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Local Currency Bank Transfers Are Here!
As many of us have experienced, there are plenty of shoppers out there - especially in Europe - who prefer not to put their credit card information online. For many of them, the preferred way of shopping online is to use bank transfers - and of course, they'd much rather use their own currency!
Starting February 15th, Plimus has added this important payment method to all vendor accounts. This should help immediately for those of you who do a lot of business in geographies where bank transfers are particularly popular, such as Germany. There is no additional cost to you, as the vendor, although your shoppers will pay a $3 manual processing fee.
In this bulletin, we want to let you know some details - especially those of you for whom bank transfers are not a regular part of your everyday business operation. In particular. we'll examine:
The bank transfer process
The breadth of the solution
Opportunities for additional growth
If you have any further questions, please don't hesitate to drop us an email - we're here to help!
The Plimus Team
The Bank Transfer Process
The process of bank transfers is not necessarily the same you've become accustomed to working with, using credit cards and PayPal. In fact, it is more similar to the process when a shopper chooses to pay by check: an offline step must take place before the sale is finally made. The following graphic walks you through the steps:
Your shopper comes into the BuyNow page as they normally would. They select 'bank transfer' as a payment option. In doing so will need to match the currency they wish to pay in with the country in which they bank. In other words, they cannot select US Dollars, then pay from a UK bank.
Once they are matched up, they 'complete' the transaction. The screen will provide them the details of the bank to which they should make their payment; this includes a reference number, which they will need to mention in their payment. They then need to contact their bank to arrange the transfer: note that this step happens offline and is 100% dependent on the shopper..
Once Plimus receives the payment, identified by reference number, the sale completes, the shopper receives their goods, and your account is credited.
For folks who live in countries where this is not standard procedure, this many seem like an uncomfortable or unusual process. However, much industry research and analysis has shown that in countries like Germany this is a perfectly natural, and preferred, approach to buying online.
The Breadth of the Solution
This is an awfully broad and deep solution we're putting in place!
In this release, shoppers in some 40 countries, doing business in fully 27 currencies, will be able to do business with you via local currency bank transfer.
Now, bear in mind that's not to say they all will! The importance of this payment method is that it meets the needs of shoppers around the world who may currently be choosing not to buy because they don't like the payment methods.
In addition, customers who previously opted to pay via wire transfer were liable for some fairly substantial fees from their banks; with the new method, the fees should be extremely low.
Opportunities for Additional Growth
As you saw above, bank transfers require the shopper to pay in their local currency. In other words, a shopper in France will need to pay in Euros, a shopper in Great Britain will pay in pounds, and so forth. This provides a very real opportunity for you to re-consider your global pricing strategy.
We know that, once you set a base price for your products, the Plimus system will automatically convert the price into the local currency for your shoppers. What you may not yet have come across is that the system gives you the alternative to charge a fixed amount in each currency.
Several Plimus vendors already leverage this feature, charging fixed amounts for each currency. Given different market conditions, you may be able to realize a higher profit margin by setting your price differently for shoppers in different locations.
We've heard from some vendors that this can seem a bit unfair. However, if you take a look at the broader marketplace, you'll see this is the standard approach of all large global companies. Adobe Creative Suite 3 Master Collection, for instance, costs $2,499 in the United States - but GBP2,313.58 in Great Britain, which is approximately double the price. When you check around, you realize that this is simply standard industry practice.
So next time you're in the Plimus Control Panel, consider setting (and forcing) different prices by currency. At the very least, setting different prices for USD, GBP and Euros will give you some space to grow your business; then just let the Plimus system convert the USD price for non-US locations.
With local currency bank transfers, you'll be able to ensure your shoppers pay the right price for their geography - and grow your e-business revenues.
