We are hiring! See The Job Listings!

Partner portal | Customer portal
SK Global Software
Menu
  • D365/AX/SL Solutions
      • Dynamics 365/AX
          • Banking & Treasury Automation Suite
              • Treasury Automation

                We specialize in global banking & treasury solutions that empower finance teams around the world through the best in automation.
                More about Treasury Automation
              • Cash & Bank Automation
              • Vendor Payment Automation
              • Customer Payment Automation
              • Online Bill Presentment & Credit Card Processing
              • Credit Card Preauthorization and Processing
            • Close
          • Banking Automation Suite (EU)
              • Banking Automation Suite

                The Banking Automation Suite is our product bundling offering the essential modules for our European customers wanting to easily automate and integrate the most important areas.
                Banking Automation Suite
              • Vendor Payment Automation
              • Direct Debit Automation
              • Bank Statement Automation
              • Bank Communications Hub
            • Close
          • Treasury Connect Solutions
              • Treasury Connect Solutions

                We connect banks and treasury systems around the world with top notch, seamless integration to your Microsoft Dynamics AX system.
                Treasury Connect Solutions
              • Bank Integration
              • FXall Integration
            • Close
          • Accounts Payable Automation
              • Accounts Payable Automation

                End-to-End Accounts Payable Automation
                More about Accounts Payable Automation
            • Close
        • Close
      • Dynamics SL
          • eBanking Suite for Dynamics SL
              • eBanking Suite for Dynamics SL

                5 modules to reduce your costs through automation, along with providing improved security and fraud protection.
                More about eBanking Suite
              • Accounts Payable EFT
              • Wire Transfer Plus
              • Positive Pay
              • Accounts Receivable EFT
              • Lockbox Processing
            • Close
          • Projects & Manufacturing Suite
              • Projects & Manufacturing Suite

                Enhance your Dynamics SL system with these proven solutions
                Projects & Manufacturing Suite
              • Project Work Order
              • Work Order Procurement
              • Shop Floor Control
            • Close
          • Re-View Event Log Viewer
              • Re-View Event Log Viewer

                Try out our FREE event log viewer today
                Re-View
            • Close
        • Close
    • Close
  • Services
  • Education
  • About
  • News
  • Contact
  • Menu

HOME / BLOG

Read more

Sign up for our newsletter



Sign up

Related articles

Online banking security: The importance of secure communication

21-Jan-2021

6 tips and tricks for implementing a new banking and treasury solution

11-Jan-2021

What to ask your bank about integrated communications

09-Nov-2020

What to know about multi-currency payment processing

12-Mar-2018 News
  • Share on Facebook
  • Share on Twitter
  • Share on Linkedin
  • Share by Mail

Thanks to the proliferation of advanced technologies and e-commerce platforms, businesses can now more easily connect with consumers around the world. What’s more, the consumer sector is expanding everyday, providing more opportunities for global relationships and rising sales – Woo Commerce reported that by 2025, the global consumer market will expand by 75 percent, and these 4.2 billion individuals will spend a combined $30 trillion annually.

As companies seek to reach buyers outside of their own borders, there are a few essential elements to keep in mind, particularly when processing other currencies:

Preferred payment methods

A smart move for global organizations is to tailor their payment processing practices according to their customers’ and vendor partners’ preferences. Woo Commerce contributor Sue Park underscored the importance of learning the preferred payment methods of the company’s international customers – for instance, nearly half (46 percent) of German transactions are paid for with online bank transfers, and 60 percent of payments in the Netherlands are carried out through direct debit.

Once stakeholders understand the types of payments their global customers and vendors will seek to use, they can ensure that their financial payment processing technology can support their needs.

People holding different kinds of currencies. Processing payments in different currencies requires certain technological support.

Exchange rates and returns

It’s also important, particularly from an e-commerce perspective, that prices are listed for customers in their local currencies. This way, consumers and partners don’t have to conduct their own research to determine prices, and can pay using familiar currency.

However, it’s imperative to keep exchange rates for different currencies in mind, and ensure that prices are updated based on these changing rates. As Park noted, businesses usually have two options here – to either convert the payment according to the exchange rate at the time of withdrawal from the business’s account, or automatically convert the currency when the transaction takes place.

It’s also important to keep the exchange rate in mind during the return process. As MINDBODY noted, this could impact reimbursement.

“Due to the fluctuation in the rate exchange, you and your clients may see different amounts on your bank records,” MINDBODY stated. “For example, the amount you refund will appear in the client’s bank account as a smaller amount than the original charge due to the fluctuation we can see with exchange rates.”

Cross-border transaction fees

Enterprises that do business globally will also have to observe cross-border fees that can impact credit card payments. As BigCommerce noted, both Visa and MasterCard charge fees for processing foreign payments, depending upon where the business is registered, the location of the institution that issued the payment card and other assessments.

“Cross border fees are an expense, both in terms of money and time, but these costs are often overshadowed by revenue opportunities in international markets,” BigCommerce pointed out.

Automation for multi-currency payment processing

One of the best ways to support global transactions is with an advanced Treasury Automation Suite, like that provided by SK Global Software. This powerful platform includes Vendor Payment Automation, enabling direct communication with any bank across the globe to support streamlined international electronic payments.

To find out more, connect with the experts at SK Global Software today.

 

Phone Numbers

US, (+1) 301 963 7300
EU, (+45) 22 88 00 00

Sign up for Newsletter



Sign up for our newsletter

Terms & Conditions

 

Privacy Statement Terms & Conditions

Streamlining corporate financial processes: Where to implement automation Piggy bank with a coin and inset of two calendar months. Brafton custom graphic. Top considerations for financial risk management Scroll to top
Menu

SK Global Software

  • Dynamics 365/AX
    • Treasury Automation Suite
      • Cash & Bank Automation
      • Vendor Payment Automation
      • Customer Payment Automation
      • Direct Debit Automation
      • FX Settlement Automation
      • Risk Management
      • Online Bill Presentment & Credit Card Processing
      • Back
    • Direct Debit Automation
    • Online Bill Presentment & Credit Card Processing
      • Online Bill Presentment + Credit Card Processing
      • Credit Card Preauthorization and Processing
      • FAQs
      • Features
      • Back
    • Banking Automation Suite
      • Vendor Payment Automation
      • Bank Reconciliation
      • Bank Communications Hub
      • Back
    • Treasury Connect Solutions
      • Payment Portals
      • Bank Integration
      • FX All integration
      • Treasury Management Integration
      • Back
    • Revenue Automation
    • Accounts Payable Automation
    • Back
  • Dynamics SL
    • eBanking Suite for Dynamics SL
      • Accounts Payable EFT
      • Wire Transfer Plus
      • Positive Pay
      • Accounts Receivable EFT
      • Lockbox Processing
      • Back
    • Projects & Manufacturing Suite
      • Project Work Order
      • Work Order Procurement
      • Shop Floor Control
      • Back
    • Re-view Event Log Viewer
    • Back
  • Services
  • Education
  • About
  • News
  • Contact