Multi-Currency Merchant Account & Payment Processing
- Nathan Beck
Multi-Currency Merchant Account With Durango Merchant Services
Durango Merchant Services has the tools to make your life easier when you’re selling globally. Our multi-currency merchant accounts let you accept payments in nearly any currency in the world, so your customers can make purchases with ease. Being able to purchase products in multiple currencies means a smoother, more familiar checkout experience for your customers, no matter where they are. Plus, you can manage all your international sales through just one account, cutting down on the hassle and expense of juggling multiple bank accounts in different countries. We hope this service allows you to focus more on growing your business and less on the complexities of global payments.
What is A Multi-Currency Merchant Account?
Who is Durango Merchant Services?
What Sets Durango Merchant Services Apart from the Rest?
- Deep understanding of the high-risk sector
- Robust network of banking relationships
- State-of-the-art payment processing software
- Customer specific consulting to help get approval
- Omni-channel payment support
- Recurring billing capabilities
- 24-48 Hour Payouts
- Focusing on the growth and stability of our clients
- Personal account manager with 10+ years of experience
- eCheck Processing through ACH
- Solid reputation in the payment industry
- Ten's of thousands of merchants placed
- Premium service for the high-risk sector
- Multi-Currency Capable Payment Gateway
Is A Multi-Currency Merchant Account Specialized?
Yes, a multi-currency merchant account is a specialized type of merchant account. It’s designed for businesses in nearly any industry that operate internationally and need to accept payments in different currencies. This type of account goes beyond standard payment processing by allowing businesses to manage multiple currencies through a single multi-currency merchant account. It helps streamline operations by reducing the need for multiple accounts and simplifies the accounting process, making it much easier to track sales and manage finances across different countries and currencies. Additionally, a multi-currency merchant account can provide competitive exchange rates and reduce the fees associated with currency conversion, making it a valuable tool for businesses looking to expand their global reach and enhance the customer experience for international buyers.
Both domestic and international multi-currency credit card processing companies are subject to the Payment Card Industry Data Security Standard (PCI-DSS), a set of regulations that establish standards for the protection of customers’ financial information. Our solution is PCI Level 1 certified, the highest available level of PCI certification, which reflects the investment and effort made by us and our partners to protecting your customer data.
Enhance Global Sales With A Multi-Currency Payment Gateway Supporting Various Card Types and 15 Languages
How Does Multi-Currency Merchant Account Facilitate International Growth?
Our Multi-Currency Merchant Account Offers Daily Exchange Rate Updates for Secure International Transactions
Our Multi-Currency Merchant Account Offers Daily Exchange Rate Updates for Secure International Transactions
Your merchant account will convert the customer’s payment to your own domestic currency before depositing the funds into your checking account, calculated with an exchange rate that is updated daily and which you can easily view through your multi-currency merchant account provider’s website. The exchange rate is guaranteed for 24 hours, so as long as you settle each transaction within 24 hours of authorization, you know exactly how much each sale will earn. You have two choices for setting prices in foreign currencies: the “Controlled” multi-currency feature allows you to fix a set price in the foreign currency, so that international customers will always see the same price on your website, and the payment you receive in US dollars will fluctuate with the varying exchange rate; the “Variable” multi-currency feature enables you to fix a price in US dollars, and the displayed price on your website will update based on daily changes to the foreign exchange rates (the former option is usually preferred).
Boost Global Customer Loyalty with Multi-Currency Payment Processing
Several common foreign currencies are available for multi-currency processing, including the Canadian Dollar, the Australian Dollar, the UK Pound Sterling, the Japanese Yen, and the Euro. If other currencies are important to your business, you should inform your multi-currency merchant account provider, as new currencies are added based on merchant demand. Allowing international customers to shop using their own currency makes your product much more accessible to them, greatly reducing the likelihood that they will merely browse and move on. It also increases customer loyalty, because your international customers know that their shopping experience with you will be easy, accessible, and predictable.
