Accepting all currencies and checks can help you expand your business.
As a merchant, selling products in multiple currencies can help open your business to the global market. Vendors who sell online may wish to accept different currencies. However, vendors who work in major international cities, such as New York, may also find it worth their while to accept foreign checks and currencies in person. By exploring several processes, you can make your business profitable around the globe.
Instructions
1. Set up a PayPal account. If you primarily do business online, a PayPal account can help you accept multiple currencies and convert them to your home currency for easy transfer to your bank. Therefore, your customers pay in one currency and you get paid in another. Options include currencies from the dollar (U.S., Canada, Australia, New Zealand, Hong Kong and Singapore), the Euro and the pound to more exotic currencies, such as Philippine pesos and Taiwan New Dollars.
2. Talk to your bank. By setting up a merchant account with a major international bank such as HSBC or Chase, you increase your chances of being allowed to deposit checks in foreign currency on a regular basis. If you choose to accept foreign checks, make sure that you always request at least two forms of identification, as well as contact information, should there be any problem with the check later on.
3. Set up a credit card merchant-services account. By working with a company like Merchant Express, your customers can pay in their native currency using their credit card, but you will charge them (and thus be paid) in dollars, allowing you to transfer money to your account without paying heavy conversion fees.
