Paying foreign transaction and currency conversion fees can add up significantly, and most credit card companies charge a foreign exchange rate (between 4-6%) for all international transactions. These perceived challenges may be holding sellers back from expanding their businesses internationally. Don't be misled.
Growing an eCommerce business doesn't have to be expensive or time-consuming. International expansion is easier than ever, thanks to a multitude of global trade capabilities. And this is where PingPong comes in – with the ultimate solution for handling your cross-border payments.
The Challenge with Cross-border Payments
As a seller with an international eCommerce business, dealing with cross-border payments usually means paying significant fees in each country you operate.
Likely, the majority of your expenses, purchase orders, contractors and online tools are paid or billed in US dollars; therefore, your profits shrink when you need to pay the currency conversion fees. If you reside in another country, those US dollars are subject to additional fees.
Every time you make an international transaction, the bank will charge a currency exchange rate and a foreign transaction fee - in addition to the currency exchange. Sellers often find themselves left with no option but to accept the currency exchange rate of the marketplace each time they make a payment to a different country. The dollars quickly start to diminish. Is there an alternative path? There is, indeed.
The Solution to Global Transactions
For freelancers and entrepreneurs, a solution like PingPong Payments can solve several challenges that sellers face when making global payments.
By setting up a PingPong account, you can send and receive payments at a low cost. Plus, you can convert into ten different currencies: US dollar; Euro; UK pounds; Canadian dollar; Hong Kong dollar; Australian dollar; Japanese yen; Mexican pesos; UAE dirham and the Singapore dollar.
The capability to accept sales profits in those ten currencies ultimately translates into sellers benefitting from:
a. the ability to convert currency via the PingPong platform
b. only pay up to 1% of the total conversion amount.
These capabilities and savings are excellent - but there are even more benefits to utilizing PingPong as an extension of your business opps.
Five Reasons why PingPong is the Ideal Solution for Sellers
Grow with PingPong. Save on international transaction fees. Streamline payment with ease. Here's how:
- Receive Amazon pay-outs in the same currency of the marketplace that you're selling on. For example, if you live in the UK and sell in the US, you won't need to pay the foreign transaction fee or Amazon's currency conversion rate.
- You can hold money in your PingPong account to pay vendors, employees and suppliers, AND you're not obligated to transfer those funds to your bank account immediately. This feature is particularly beneficial for sellers living in countries different from where you're selling. Typically, you'd be faced with a currency conversion fee to transfer sales profits to your domestic currency. When ready to pay the vendor, employee or supplier, you'd be hit with another fee. The ability to hold multiple currencies in your single PingPong account literally saves time and money.
- Strategically deposit funds into your account when you're happy with the conversion rate. If the present current rate is too high, you can wait until rates are more favorable in the future. Ecommerce sellers using PingPong can even set the desired rate they'd like to convert at and schedule those conversions to occur automatically when PingPong's system recognizes the rate.
- When you are ready to deposit the funds into your bank account, you can save money on the currency conversion rate because PingPong is eight times cheaper than marketplaces and banks, making PingPong the best possible alternative than any other company.
- Save between 3-5 % on foreign transaction fees. PingPong charges no more than 1% of the amount you convert, making it more affordable than any other bank or provider.
Achieve Your Global Expansion Goals
As an international seller, foreign transaction fees and exchange rates can significantly diminish the numbers you take home in sales profits. Costs can add up fast, and this is money you could be investing back into your business, using to take a vacation or in whatever way you see fit.
PingPong simplifies this process by offering best-in-class conversion rates no matter which marketplace you're conducting domestic and global business. To become the ultimate seller in the eCommerce space, work smarter - not harder - by streamlining your cross-border sales – and experience business and revenue growth as a result.