Introducing the Multicurrency Support for Recurring Billing and Payment Processing in SubscriptionFlow—All You Should Know About Solutions & Implementation
Today, every business can aspire for global sales and customer base with the countless options for cloud services, online payments, and eCommerce solutions. One such solution is multicurrency support.
Enabling customers to pay in their local currency helps to attract more conversions, customer satisfaction, and customer loyalty.
In the subscription and recurring billing business where customers have to make the recurring payments, they prefer the products or services that are easily be available to make payments in their domestic or preferred currency. Paying one-time in another currency is easier though it is difficult for them to pay in another currency every time.
The unavailability of the payment option with the customer’s preferred currency increases the chances of churn.
To introduce the internationalized pricing, recurring billing and payments, SubscriptionFlow is now offering multicurrency support to its clients to offer their customers the feasibility to get their billing and payments in the local currency without any hassles.
SaaS and other digital goods vendors have a global market. To cater to the pricing needs of the customer, merchants can now assign a default currency to the customer as per the region and display them all the plans, tax rates, services, and other charges in their currencies.
This article demonstrates why the multicurrency is necessary for the subscription business and how the multicurrency solutions in the SubscriptionFlow help the subscription, SaaS, and other recurring billing based businesses to reach out to the customers in the world and achieve the goals of international sales for business growth.
What is Multicurrency Support?
Multicurrency support allows customers living anywhere in the world to pay for the physical or digital goods and services in their own domestic or preferred currency, instead of merchants’ preferred or the default currency of the system.
Instead of forcing customers to pay in USD or EUROS facilitating them to pay in their preferred currency has a great advantage over the sales and transactions.
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Millions of customers make cross border goods and services purchases across UK, Europe, US, Canada, Australia, New Zealand, and other countries in Asia, Africa, and Oceania, every day. To serve global customers, SaaS and subscription businesses must implement the multicurrency support in their billing and payment processing.
Why Is the Multicurrency Support Important for Revenue Growth?
SaaS and other digital products with a global base cannot afford to lose their long term sources of the recurring revenue because of the unavailability of the preferred or localized currency.
Here are some of the most important reasons to incorporate the multicurrency support to their billing and payment collection processes:
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Pricing, Invoicing, and Transactions—All in Customer’s Preferred Currency
Cut the Clutter, Display Plans, Tax, Discounts, and All in Customer’s Currency. It is comfortable and reliable for the customer to find all the pricing information including product’s pricing to one-time setup, other recurring, or service charges, tax calculations, discounts, etc. across the self-service portal and in their invoices to their checkout pages in their local currency without cluttering the spaces.
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Allows Customers to Pay in Domestic Currency
Customers often abandon their carts when they do not find their local or preferred currency at checkout, particularly, when they want to make payments in cash or through bank transfers. Allow customers to find all the pricing, payments, and reporting in their domestic currency.
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Fewer Cart Abandonments Means More Sales and More Recurring Revenue Streaming
The availability of the multicurrency at checkout reduces the risks of cart abandonments. Any customer reaches to the stage of adding the products in the cart is quite inclined to make a purchase. Research suggests that unavailability of the domestic currency is one of the top reason for cart abandonment.
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Reduce Excessive Charges Burden of Currency Conversions from Customers
Even if the customers do not have other frictions to pay in merchant’s default currency, they avoid paying in international currency due to the extra charges of the currency conversion. The currency exchange rates fluctuate, constantly, and that it can incur them more money.
However, the support to the customer’s local currency frees them from these extra charges. Merchants can also get rid of it by simply opening multicurrency or multiple accounts in particular currencies in the respective regions.
Also Read: What Are the Online Payment Methods for Automated Recurring Payment Processing and How Do They Work?
Understanding the Multicurrency Support in SubscriptionFlow
SubscriptionFlow now offers our clients the feasibility and flexibility of multicurrency support to ensure maximum sales and thereafter recurring revenue streaming from anywhere in the world.
