expenses.

About selling internationally with Shopify

Brands that have developed a devoted following in their native nation have access to the markets and resources necessary to establish a presence abroad. Currently, Shopify powers the e-commerce websites of over 2 million businesses.

A single currency conversion Shopify store

From a site administration standpoint, using a single store and utilizing the multi-currency functionality of Shopify Payments is the simplest approach to expanding internationally with Shopify. With this choice, business owners can decide on a base currency for their store and establish prices in a foreign market’s local currency. 

Shopify changes the order amount from the local currency of the market to the base currency of the shop when a customer puts in an order. Shopify applies the current exchange rate and adds a currency conversion cost to the regular Shopify Payments processing fee before charging merchants.

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A separate Shopify store for each currency

With all the restrictions associated with operating numerous Shopify stores, companies and agencies frequently choose a different strategy instead. They clone their main store and set up individual Shopify instances for each market, each of which is hosted on a distinct URL (Uniform Resource Locator).

Due to the growing popularity of this workaround among retailers, Shopify Plus now offers nine expansion stores for globalization under a single account.

How do Shopify payments help retailers?

Simplified growth

With Shopify Payments, it’s now quicker and simpler than ever to increase your reach and adopt a “global-first” mentality. Furthermore, multi-currency enables the adaptability you need to make decisions and swiftly alter them as the characteristics of certain international markets change on a currency-by-currency basis.

With Shopify Payments, you can quickly enter new foreign markets while only selecting the currencies you want to sell in. Alter your thoughts, or discover a new chance? No issue. Due to market fluctuations, you can effortlessly add or remove currencies with Shopify Payments’ multi-currency solution.

Localized experiences

No matter where your business is based, you can now provide customers with a more personalized experience. You can use the robust built-in geolocation functionality to display customers’ local currency prices based on current, rounded international exchange rates.

Integration

With an integrated solution taking care of your storefront, checkout, orders, goods, reports, apps, and more, scaling globally has never been simpler.

Shopify’s multi-currency checkout offers a consistent experience from product creation to payout reconciliation, so you can continue selling abroad with confidence.Contact us to learn more about Shopify payments that help retailers sell and get paid in different currencies,

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