Selling your goods and services to other countries is a great way to expand your business. But foreign currencies can be tricky to navigate without the proper knowledge and understanding (and keeping up with) the constantly fluctuating currency values and conversions.
Your international customers will likely prefer to pay in their own currency, as it is more familiar and convenient to them. And because getting paid on time increases the cash flow of your company, it is important to find a way to incorporate the needs of your customers with your need to collect invoices by their due dates. When you invoice a client in your own currency rather than theirs, this imposes the absorption of the currency risks and conversion costs onto them. By giving them the ability to pay with their native currency, your business will see an increase in profit margins.
Fortunately, there are some wonderful payment options in the world of fintech challengers which are easy to access and use, and whose features include and support a wide range of currencies. Such options are reducing the costs of international payments within the market, and making it simple for companies to manage their invoicing across borders. Let’s have a look at some of them, and how they can help your business to collect and convert many different currencies.
Stripe is a free electronic payment service, which allows businesses to safely receive payments online. It is so popular that it is used by more than 10,000 companies worldwide, and its international support means that almost all mainstream payment options are sustained.
Stripe processes payments from more than 135 currencies worldwide, which means your customers can confidently pay in theirs, and the payments they make will be converted into yours. Increase your sales by offering this service and comfort to your clients. And there is no need for you to worry about those currency conversions, because they are handled automatically. Calculating foreign exchange rates is digitized, and based on the most recent and actual conversions at the time of payment. With these powerful tools and security features, your outstanding payments will be completed more effectively, and your clients will have an easy and secure method to pay their invoices.
Time Tracker +Billing provides another option to help you invoice in multiple currencies. And with additional features to assist in making invoicing a breeze, like timers and timesheets, alerts and reminders, software integrations, location-based GPS tracking, and multiple time zones, it couldn’t be easier to invoice clients around the world. You can also quickly create time and expense entries, view invoice statuses, and edit and approve time and expense entries on the go. Accept online payments instantly with linked Stripe payment options attached to every invoice.
You can bill from anywhere by sending branded invoices from your mobile device, desktop, or tablet, and apply late fees and invoice payment terms, as well as quickly choose a currency to attach to each invoice you send.
These are some examples of the ease with which you can work with international currencies, and fuel growth in your company. It couldn’t be easier to incorporate these safe, online payment options into every company invoice.
Improve your cash flow further with automated invoice reminders from Invoice Tracker. This add-on for your accounting software automates your accounts receivable by connecting and syncing in just a few clicks. Get paid faster, maintain your close client relationships, and save hours in administration. Now you can use the promotional code TT-Free and enjoy free automated invoice collections for a year. Try it today, and get paid faster in multiple currencies.