From displaying plans, pricing, charges, and taxes to invoicing to transactions, SubscriptionFlow allows the merchants to make it simpler and easier for their customers what are they charging and how they can pay their invoices without being in the hassles of converting the amount into their currency and pay it with all the struggles in the world.s
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Multicurrency Pricing
Customer finds it more secure and reliable when they can see the product’s pricing and other charges in their local currency. It allows them to take quick decision. Display customers the pricing when they are heading to make payments and also, in their self-service or customer portal in their currency with SubscriptionFlow.
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Multicurrency Recurring Billing
Getting invoices in the preferred local currency allow customers to proceed with the payments faster. It makes things clear, trustworthy, and relatable.
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Multicurrency Payment Processing
Paying in own currency is a greater relief for the customer as well as the merchants. Integrate multiple payment gateways in SubscriptionFlow, open multicurrency, or multiple accounts with different currencies in their respective regions and start receiving payments from customers in their domestic currency using any of the online or offline payment methods.
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Multicurrency Revenue Monitoring and Management
SubscriptionFlow also facilitates merchants by providing them with the options to track and monitor the invoices, transactions, products, and recurring revenue based on a particular currency. Payments and invoices can also be tracked in the calendar based on the preferred currencies. Currency specific monthly and annual recurring revenue monitoring can be tracked and seen in the dashboard as well.
Also Read: Self-Service Payment Portal: Digitally Empower Your Clients and Simplify Account Access
Solutions and Setup of Multicurrency Support in SubscriptionFlow
Here are the few ways, clients can manage multicurrency support in SubscriptionFlow.
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Setting up the Multicurrency
To add multiple currencies to the SubscriptionFlow, head to the settings and navigate ‘currencies’ under the head of ‘Billing’.
Click on the ‘Add Currency’ tab and add as many currencies and their rates, manually. Based on the rates, SubscriptionFlow converts the system’s default pricing into a customer’s preferred currency.
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Selecting and Assigning a Default Currency to the Customer
At the time of creating a customer account in SubscriptionFlow, the customer is assigned with her preferred or default currency. The default currency cannot be changed.
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Multicurrency Pricing Display
After assigning the customer the preferred or local currency, the customer would continue to see all the pricing, invoices, tax calculations, charges, and all in the selected currency in the customer portal. Even, the client can see all the customer’s pricing in the selected currency across the client or admin portal.
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Billing Amount, Tax Calculations, Charge Reverse, and Refunds—All in Same Currency
Likewise, the customer would receive all the invoicing, billing, tax calculations, service charges, or discounts in the selected currency. In case there is an error in the invoicing and the charges are required to be reversed, that will be reversed in the same currency in which invoice had been generated. Similarly, when the payment is made or customer would like to cancel the subscription or downgrade the plan, the remaining amount can be refunded in the same currency. Merchants can also add the credit notes in the customer’s selected currency as well.
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Adding a Supported Currency Payment Method
Integrating multiple payment gateways help the subscription-based merchants to accept recurring payments from customers by adding multiple payment methods in the system so that not only customer can pay the invoices in selected currency but also pay by preferred payment method.
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Multicurrency Supported Checkouts
When the customer proceeds to purchase the subscription of the product through the merchant’s site, they can continue by creating the customer account and selecting the preferred currency at the hosted payment page. After every interval when the billing cycle hits, an automated invoice is generated and sent to the customer email containing a link to public checkouts to make the payments in the selected currency of the customer.
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Currency Tracking and Reporting
From the dashboard to calendar to classic and custom reporting, SubscriptionFlow allows clients to monitor and manage the recurring revenue tracking, monitoring, and management with respect to multiple currencies along with the system’s default currency within the subscription management platform.
How to Begin with SubscriptionFlow?
Start your recurring billing and payment processing management with SubscriptionFlow. Consult to the experts at SubscriptionFlow by requesting a free and guided demo of SubscriptionFlow, today. Contact us to learn more personalized subscription billing and business solutions management.
