In today’s interconnected world, businesses must be able to manage transactions on a global scale, primarily if your customer base is spread across multiple countries.
A multi-currency account can aid online businesses in accepting payments in various forms, streamlining international invoicing and record-keeping, managing global payroll, and facilitating quick international payments at competitive exchange rates.
Whether paying a freelancer in Germany, sending funds to a supplier in Indonesia, or receiving payments from a client in Mexico, a multi-currency account can simplify the process and help your business thrive in the internet age.
Continue reading to find our best picks for the best multi-currency merchant accounts, and pick your perfect option.
Best Multi-Currency Merchant Accounts
To assist you in selecting the appropriate payment processor for your business, we have compiled a list of the top merchant accounts for global transactions. These providers offer your business the capability to accept various currencies, expand into new markets and transfer funds in international currencies as needed.
The companies included in this list cater to different needs; some are more suitable for domestic businesses looking to expand internationally, while others cater to multinational or offshore companies. By choosing one of the providers on this list, your business will quickly have the tools to navigate the complexities of international payments.
2Checkout
2Checkout, or 2CO for short, is a one-stop shop for e-commerce merchants looking for a comprehensive global payment solution. Based in Columbus, Ohio, the company offers a seamless checkout experience in various languages, local pricing options, and the flexibility for customers to pay in multiple currencies.
However, it’s not just about the customer experience. Merchants also conveniently receive payments in various currencies without redirecting to a third-party website. A standout feature of 2Checkout is that it doesn’t require businesses to be incorporated in the US to receive their payments – making it a go-to option for companies with international operations or separate websites for foreign markets.
In short, 2Checkout is a payment provider that allows e-commerce merchants to sell products and services worldwide.
ProPay
ProPay, based in the quaint town of Lehi, Utah, offers merchants a seamless way to expand their payment horizons by providing international payment acceptance and multi-currency settlement. Through its cutting-edge ProtectPay technology, merchants may accept payments from over 150 currencies and make payments in over 35 countries and 19 foreign currencies.
ProPay also provides ACH transaction processing for multinational businesses and e-commerce via its online payment gateway and virtual terminal, making it a one-stop shop for all your global payment needs. However, it’s worth noting that ProPay is not suitable for offshore merchant accounts, and it’s best suited for domestic companies that conduct a high volume of international transactions.
The cost of ProPay varies depending on the merchant’s business size, time in business, the preferred method of payment, and business type. A subsidiary of TSYS, ProPay boasts an impressive track record for the lowest number of complaints in the last three years for a service of its size.
PayPal
PayPal is a widely-used international payment processor perfect for businesses of all sizes. Its the user-friendly pricing structure and POS system make it great for small, occasional sellers, while its advanced tools and features make it suitable for large businesses.
Additionally, the ease of use and immediate availability of funds make it a top choice for solopreneurs. Among all the international merchant accounts, PayPal stands out for its ability to handle multichannel sales, thanks to its popularity among sellers and compatibility with other payment processors.
Its overall score of 4.08 reflects its strengths in these areas and its ability to process payments in multiple currencies. However, it has drawbacks, such as a chargeback fee and needing Level 2 or 3 processing for B2B sales.
Braintree
Braintree, a Chicago-based online payment processor and a subsidiary of PayPal, offers merchants a world of possibilities with its easy-to-integrate platform and PayPal’s global payment network. With support for over 130 currencies and the ability to pay in 13 different currencies, Braintree is the perfect solution for merchants looking to expand their reach and tap into international markets.
However, it’s worth noting that at the moment, Braintree is currently only available to merchants residing in the U.S., Canada, Europe, Singapore, Hong Kong, Malaysia, Australia, or New Zealand.
Braintree is an excellent choice for small businesses seeking an affordable payment option that can handle global transactions without breaking the bank.
Durango Merchant Services
Durango Merchant Services, headquartered in the scenic town of Durango, Colorado, is a prominent provider of merchant accounts for local and international businesses. Whether you’re a traditional brick-and-mortar establishment or a high-risk venture, Durango can quickly help you accept payments.
Not only do they offer support for multiple currencies, including the Canadian Dollar, Australian Dollar, UK Pound Sterling, Japanese Yen, and Euro, but they also specialize in assisting businesses with establishing offshore merchant accounts to cater to a global customer base.
Their versatile multi-currency options let businesses configure their online store to display prices in a customer’s native currency or opt for a fixed USD price that adjusts according to daily exchange rates.
Durango Merchant Services is the perfect choice for businesses that may have previously struggled to find processors as a result of high chargeback rates or a high volume of transactions from countries with a history of fraud.
Payment Cloud
PaymentCloud, based in the sunny city of Woodland Hills, California, is a merchant provider serving high-risk businesses. The company offers various products and services, including POS solutions, a virtual terminal, an online payment gateway, EMV-compatible terminals, merchant cash advances, and mobile phone swipers. PaymentCloud is a top choice for merchants that require offshore merchant accounts.
One of the most impressive features of PaymentCloud is the dedicated account representative assigned to all new merchants, providing ongoing support throughout the account.
PaymentCloud has a spotless reputation, with no bad reviews on consumer forums. They take a personalized approach to pricing, tailoring it to each merchant’s specific processing history and business type, ensuring competitive pricing and exceptional service.
Helcim
Helcim is a payment processor that caters to merchants in the United States and Canada. It’s one of the most cost-effective options available in the market, with its interchange-plus pricing structure, which includes a 1% markup for international sales. Additionally, the more you process in a month, the lower your per-transaction fees.
Helcim used to offer multicurrency pricing, but in recent updates, it has shifted to a local currency-based pricing model for international transactions. This means Helcim charges customers in the local currency and pays the merchant in the local currency without conversions.
This eliminates the need to rely on exchange rates, allowing merchants to understand what they’re receiving every time. However, this pricing model may lead to an increase in cart abandonment and bank declines.
Conclusion
Regarding international payment processing, these are the best multi-currency merchant accounts. They provide competitive rates and robust tools to make the process seamless. Some providers focus primarily on online transactions, while others offer in-person POS solutions.
Regardless of the specific features, all providers on our list integrate well with popular e-commerce, sales, and accounting systems. Choosing any merchant services on our list will ensure that your business is well-equipped to handle and process international payments efficiently.
