Date: 01 Feb 2022
Jon Allen is Chief Executive Officer of FXCPay and writes: "Our technology allows merchants to reduce transaction costs for international customers, provides clear exchange rates to potential consumers and allows merchants to expand quickly into new markets.
“Our software allows users to purchase foreign goods and services in their local currency, which comes with several benefits. Firstly, from a user experience perspective, customers abroad are wary of an international purchase costing them more than expected - nobody wants an unexpected bill, so this is very important for building up customer trust.
“In a lot of cases, even when users have selected their country, the prices listed are ‘indicative prices’, which can be disheartening for consumers when they get to the checkout and see the additional costs of overseas purchase.
"When the customer can see the price of goods in their home currency from the beginning of the purchase journey, you’re enabling greater transparency as the user is charged exactly the same price that they see on the screen.
“The second barrier to purchase for international customers is the additional costs associated with the sale. The fees that come with purchasing goods and services overseas can be costly due to transaction fees, foreign card usage fees and variable exchange rates. Using our technology, the cost of trading overseas can be reduced to 1%.
“Orchestration is a natural progression because merchants are handling and transacting with different overseas providers, which can get very complicated, difficult and expensive. Payment orchestration acts as the middleman, directing traffic wherever you want it to go. On top of this, you’re maximising the success rate of your transactions, local or international, and minimising your costs by entering into a competitive world of providers.”