Currency Updater: Your Risk Cover For International Payments
If you are planning to sell internationally, then no medium is better than ecommerce. Today, ecommerce has surpassed all the boundaries and make selling internationally a relatively easy task. Whether you run a million dollar business or a small retailer, everybody recognizes this opportunity by increasing their brand presence through their online store.
Currency Updater App For Payment Risk Management
KartRocket is one such ecommerce platform that paves a fine path to sell your products internationally. Right from payment gateways to shipping, we offer you complete technical help to support you. Also, we have introduced various features in our KartRocket panel. One such feature that will help you sell internationally is Currency Updater. Currency Updater will automatically add currency conversion price to the actual price whenever your customer changes the currency from INR to any other international currency.
Selling internationally can include many risks, especially in payments, Since, the currency rate keeps on changing, it might hamper the price of your products. For example, if you are selling product X for Rs. 500 in India. After including the international shipping, payment gateways and other charges, suppose the total amount of that product is USA is approx Rs. 1500. Suppose, the currency rate for US Dollars is Rs. 60 for today, then you can set the prize of your product $25. However, if the currency rate changes to Rs. 55, then the cost of the product adds upto $27.27. This puts you at a loss of $2.27.
Since, you cannot change your product prices every day, you can use KartRocket’s Currency Updater app to set up a nominal margin so that you don’t have to bear this loss on your own. With this app, you don’t need a multi-currency system or have a separate website. Currency Updater offers you an automatic conversion facility so that you can offer an indicative amount to the potential buyer’s local currency. This will also minimize the currency risk of your overseas business.
How Currency Updater Works?
1. To activate Currency Updater on your KartRocket store, simply go to Apps and search for Currency Updater. Click on Install and then on Setting.
2. After the following screen appears, slide the bar to On.
3. Assign Increase Percent and Decimal Places as per your business needs. Make sure that you decide the increase percent nominally so that the risk is covered. Also, the amount is not too high for your customers. After you are done, click on Save.
The currency updater app is activated for your KartRocket store.