Simplify Global Transactions with an Integrated Multi-Currency Payment Gateway and Comprehensive Support
List of Payment Methods and Currencies
Just a Few Of The Available Currencies
- US Dollar
- Euro
- Indian Rupee
- Japanese Yen
- Canadian Dollar
- Pound Sterling
- Australian Dollar
- Chinese Renminbi
- And Dozens More.....
Some Payment Methods Allowed
- Visa
- Mastercard
- Discover
- American Express
- JCB
- Diners Club
- Paypal
- Apple Pay
- And Many More......
How Does Multi-Currency Payment Processing Work?
Multi-currency payment processing lets your business accept payments in different currencies, making things way easier for your international customers. Here’s how it typically rolls out:
- Currency Display: When customers shop on your site, they can see prices in their own currency, either because your system guesses their location or lets them pick the currency they prefer. This helps your international clientele maintain clarity on how much they’re paying.
- Transaction Processing: When a customer hits the ‘pay’ button, the payment processor handles the transaction in whatever currency the customer used. This goes through international banking networks or big card networks like Visa or Mastercard.
- Currency Conversion: If the customer’s currency isn’t the one you usually bank in, the payment processor converts the money at the going exchange rate, usually tacking on a small fee for doing the math and, paying the exchange fee.
- Settlement: After the money is converted, it lands in your merchant account in your home currency. Some processors let you keep money in different currencies if that’s something you need for paying out expenses or other reasons.
- Management Tools: The payment processor isn’t just about handling money—they give you tools to keep track of everything. You can see real-time exchange rates, set prices in multiple currencies, and get detailed reports on who’s buying what and in what currency.
This setup is designed to make international sales as hassle-free as possible, taking care of the nitty-gritty details so both you and your customers have a smooth experience with minimal surprises.
What are Some Challenges in Multi-Currency Payment Processing?
Challenge 1: Managing Currency Conversion Rates in a Multi-Currency Merchant Account
Opportunity - Dynamic Currency Conversion (DCC)
Dynamic Currency Conversion (DCC) is a financial service offered at the point of sale, allowing international customers to see and pay for their purchases in their own currency rather than the currency of the country where the purchase is made. This is facilitated by an electronic payment network which calculates the exchange rate at the time of purchase. DCC benefits businesses and customers by providing transparency in transactions; customers appreciate knowing exactly how much they will be charged in their home currency, eliminating any surprises from fluctuating exchange rates post-transaction. For businesses, DCC can lead to higher customer satisfaction and potentially higher revenues, as customers might be more inclined to complete purchases when they understand the costs in their own currency. Additionally, businesses can earn additional revenue from the small markup often added to the exchange rate in a DCC transaction.
Challenge 2: Regulatory Compliance In Multi-Currency Payments
Each country has its own regulations governing financial transactions, including anti-money laundering (AML) rules and data protection laws. Compliance with these varied regulations can be complex and resource-intensive.
Opportunity
At Durango Merchant Services, we understand the complexities that come with adhering to international regulatory standards, including Anti-Money Laundering (AML) rules and data protection laws, especially when handling multi-currency transactions. To help our merchants manage these challenges, we offer automated compliance checks that verify customer identities, screen against global sanctions lists, and monitor transactions for unusual patterns. Our systems are designed to keep you compliant without you needing to manually intervene in each transaction, ensuring that your operations adhere to necessary AML requirements efficiently.
Furthermore, we prioritize data security to help you comply with strict data protection laws. Our payment processing solutions include robust encryption and security measures that protect sensitive customer information during transmission and storage. We also keep you informed with the latest regulatory updates and provide tools for generating comprehensive reports, essential for audits and regulatory inspections. With Durango Merchant Services, you receive not just a payment processor but a partner who offers training, support, and tailored risk management strategies, helping you navigate the regulatory landscape confidently and securely.
