When looking into the best multi-currency payment gateway for your business, be sure to check that it has these key features:
Multiple currencies and multi-currency settlement
A multi-currency payment gateway must have all the currency options you need. Check the full list of supported currencies before signing up with any platform. If a gateway cannot settle and withdraw in your accepted currencies directly, you won’t be able to reap the benefits of accepting payments in multiple currencies.
To amplify this feature, at PayU we offer International Currency Payout (ICP) – a currency conversion service that helps merchants make withdrawals from their shop’s balance in a currency other than the transaction currency. This helps to reduce currency fluctuation risk that might arise from daily conversions into USD or EUR..
ICP also helps merchants to increase sales by offering new customers the ability to pay in their local currency – improving conversions by helping to localize the checkout experience. By helping customers to avoid foreign transaction fees charged by many issuers, you improve customer loyalty and brand attachment.
Smooth currency exchange
One issue faced by both merchants and customers during the currency exchange process is the fluctuation of a local currency between transaction acceptance and settlement.
As a result, the final settlement in the billing currency may vary. This fluctuation is known as an FX risk, which can be reduced through the use of a payment gateway equipped with the right features.
To manage FX risk more effectively, merchants can hedge the risk by fixing the rate through the payment provider until the transaction is ultimately settled – or by using a live rate to execute the deal on the same day or moment. Merchants can find both of these two options in PayU’s FX solution.
Smart protection against fraud
A good payment gateway also ensures that the account has built-in fraud protection tools along with support for managing different 3DS protocols in different markets. This helps merchants maintain appropriate security while also reducing chargebacks and increasing payment approval rates.
When it comes to fraud protection, expanding internationally comes with various challenges. Keep a close eye on transactions from IP addresses from outside your country, and make sure that you’re dealing with actual fraudulent activity before contacting the customer. Examine orders where a customer uses an anonymous email service – it’s a common method fraudsters use because such services make it harder to detect fraud.
PayU’s Anti-Fraud Module helps to achieve these goals by analyzing massive numbers of transactions, identifying new fraud methods, and applying these insights to all transactions. In doing so, the solution instantly flags, denies, or challenges any suspicious transaction for human employees to manually review it.
At the same time, merchants can make use of PayU’s smart routing functionality in order to enable custom rules which configure global transactions through the appropriate 3DS flow – and ensure that legitimate transactions don’t get caught up in the anti-fraud dragnet. With Instant Retry, part of the Smart Routing Engine, merchants can set rules in order to retry declined transactions through different routing configurations.
Flexible integration options
When it comes to selling internationally, the right payment gateway should reduce your workload and help get you up and running faster.
To be sure of this, make sure that your preferred payment gateway offers flexible integration with your existing payment stack. Look for convenient features like low-code options to integrate into your website or hosted payment pages which you can create at the click of a button.