MBA1542 Charging Local Currency With Your Online Business + Free Ride Friday

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Hey there. Today is Free Ride Friday so hang on to the end of the episode to hear who won this week's free ride. If you want to win a free ride to one of our programs, just leave us an itunes rating and review and you enter our weekly random draw. Just listen in on Friday just like today and see if your review is read out and that you've won. It's that simple. It's our way to say thanks for showing us love on itunes. All right, let's jump into today's episode.

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Welcome to the $100 MBA show, the business podcast with no fluff, just the good stuff. Every day with our daily 10 minute business lessons for the real world. I'm your host, your coach, your teacher Omar Zenholm. I'm also the co founder of the Hundred Dollar mba, a complete business training and community online. And in today's episode you will learn how to charge a local currency with your online business. You ever shop online and you'll notice that hey, I can actually change the currency I want to be charged whether it's US dollar or Euro or Japanese Yen or Australian dollar for that matter. Why do companies offer that and do you want to offer that for your customers? What are the advantages, how is it actually done and what does it mean for you and your business and your deposits to your bank. Allowing your customer to buy your products and services with their local currency can be a game changer for your business. What are the steps, how to get started? That's what we get into in today's episode. So let's get into it. Let's get down to business Charging local currency or currency localization is becoming a very popular trend in today's online business world. And there's a big reason why it's good for the company, the actual business that offers it, as well as the customer. This is not something new. If you go on, let's say, Apple's website, for example, and you're accessing the website from a country other than the US like the uk, Australia, China, Japan, whatever, the website will detect your location and offer to go to the website that's optimized for your country. So say, for example, I'm in the uk, I'll be prompted to, hey, do you want to go to Apple's UK site? You say, yes. And then from there, all the prices are in UK pounds, or I should say English pounds, right? So the point here is Apple automatically understands that somebody in that country wants to be charged in their local currency, most likely, unless you're traveling, of course. But if you are, you can always go to the US site if you're from the US for example. Now, the reason why companies do this is because one, it's convenient for the customer. The customer wants to be charged with their local currency because their bank is using that currency and they don't want to have to pay an exchange rate as well as an international fee. So for the customer, it makes total sense. Also, if it's a reoccurring charge, say, for example, it's a monthly charge, like a subscription to a software. The customer wants to have a consistent charge every single month. They want to be able to budget. And if it's in a different currency, they really can do that because of exchange rates, they fluctuate, especially during turbulent times like now and COVID 19. So the consistency is actually really, really important for businesses that are buying from you as well as independent customers. B2C now, for the business, the reason why it's an amazing thing and it's a game changer is it really opens up you to the world. So say, for example, you offer local currencies for your business, for your product or service, customers will prefer you over the companies that don't because, hey, this makes more sense. It's in my local currency. I don't want to pay an exchange rate. And you can advertise that on the pricing page to, to your advantage, you know, as a perk, as an advantage to paying local currency over another currency. The other reason why it's an advantage for companies is that money is made because you can set different prices for different regions. For example, at Webinar Ninja we hear from Scandinavian countries that our software is dirt cheap, too cheap. They're like, you should raise prices. It should be double the price. I would have paid three times as much in places like Canada. They're like, the price is just right. You're pretty competitive. So there's money to be made. You can actually charge more in local currency and have different prices for different regions or different countries. So you don't have to actually have the same price because you're offering a different price anyway because it's a different currency. So this is a moneymaker for a lot of companies. In fact, Profitwell did a study on this and they see many companies that do offer local currencies see their sales grow between 25 and 40% just off this one change. Imagine getting up to 40% more sales just off making a technical change. Well, the question is, how do I do this? Well, there's an easy way and there's a hard way. Depending on your website builder or the format of how you actually check customers out, there might be this option already. So make sure you check before you go through any other option. Whether you're using Shopify or using Squarespace or Weebly, this may be an option already, so you may want to look into it. Maybe it's just a feature or setting you need to turn on. Give them a call, send them an email, find out number two or second option, you can get it custom coded and developed by a developer and they're going to work with your payment processor to make this work out and all that kind of stuff. This is an option I don't recommend because it can be costly and the maintenance can be very tough. The third option is actually the best option if you don't have this feature already in your website or your page builder or how you checkout and that's actually having a layer to manage your payments and subscription. And there are software services that do this. Some of the big ones are Chargify, chargebee and even like a full suite solution that actually will do all the payments and everything and process your payments like Paddle. But a good middle of the road option is chargebee and chargebee will allow you to charge local currency with your Own dashboard. You can actually just flip a few switches and you're done. This will integrate with your website or your app or your checkout process and show the local currency or at least have a dropdown right inside your payment page. Now what this means is that you're gonna be charging a certain currency when it hits your payment processor. They will charge the customer that currency and then they will convert it to your local curr at that given currency exchange rate at that moment, and they will deposit into your bank account in your local currency. So you don't have to worry about, you know, do I need several currency bank accounts? No, it'll get converted to your local currency before it gets deposited. And this is how it works with most premium processors. I know this works with Stripe because this is what we use. And when we charge a foreign currency, it just charges the customer, converts it to our local currency, then deposits it. So it's pretty seamless and money is made this way and it's definitely worth looking into. So first step is check out your current solution. Your website, your checkout page, your app, how you actually charge, the actual physical or I'd say the website or the web presence of charging your customers. If they don't offer it already. If it's not a solution, if it's a custom solution, then they obviously you don't have it. You would know. But if you're using something like Shopify or Squarespace, they would tell you if they have it or not. And if so, they can just turn it on. Easy peasy. So second option, use a layer of subscription management, payment management like chargebee and integrate that with your payment processors. They will walk you through it. They can actually help you with that. You may need to hire maybe a freelance developer to integrate it. If you have a custom solution, it's not going to cost too much. It's maybe two weeks of work maximum. It's an investment and you're going to make it back because of the advantages of allowing your customers to be charged in their local currency.

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Lesson Investing and allowing your customers to be charged in their local currency is an investment you want to make. This is a growing trend that you want to do. I mentioned this in an earlier episode last week about the four big opportunities in 2020. This was one of them. It's a win win for your customers and your business, so find out how you can get started. Take a look at the cost of doing this and when you're going to actually get this done. Schedule it in your calendar so that you can start reaping the benefits earlier than later. That wraps up today's lesson. But today's episode's not over. It's Free Ride Friday. I get to give away a lifetime membership to one of our programs. We're giving away Easy course, our $500 course over at EasyCourse Co that shows you how to build your own online course in 30 days. Let's see who won this week's Free ride. And the winner is. John 1 RM John says best business podcast ever. Five stars. I love the quick info delivered in such a meaningful way. Keep up the great work. Thank you so much for that awesome review, John. Your mission is to email me over@omar00mba.net so I can hook you up with the lifetime membership to Easy Course. It's that simple guys. If you want to win, just leave us an iTunes rating and review and you enter our weekly random draw to win a free ride. It's our way to say thanks for showing us love on itunes. Before I go, I want to leave you with this. Opportunities in business are everywhere, but you got to be willing to take the time to do the work and make it happen. Hold yourself accountable to actually seeing through these opportunities. You won't regret it. Thank you so much for listening and I'll check you in Monday's episode. I'll see you then. Take care.

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