Challenge 3: Risk of Fraud and Chargebacks in Multi-Currency Payment Processing
International transactions, particularly those involving multi-currency merchant accounts, face heightened risks of fraud and chargebacks due to various factors. These risks are exacerbated by differing economic conditions, legal frameworks, and consumer behaviors across countries. For instance, regions with less strict banking regulations or higher economic instability may experience more fraudulent activities, while diverse consumer protection laws can lead to an increased rate of chargebacks. Currency fluctuations add another layer of complexity, often leading to disputes over transaction amounts due to confusion or misunderstanding by the customers.
To effectively manage these challenges, businesses must deploy sophisticated, tailored fraud prevention strategies. This includes utilizing advanced security measures like geolocation checks, multi-factor authentication, and dynamic anomaly detection systems designed to adapt to the regulatory and operational nuances of different countries. Additionally, clear communication with customers about currency conversions and transaction processes is essential to minimize misunderstandings that could lead to chargebacks. Educating customers and consistently updating and enhancing security protocols are vital steps in maintaining the integrity and safety of international, multi-currency transactions.
Opportunity
Durango Merchant Services helps merchants manage the risks associated with international, multi-currency transactions by providing advanced fraud detection tools, customized security protocols, and proactive chargeback management. We offer regulatory compliance assistance to ensure adherence to international standards, and educate both merchants and their customers on the complexities of currency conversion and transaction processes. By equipping merchants with these comprehensive services, Durango Merchant Services ensures that businesses can operate smoothly and securely across diverse markets, thereby minimizing the risks of fraud and chargebacks while maintaining a trustworthy reputation.
Challenge 4: Technical Integration & Multi-Currency Merchant Accounts
Opportunity
Durango Merchant Services provides a robust solution for businesses facing the technical challenges of implementing a multi-currency payment system. Our gateway is designed for easy to implement integration with a variety of existing business systems, offering flexibility and ease of use that help take the load off of merchants operating in global markets. It supports a wide range of currencies and payment methods, enabling merchants to cater to international customers without the hassle of dealing with multiple payment systems. Durango Merchant Services leverages our powerful payment gateway technology and extensive network of banks to ensure that businesses can not only accept diverse currencies but also manage transactions efficiently with features like real-time currency conversion and fraud prevention tools. We strive to provide our clients tools to simplify the technical complexities associated with global commerce, allowing merchants to expand their reach and operate more fluidly in the international marketplace.
Challenge 5. Customer Experience Challenges in Multi-Currency Payment Processing
Opportunity
Durango Merchant Services helps merchants navigate the challenges of customer experience and accepting multiple currencies by offering solutions such as streamlined currency conversion, integration of diverse payment methods, and support for multiple languages. We do our best to ensure clear communication on things international merchants need to keep in mind such as: costs, including taxes and fees, and best practices in efficient shipping and straightforward returns. Additionally, while we are no substitutes for lawyers, Durango Merchant Services offers assistance with understanding compliance and navigating steps that need to be taken to comply with international legal standards. Our goal is that our experience can help merchants to focus on delivering a seamless and satisfactory customer experience as they expand their markets to other countries..
Durango Merchant Services is here to help you overcome the hurdles, and begin processing payments in multiple currencies
If you run a business that accepts a significant number of MoTo or e-commerce orders, you likely already have a merchant account to process those credit and debit transactions. A standard merchant account is only useful for transactions using your home country’s currency; if you want to open your business up to international customers in a way that will make things simple both for the shopper and for you, a multi-currency merchant account is your solution.
It is important to note that, in the event of chargebacks and refunds, the chargeback will be processed in the foreign currency. The amount of the refund in US dollars will differ from the amount of the original sale, due to fluctuations in the exchange rate.
