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New Purchase Currencies Added By 2Checkout

2Checkout.com is happy to announce the inclusion and immediate availability of five new purchase currencies and one remittance currency for our international vendors and customers.

  • Argentina Peso (ARS)
  • Brazilian Real (BRL)
  • Indian Rupee (INR)
  • Mexican Peso (MXN)
  • South African Rand (ZAR)

Starting today, the following currencies will be available for customers to choose from and for vendors to select as default currencies within the purchase routine:

These recent additions boost 2Checkout’s available international purchase currencies to 17. Click here for 2CO’s complete list of currencies.

South Africans will be happy to note that the Rand (ZAR) has additionally been added as a remittance currency, making it possible for South African vendors utilizing 2Checkout to be paid in ZAR by wire transfer, raising 2CO’s overall payout currencies to 25. Click here for a complete list of 2CO payout currencies.

What is this multi currency service?

2CO provides a new multi currency service that enhances the online shopping experience for global customers. This service allows international customers to shop in a variety of currencies, in addition to USD, knowing the final charge of their purchase in their local currency.

Currently we offer customers the ability to pay in the following currencies:

  • Argentine Peso (ARS)
  • Australian Dollar (AUD)
  • Brazilian Real (BRL)
  • Canadian Dollar (CAD)
  • Swiss Franc (CHF)
  • Danish Krone (DKK)
  • Euro (EUR)
  • British Pound (GBP)
  • Hong Kong Dollar (HKD)
  • Indian Rupee (INR)
  • Japanese Yen (JPY)
  • Mexican Peso (MXN)
  • Norwegian Krone (NOK)
  • New Zealand Dollar (NZD)
  • South African Rand (ZAR)
  • Swedish Krona (SEK)
  • U.S. Dollar (USD)

Why do I need this multi currency service?

Surveys and merchant experiences indicate that allowing international shoppers to shop and purchase in their local currency significantly increases international sales as well as customer conversion and retention levels. Customers are less likely to abandon their shopping cart, to charge back or to dispute their charges.

What’s in it for my customers?

Displaying final prices in local currencies, permits your global customers to evaluate their purchases in a currency familiar to them, and significantly enhances their shopping experience. Once a purchase is made, prices are final and the transaction is protected from currency rate fluctuations or bankcard conversion fees.

How does 2CO determine the foreign exchange rate used for currency conversion?

2CO receives quoted rates from its currency partner once a day. These rates are based on inter-bank rates (only available to the largest international banks purchasing currencies in quantities of $1million USD or more) and include a calculated value of the costs of hedging, currency conversions and foreign exchange activities needed to guarantee the rates throughout the life cycle of the transaction. These guaranteed rates are used to calculate the USD settlements as well as refunds and exchanges.

Why are these rates different from the rates I see in the newspaper?

Comparing rates from different information sources such as newspapers or online news sites is misleading. Foreign exchange rates vary from source to source depending on their origin, update intervals and many other factors. More over, such rates are usually valid for indication purposes only.

A more applicable comparison is with currency exchange rates and fees used by credit card companies and Issuing banks which average from 2-8% over the standard Inter-bank rate. The prices available for customers through our service will be the same (or lower) than the price they would pay when purchasing in USD.

The important difference is that with our service global customers know the final price up front and are therefore much more inclined to complete the purchase.

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