Your store can be configured to show prices in different currencies and allow customers to checkout using their preferred method.
Having an online presence is more important than ever for businesses. But a customer-centric experience that maximizes conversion hinges on it being as borderless as possible. This is where localized currencies come in.
Why localized payments matter
Payment transparency is becoming increasingly important for customers as the volatility of foreign exchange rates can make paying for goods confusing. In fact, research carried out by the Baymard Institute shows that 70% of US consumers abandon their cart at checkout. Allowing customers to pay in local currencies can reduce this number by up to 50%.
Allowing customers to pay in their native currency helps them to avoid currency conversion fees that may be charged by their bank.
By enabling multiple currencies, customers can select their local currency, can view prices in your store in their local currency and pay for their orders at checkout in their local currency.
What it means for you
Your Brikl store can be configured to show prices in different currencies, allowing customers to checkout using the currency of their choice. This has a few benefits for them: their shopping experience is uniquely tailored, checkout calculations are broken down and comprehensive, and as the customer’s native currency is supported, they can sidestep currency conversion fees that may be charged by their bank.
This highly competitive feature also ensures that multi-currency ecommerce platforms selling internationally from the same business unit, for example a UK company selling in the EU, can seamlessly enable prices to be set in different base currencies. All while collecting funds in different Stripe accounts.
Default currency settings
When you set up your Brikl account, a default account currency is selected for you.
To change your store's default currency, you'll need to add the new currency that you want to be the default. Once you've added the new currency, please contact us to change your default currency.
To change your store's default currency, please contact support.
How can I add additional currencies
From your dashboard, go to Settings (bottom left)> Currencies. You can add up to thirteen currencies to your Brikl account, but more currencies can be added upon request. Please contact us to set these up.
How do multiple currencies work?
The base currency is the default currency your store is set to, for example, GBP. Every currency is derived from the base currency based on the exchange rate. That is what we call a local currency.
When you add a currency (see above), it is assumed to be a local currency, and the default exchange rate will apply (static or dynamic). Read more on exchange rates here.
What are multiple local currencies?
You can choose to set country-specific prices while selling in multiple currencies. If you enable multiple local currencies, you must enter the prices for each currency manually in the pricing tab.
Local currencies are not calculated using an exchange rate. For example, you can price the same product at $10.00 USD when transacting in US dollars and EUR 9.00 when transacting in Euros.
If you like to add multiple local currency feature to your Brikl account, please contact Brikl for more information. Multiple local currencies is limited to Enterprise plans only.
Multiple local currencies aren't calculated using a conversion rate percentage. For example, you can price the same product at $10.00 USD when transacting in US dollars and EUR 9.00 when transacting in Euros.
Check out this article for more on payments.
How can multiple local currencies benefit me?
This feature allows you complete freedom and flexibility when it comes to the pricing of your products. For example, if you are selling from and within Mexico but also sell to the US market, you can adapt your pricing models to be slightly higher for your US customers than for your Mexican customers.
Additionally, each currency for the same storefront can linked to a different Stripe account. So, if someone makes a payment in USD, for example, that can be linked to the USD currency in Stripe, and so on.
More about currencies
When you create additional local currencies, you'll also need to set up which payment methods you want to use for each currency. Read more about setting up payment methods here.
Select whether to display the currency symbol to the left ($5.00) or to the right (5.00$) of the price. Go to dashboard > Theme > Product card, and deploy the site to make the changes visible.
Automatic tax calculations are compatible with multiple currencies. However, the application of automatic tax depends on the country-specific tax provider.
Brikl works with TaxJar to provide automatic tax calculations for the US and Canada. Read more on how to set up TaxJar here.