Common Pitfalls to Avoid When Looking for a Multi-Currency Merchant Account & Payment Processing Partner
When searching for a multi-currency merchant account provider, there are several pitfalls you should avoid to ensure you choose a reliable and effective service. Here are some key things to watch out for:
- Lack of Transparency: Avoid providers that aren’t clear about their fees, exchange rates, and terms. Transparency from providers should be a priority to understand the total cost of the service and any other potential expenses that might arise.
- Inadequate Currency Support: Does the provider supports all the currencies that are relevant to your business operations? Limited currency options can hinder your ability to trade efficiently in markets that are important to your business growth plans.
- Poor Customer Support: Reliable customer support should never be taken for granted, especially when dealing with the potential consequences of not being able to process international transactions, even if it is brief. Providers that offer limited or slow customer support can complicate issues & nurture frustration, impacting your business operations and customer satisfaction.
- Weak Security Measures: Nothing is more important than security and trust in any financial transaction. Avoid providers that do not offer state of the art security measures, such as PCI compliance, SSL certificates, and fraud prevention tools. This can put your business and customer data at risk.
- Complex Integration Process: A provider whose system is difficult to integrate with your existing business operations can lead to increased costs and deployment delays. Look for a solution that integrates smoothly with your current setup or has a simple plan for integrating into a new setup.
- Negative Reviews and Reputation: Research the provider’s reputation thoroughly. Negative reviews, particularly regarding reliability, customer service, and hidden fees, can be a red flag.
- Lack of Scalability: If you plan on growing your business, then choose a provider that can scale with you. Providers that offer limited scalability may not be able to accommodate your growing needs, especially if you expand into new markets or need to add more currencies in the future.
- Inflexible Contracts: Be cautious of long-term contracts with inflexible terms. Such arrangements can make it difficult to switch providers if your needs change or if you are dissatisfied with the service. Our goal at Durango Merchant Services is to avoid termination fees and long contracts as much as we can. We figure that if we provide you great service, competitive rates and expertise you won’t want to look elsewhere!
Durango Merchant Services works hard to keep these factors at the top of mind. If you choose us as your multi-currency merchant account provider, we will work to not only meets your current needs but also supports the payments security of your business.
Table of Contents
- Discount rates that range between 1.95% and 4.95%
- Authorization fees ranging from: $ 0.15 to $0.25
- Monthly installments: rates ranging from $15.00 per month to $60.00 per month
- Free Application Processing
- Rolling reserve requirements that range from: 0% to10%
- Variable contract lengths including availability of month to month
- Direct financing with regular deposits
- Minimum processing: $5,000 minimum for US accounts, $50,000 for international accounts
Dive Deeper Into Payment Processing for Multi-Currency Payment Processing
How Do I Open a Multi-Currency Merchant Account?
Durango Merchant Services has put together an easy-to-follow guide that lays out most of what you need to know about setting up to process credit card transactions in multiple currencies. Through decades of experience, our sales team and account managers are a wealth of knowledge when it comes to payment processing and they’re always on hand to help out. They’ll guide you in greater detail through the application and negotiation process, answering any questions you have and making sure you have an elevated chance of securing your multi-currency merchant account.
How Do I Integrate Durango Pay Gateway With Multiple Currencies?
How do I increase my credit card processing limits?
International Options for Merchant Accounts:
Looking to operate your business out of a country that is not the United States? Durango Merchant Services works with several gateway processors and suppliers with sponsor banking relationships that provide both US based national and international credit card processing solutions for virtually any industry. No matter which country you operate in, we can still provide multi-currency payment processing, be we can also set up your core merchant account in dozens of countries and territories. We can provide multi-currency merchant accounts in the European Union, United Kingdom, Canada, US & UK Territories as well as Puerto Rico.
Additional Benefits Of Our Payment Processing Service For Multi-Currency Payments:
Recurring Billing for Subscription and Membership Ecommerce Businesses That Operate in Multiple Currencies
Merchants who apply for an international multi-currency merchant account through us are also able to take advantage of an industry-leading recurring billing system. One-time customers are certainly valuable, but long-term clients are the foundation of many industries, and an easy and reliable recurring billing system is essential to support their continued business. It’s simple to set up any billing interval your company requires, allowing you the flexibility to step outside the more conventional time increments as needed.
