As an e-commerce business, you understand the importance of being able to reach and convert international customers. Multi-currency selling is one way to expand your reach and increase sales.
I’ll cover the benefits of having an online store with WooCommerce multi-currency, the steps to set up one, and tips for making sure it runs smoothly. With the right tools and knowledge, you can easily create a multi-currency selling store that is accessible to customers around the world.
Why Selling In Multiple Currencies Can Benefit Your Store
Do you have customers from abroad? Are you eager to reach out to a new market that uses a distinct currency? Or, is your store conveniently located near a border that could potentially open up a new stream of sales? Or, do you reside in a country where prices are displayed in multiple currencies?
The following questions may help you decide if selling in other currencies is the right move for you.
When selling on a WooCommerce store, it is beneficial to offer multi-currency options for customers. This allows customers from different countries and regions to purchase goods and services in their own currency, making it easier and more convenient for them to buy.
By offering multi-currency options, you can also find new customers in different countries and in turn, increase sales and revenue.
Furthermore, multi-currency can also help you to better track and manage your profits, as you can see how much you are earning in each currency.
All in all, offering multi-currency is a great way to increase customer satisfaction, expand your customer base, and boost sales.
Some Risks May Come With The WooCommerce Multi-currency System
When utilizing a multi-currency system, there may be some risks to consider.
Challenges in implementing and maintaining WooCommerce multi-currency system
While implementing and maintaining this system can be a bit tricky, any extra functionality can be added with a bit of research, a bit of time, and a bit of testing. After any major updates, I strongly recommend doing additional testing to ensure everything is running smoothly.
Fluctuating currencies
Are you concerned about the ever-changing exchange rates? With the option to update your exchange rate daily, or even every 15 or 30 minutes, you can make sure you’re never left in a bind due to changes in the currency market. Alternatively, if you’d rather keep a fixed price in each currency, there is a slight risk you might miss out.
Page Speed of WooCommerce website
Adding extra features to your page can be great for your visitors – however, it can also lead to increased load times due to extra database calls, scripts to load, and higher demand on your server and page. Still, you can improve your page speed with clever optimization!
Our recommended solution
Navigating a multi-currency system can be a bit tricky, but don’t worry! Luckily, with YayCurrency – WooCommerce Multi-currency Switcher plugin, you can easily get the perfect multi-currency system up and running in no time and with no coding required.
Plus, it seamlessly integrates with any of your payment gateways, providing your customers with an effortless multi-currency experience on your online store.
Now it’s time to walk in your customer’s shoes and dive into how to set up a multi-currency system using YayCurrency to create the ultimate shopping experience. I’ll cover the price symbol and rounding, the option to switch currencies if needed, cart totals, the checkout process, and charging. Ready? Let’s go!
How To Set Up WooCommerce Multi-currency System For Your Global Selling
YayCurrency is free on wordpress.org and it’s fully loaded with the features you crave! Firstly, just download and activate it.
This powerful tool offers a variety of features to help you optimize your store, including multiple currency switcher widgets, currency converter on WooCommerce single product page, switching currency during checkout, customizable psychological pricing, and integrated multi-currency analytics for tracking WooCommerce sales.
1. Automatically convert prices to the customer’s local currency
Step 1: Add and custom new currencies.
From your WordPress admin dashboard, you can unlock a world of possibilities with WooCommerce’s multi-currency plugin manager.
- Add any of the 160+ currencies to the dropdown list
- Set your own conversion fees with either a fixed amount or a percentage
- Customize currency formats and rounding rules
- Drag and drop to reorder and prioritize currencies
Step 2: Display the currency switcher on your store
Now that you have organized your currency list, it’s time to put it into action!
You can add the currency switcher widget to your header, footer, sidebar, WooCommerce pages, and more.
Or, you can use the shortcode to display the currency dropdown list anywhere you like on a page or post. Let’s get this show on the road!
So what if you want to show a multi-currency switcher on the Header, Footer, Handheld (mobile-optimized menu), etc.? Just head over to Appearance > Menus, and follow these simple steps:
- Choose the preferred menu (I’m using the Footer Menu as an example here). If you don’t have one, create a new one and set its location.
- Tick on YayCurrency Switcher and click Add to Menu
- Customize the currency switcher to fit your style – choose which elements you want to show and which not
- Pick the size that fits best with your Header/Footer space.
- Hit ‘Save Menu’ and enjoy your new menu item on the front page
2. Set the exchange rate manually or manage it automatically
It’s up to you to stay on top of the market – you can update exchange rates manually or you can go for the “automatic” mode and select your exchange rate provider, choosing how often you’d like to get your rates updated (daily, weekly, etc.). Keep your store in check!
This toggle icon gives you the power to effortlessly turn on and off automatic foreign exchange rate adjustments.
- Disable Automatic Exchange Rate Update (Manual Update): This setting means you’ll have to manually click the Sync icon in the Manage Currency tab to get the latest exchange rate.
- Enable Automatic Exchange Rate Update: This means the current exchange rate will be instantly retrieved from the YayCurrency database.
3. Set up payment gateways that support multiple currencies
If you’re ready to take the plunge and set up a full-fledged WooCommerce multi-currency store, you won’t just be showing off those extra currencies – you’ll be giving customers the option to pay in them as well!
The first step to doing international business at a higher level is signing up for international payment gateways – and you’re on your way!
For a successful business venture in any country, it’s important to register for at least one of the popular payment gateways in that region. This is the key to establishing a credible store and allowing the payment gateway to process payments with ease in the customer’s home currency.
WooCommerce users can add multiple payment gateways to their stores by utilizing plugins that can effectively manage the transactions across each gateway. These plugins also enable users to determine which gateways to make available to customers at specific times.
Mollie account can be used as a multi-payment gateway plugin to support the multi-currency system. Upon successful connection and authorization to the payment methods, Mollie can record transactions and payments received. The funds will then be held in your Mollie account for a couple of days before being transferred into your account.
Once you’re all set with the payment gateway activation, head back to customize the appearance of those payment methods in your WooCommerce store. A few simple clicks in the WordPress dashboard, and you’re good to go!
Pro Tip:
Going global? Then multi-currency isn’t the only aspect to consider – it’s also important to think about multi-language usage in every customer touchpoint, such as email.
YayMail is the perfect tool for customizing all the email templates you send out. When using YayMail Pro with Polylang / TranslatePress / Loco Translate, you can make sure your messages are automatically translated into the customer’s language of choice.
To Sum Up
Selling in multiple currencies is an amazing way to bring international customers to your store. With the correct tools and tactics, you can easily set up an eCommerce store that accepts multiple currencies and start conversing with customers from all four corners of the globe.
By leveraging a multi-currency switcher, an international and localized payment gateway system that facilitates international transactions, you’ll be able to stay one step ahead of the competition and make your store a hit with customers around the world
