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Method of Payment and Currencies

Don't forget that the WWW is just that, world wide. One challenge in going global is determining the method of payment.

There is no global currency and chances are there never will be. Companies who try to simply use one currency on the Internet will run into large problems. For example, when eBay first expanded into foreign markets, auctions were only run in U.S. Currency. That didn't go over very well. Now the company has had to revamp, allowing clients to set up auctions based in local currencies.

Many Webmasters think that a cure-all solution is conducting all transactions via credit cards. This still doesn't take into consideration the taxes required by certain countries (Great Britain, for example, has a European Value Added Tax on Internet sales) nor the fact that some foreigners operate without credit cards and some operate on credit cards which are based on another currency.

The only way to set up a successful payment method in the true global economy is by offering buyers the power to use their own currency. This also requires Webmasters to use automatic calculations for exchange rates and area-specific taxation, something that often outweighs the benefits of offering global products.

Actinic is able to display prices in a number of currencies which makes it unique among affordable e-commerce packages.

If you are going to add multiple currencies then consider using the Universal Currency Converter™. The world's most popular currency tool, this allows you to perform interactive foreign exchange rate calculations on the Internet, using live, up-to-the-minute currency rates. It is found here.

Because e-retailers have to deal with ensuring delivery of products and accurate billing, it may take some time before the Internet can truly turn into a global economy and allow you to ship your products worldwide.

But don't give up hope.

As more people jump online overseas, a greater demand for global e-retailing will emerge and better resources will appear to aid in the birth of a truly "worldwide" Web.

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