Technical and High Level Customer Support For Multi-Currency Merchant Accounts
Business owners have enough complicated tasks to keep track of simply by virtue of running their company; payment processing should be as simple as possible. By using this system, you can enjoy the benefit of bundling the payment gateway and merchant account into a single service without needing to deal with the intermediary of a merchant bank or juggle multiple contract agreements. You will have access to reliable call center support to help address any issues that may arise, and you will be able to transact business from essentially anywhere in the world, save for OFAC listed countries (North Korea, Cuba, Iran, Syria, Sudan, China, and Myanmar, etc.). The internet offers nearly limitless flexibility and freedom to businesses, allowing smaller merchants to operate on a global scale. With our international multi-currency credit card processing solution, your business can take advantage of that promise of free commercial enterprise.
Top Of The Line Technology & Support To Ease Multi-Currency Processing
If you get approved for a multi-currency merchant account with Durango Merchant Services, then you will also be eligible for other benefits that we offer.
- Competitive Rates
- Accept Multiple Currencies & Deposits
- Accept Payments from Visa, MasterCard, Discover, American Express, Diners Club, China UnionPay and JCB
- Accept Google Pay and Apple Pay
- Integration with 150+ Shopping Carts
- Robust Chargback prevention and Management tools
- eCheck Processing through ACH
- Industry Leading Fraud Detection & Prevention Tools
- Dedicated Account Manager with a Decade or more of experience in the payment processing industry.
Durango Merchant Services Is Here To Help Secure Your Multi-Currency Merchant Account:
Our dedicated team has negotiated on behalf of more than 35,000 clients. We understand the back and forth and give and take of negotiating processing accounts for high risk merchants, including hundreds of multi-currency merchant accounts. Call or write today to expand into multi-currency payment processing.
How to Open a Multi-Currency Merchant Account?
Applying for multi-currency merchant services, given the high-risk status of managing payments around the world where laws and infrastructure vary, requires careful preparation and attention to detail. Here’s a step-by-step guide to increase your chances of approval and start processing payments in dozens of currencies:
Required Documents:
Ensure Regulatory Compliance
Detailed Roadmap for Opening a Multi-Currency Merchant Account:
Compare Providers: Look into different banks and payment service providers (PSPs) that offer multi-currency merchant accounts. Compare their fees, exchange rates, transaction processing times, and supported currencies.
Legal Compliance: Ensure your business complies with local and international regulations related to commerce and electronic payments, including PCI DSS, GDPR, AML, and KYC.
Negotiate Terms: Discuss transaction fees, currency exchange fees, and other pertinent details. It’s crucial to understand all terms and conditions before agreeing.
Testing: Conduct thorough testing to ensure that the payment process works seamlessly across different currencies and that all security measures are functioning properly.
Monitor Transactions: Regularly monitor transactions for any unusual activity or inconsistencies. Keep an eye on exchange rate fluctuations and adjust pricing if necessary.
System Updates: Keep your payment systems updated to protect against security threats and improve functionality.
Expand Offerings: Consider adding more currencies or payment methods based on customer demand and business growth.
Frequently Asked Questions (FAQ)
What are the benefits of using a multi-currency merchant account for my business?
A multi-currency merchant account allows your business to accept payments in various currencies, which can significantly enhance the shopping experience for international customers. It simplifies the payment process by enabling you to price products in the customer's local currency, potentially increasing sales. Moreover, it reduces currency conversion fees and helps manage foreign exchange risk, as you can hold and manage funds in multiple currencies.
How do I choose the right multi-currency payment processor?
Are there any risks associated with multi-currency payment processing, and how can I mitigate them?
Call to talk to one of our account managers today!
