We are always excited rolling out new features that our developers create, and constantly understanding the need of users, they have come up with this new feature – “Multi-currency;” allowing users to set and enforce prices based on local markets.
Feature Update: Multi-currency
This is one of our finest feature that is all about handling multi-currency transactions in Orderhive. Orderhive will initially select the “base currency” as per your country’s currency which can then be changed from the “Settings” tab that you will find on the left-side of your dashboard as mentioned in the screenshot below.
This new feature of Orderhive will help merchants choose and add from multiple currency as a base for the following:
– Sales Order
– Purchase Order
How does it work?
Orderhive’s multi-currency feature will allow users to easily add multiple currencies as required, but all financial figures will be recorded in your base currency as defined. This means you can send invoices to customers and even receive purchase invoice in any other currency, but when the transaction is processed it will be converted to the figure as defined before being posted to accounts. This means all your accounting data will be as per the your base currency to avoid confusions in profit and loss as well as your balance sheet reports. The exchange rate feature in Orderhive is supported by the “Yahoo Finance” server and can be automatically updated to real-time figures at a click of the mouse. The exchange rate can also be manually adjusted within the sales or purchase transactions.
Multi-currency benefits to merchants:
1 – Increase sales:
Orderhive’s multi-currency feature offers multi-currency support that enables user to offer and pay in different currencies that includes US Dollar, Australian Dollar, British Pound, and Euro. This way offering customers the ability to choose for a preferred currency will bring in more customers, increasing sales!
2 – Avoid currency conversion charges
If you do not have a multi-currency feature in place, then your customers will be charged extra for currency conversion on their credit card statement. This may annoy customers, and they are less likely to purchase from your site in future. Or, they will request for a refund or issue chargeback due to added fees. Taking an advantage of this valuable feature, you can avoid such scenarios.
3 – Reduce loss of sales, refunds and chargebacks
With this feature, merchants and customers, both are benefitted. With an ability to perform multi-currency transaction, you reduce the number of shopping cart abandonment and minimize the scenarios of chargeback and refunds too.
Again, we are super-excited about this feature. Shoppers from all over the world are really looking to shop from sites having multi-currency feature, and knowing this our expert developers have come up with this valuable feature to ease retailer’s back-end operations. They are constantly working hard on solutions to slowly and gradually automate the entire back-end operation of ecommerce business, in turn allowing business owners save time, cost as well as resources.