Benefits Of Multi Currency Invoicing On Your B2B Marketplace

By | Jul 08, 2021 | 954 views |
  • Benefits Of Multi Currency Invoicing On Your B2B Marketplace

The world is getting smaller as more people shop online. With the extended reach to international customers and a lot of revenue from global online sales, the need for multi currency payments has also increased like never before.

If you are also dealing internationally or wish to expand your B2B business globally, multi currency payments have become a must-have. When you allow your customers to pay in their native currency, with preferred mode of payment, it is more likely to have a long-term business relationship with customers. And who doesn’t want customer loyalty and extended business relationships?

How does multi currency support help?

If you are also looking forward to expanding internationally and accepting cross-border payments seamlessly, you need to have multi currency invoicing support. It helps you to ease the cross-border selling process for you and your customers while building trust with international buyers.

If you are a B2B business that still collects payment for goods and services via traditional printed and mailed invoices? Now is the time to start using the multi currency invoicing features to leverage tremendous benefits for your B2B marketplace. It can help you save a lot of time, get paid faster, send online invoicing, send invoices in multiple currencies to global customers, and much more.

If you are also looking to expand your enterprise business and sell into new markets, multi currency support is the best way forward. 

And selling to more people = making more money. 

 But when you operate internationally, you need to think very carefully about the payments – for buying, selling, and invoicing.  

Here are 5 benefits of multi currency invoicing for your wholesale business

1. Better customer experience

Today, customer experience is the foremost requirement of enterprise businesses. As most of the customers prefer to pay online via business or corporate cards, even for multi currency payments

If you also want to enhance your customer experience while selling to multiple countries or regions, you need multi currency invoicing support. It provides high-level convenience to your customers by automatically using the local currency for invoices, billing, and payments. The customers can view local currency prices in the store, pay for orders at checkout, get invoices in local currency, and receive refunds in the local currency. If your store is built on StoreHippo, you can easily do it all without any payment and invoicing hassles.

2. Manage foreign exchange and taxation seamlessly

Dealing with an international B2B marketplace is not as easy as you think. You need to manage a lot of taxation and foreign exchange settings. Many countries charge taxes based on the destination of orders, which means you charge sales tax at a rate defined region of delivery.

Like the language, culture, and currencies, the currency exchange and taxation system of every country is also very different. Since compliance is very important for the ecommerce sector, you need to handle foreign exchange management and taxation seamlessly. If you have a B2B marketplace selling internationally, you need not worry about the tax settings and foreign exchange practices of different countries if you have the right set of tools and features in your ecommerce platform. StoreHippo is your one-stop solution that helps you to automatically generate invoices in any currency for different countries. With its inbuilt multi currency support you can easily manage foreign exchange and taxation settings for multiple countries and global customers from the central dashboard.

3. Global reach of your online enterprise store

Every business looks for better business growth and widening the customer-base is the best option to do it. Well, selling across the globe is possible when you can optimize prices in multiple currencies. With the extended multi currency support, you can also convert potential buyers into customers by allowing them to shop using their preferred currency.

StoreHippo is the solution for you. It helps you to provide invoices and get the customer payments in your preferred currency. It allows you to support unlimited currencies used across the world. Now, your enterprise business can reach new geographies as you allow customers to buy in their local currency. You can easily convert your transactions in local currency and invoice the customers accordingly. It enhances the customer experience as they need not get into the hassles of lengthy transaction processes. 

4. Reduce transaction costs

Obviously, invoicing in multiple currencies reduces the work of your finance and accounting team but did you know that it is also very helpful in reducing your transaction costs.  Your team spends a lot of time juggling between invoices from multiple countries and handling their transaction costs. And it all happens because there is no international support on your B2B marketplace.

To overcome the challenges of traditional accounting software, you need to use the full-fledged B2B ecommerce platform like StoreHippo. It provides payment level support for chosen currency. The payment gateway support helps you to easily convert the transactions in your preferred currency and bill the customers accordingly. With these features, you can easily save a lot on transaction costs, and make your payments hassle-free.

5. Better supplier relations

Just like local currency support enhances the shopping experience of customers, it also helps your overseas suppliers. They will be delighted if you can pay them in their preferred currencies. It is more likely to get more favourable terms and conditions if you accommodate their needs properly.

But to fulfil this purpose, you need multi currency invoicing support. When the suppliers get the invoices from their local currencies, they will be more satisfied and maintain long-term relations. StoreHippo comes to the rescue here. It allows you to set automatic currency settings to suit the requirements of suppliers in different countries. You can easily get unlimited currency support and updated current rates automatically on a daily basis.

How StoreHippo can help you ace multi currency invoicing for your B2B marketplace?

No wonders, selling internationally provides you great business growth opportunities. But making the best of the situation totally depends on your ecommerce platform as it is the foundation of your B2B marketplace. The platform needs to be well-equipped with global features to support international ecommerce.

With the ever-growing global B2B scenario, the global payments and invoicing support with the right tools can make your business much more profitable yet easy to manage. StoreHippo is a one-stop platform for all your global business needs. It’s multi currency solution with integrated payment gateways makes it easier to cater international customers.

What’s more? The inbuilt multi currency invoicing features of StoreHippo allows you to automate the whole process of payment, invoicing, reconciliation. The solution is designed to reap aforementioned benefits of multi currency invoicing and much more on your B2B marketplace. With all your operational support, StoreHippo helps you to convert more buyers into customers by providing their preferred currencies on your online store.

Don’t wait to check out extensive features of our platform by starting your 14-days free trial, try the ease of global business management, and make an informed decision. 

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