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Accepting multiple currencies online

01 Sep 2006

Are you missing out on sales by not accepting multi-currency online payments? An in-depth look into WorldPay

Have you considered taking your business, or your client’s, to the next level with online multi-currency payments?  With online consumer confidence at an all-time high moving the payment part of your business to the web might be the solution you’ve been looking for.  

WebFarm is the premier NZ partner for WorldPay: the world’s largest real-time multi-currency online payment service.  Read more to find out if this could be your answer to offering a secure, accurate, and satisfying online shopping experience for your customers around the world. 

WorldPay is a product of the Royal Bank of Scotland founded 1727 and the world’s fifth largest bank.  With over 150 currencies to choose from, WorldPay enables your online customers to buy from you in the currency of their choice so there’s no wondering what they’re actually paying after the conversion rate.  The price they see when they order from you online will be the same price that shows up on their statement. 

And with the currency conversions you can also have individual price lists for customers in different countries according to the market.  So for example a widget in New Zealand might be worth NZ$500 in the current market, but in the US might be worth US$500 and you can simply adjust accordingly thereby increasing profits substantially.

How does it work?  WorldPay works in conjunction with shopping cart software added to your web hosting account.  All WebFarm Linux shared hosting accounts come standard with a free shopping cart called WebFarm Shop which is fully integrated with WorldPay.  

You can easily add products and pricing without the added burden of assimilation.  Additionally there are customisable shopping carts such as Miva Merchant that come with WorldPay integration modules.  WorldPay can also be integrated with websites hosted by other web hosting companies; however this may require additional interface programming.

What does WorldPay offer and what are the benefits?•   Multiple Currencies: NZ$, US$, Euro€, GB£ and over 150 other currencies.  Standard WorldPay service offers 3 currencies of your choice.  Additional currencies can be added for a one-off fee.

•   Multiple Payment Options: Visa, MasterCard & American Express are accepted.  Real-time transactions are processed from customer accounts directly to your WorldPay account. Payments are then settled to your NZ bank account in NZ dollars at very competitive rates.  So there’s no need for a merchant account with a NZ bank as WorldPay assumes this role for you.  (Many payment gateways require you to also have a merchant bank account and you pay two sets of fees.)  Optional features allow you to take recurring payments such as subscriptions and pre-authorised payments where you validate your customer’s credit card but don’t take payment until your inventory’s been checked. 

•   Platform Independent: Compatible with any web hosting platform and all major web browsers.

•   The latest security measures: WorldPay provides SSL, SET, digital certification & RSA public key encryption protecting your customers with total security and confidence.

•   Online Customer Management System: Allows you to track sales, issue full or partial refunds, and configure auto statement e-mails.

•   Virtual Terminal (WorldAccess):  Allows you to take manual transactions.

Let’s talk moneyWorldPay has a low merchant account fee of NZ$435* per year + NZ$240 setup fee.  Additional costs include a commission of 4.5% per transaction (this can be negotiated depending on turnover and is low compared to up to 8% elsewhere), an online anti-fraud fee of NZ$0.18 per transaction for validating credit cards, a NZ$7 fee for settlement from WorldPay to merchant’s home bank account (minimum weekly settlements of $100), and when applicable a chargeback admin fee of NZ$35 per review.

Equated into a monthly fee you’d be paying around $66.58 per month plus the above-stated commission and anti-fraud fee.  A small amount really when considering the fees that banks charge for merchant accounts (and the minimum turnover required by banks-WorldPay has no minimum) and the benefits associated with offering your products in multiple currencies.

How do I apply?

To apply for a WorldPay account, go to the website. There you’ll find more information on WorldPay as well as easy application steps.  WorldPay applications are subject to approval and restrictions may be imposed according to applicant’s credit standing and risk analysis of their business sector.  Note that applications take up to three days to process and after approval, up to two weeks to set up and go live on your site.  It’s prudent to give a good three weeks from start to finish before your WorldPay multi-currency is up and running.

In a nutshell WorldPay is a fully integrated system including everything you need to create an international online shop.  You are able to offer multi-national currencies, a complete range of payment options to encourage online trade and increase your bottom line and your customers are provided with total security and world-class performance for greater customer satisfaction.  As an added bonus WebFarm is pleased to offer you a free fully-integrated shopping cart with all Linux shared hosting accounts, as well as a rebate of $150 per customer that you sign up for a WorldPay account. If you sign up 10 customers that’s an easy $1,500 in the bank.

*All prices exclude GST