If I were king of the world, I'd implement a universal language and a universal currency. Heck, I'd be cool with going back to the bartering system. Doesn't that seem like things would be easier? Well, unfortunately for me—though probably fortunate for the world—I'm not king. And there are roughly 200 currencies used throughout the world and around 7,000 languages spoken. I guess world leaders didn't see eye-to-eye with me on that one. However, there are companies out there who see the value in currency management.
In the past, different currencies were never a huge problem. If you were traveling to a different country, you converted your money once you got there, and what you had is what you had. But now, the rapid expansion of the Web has caused the world to become a much smaller place. Consumers are no longer limited to stores in their geographic location. And we all know sometimes the best products aren't made within driving distance. If you're in need of a fan boat, you'd probably prefer to buy one from Florida instead of Kansas. Well, the internet allows people to shop online at all hours of the day all over the world. But, there's one problem. How many dollars is a 57,000 yen? (It's $644.37 if you're curious)
In addition to making the world a smaller place, the internet has made the world a faster place. People don't want to look up currency conversions themselves—it's really not much fun. However, many international merchant accounts fear exchange rate risks. A currency exchange service needs to be fair to both the customer and the merchant, right? Of course, it does. So, companies that offer global payment solutions, allow the buyer to pick the transaction currency of their choice while completing the transaction in the merchant's home currency, eliminating any exchange rate risk.
Seems simple enough, right? Well, if your company utilizes a payment and security solutions provider, it is that simple. And in addition, an adequate provider will supply full financial reports including: a web reporting system that compiles all global transactions, all currencies and all fees in one report, overview of projected cash flows, full disclosure on each transaction, integrated data from merchant's processor reports, and user-friendly web interface based on .NET framework. Now your simple solution also seems highly functional. And, well, it doesn't seem like I'll be king in the near future, so it's safe to say the diverse world of currency isn't going anywhere. So, I suggest making it as universal as possible with a multi currency conversion system for your business.
