Multi-Currency feature of a network marketing software enables you to do business world-wide. We all know that different countries have different currencies. Though the common currency is USD, to tap those markets for your business you have to do business in their currency and allow them the conversion. So, multi-currency features enables you do business in different currencies for the same products or services.
Let us take some examples:
- Your business is based in India, and you have customer in one of the European countries who wishes to buy your product but can pay in Euro and not in Rs.
- Your products are say for example health and lifestyle products. These products are high in demand in western countries and are not manufactured there. So you have prospects in various other countries and each can pay in their currency.
- You are a company based in India selling jewelleries. Your suppliers of say Gold is in Dubai. They insist that you purchase in their currency only.
- All your competitors have spread their business worldwide by doing business in respective currencies. Would you like to be left out?
If you have taken your MLM business online then would you restrict only to your home currency? If yes, then you would lose out on most of the international clients, as nowadays all clients prefer localisation. They would not prefer to do business with you if they find a foreign currency i.e. your home currency. As they would have to bear foreign transaction fees and thus they would end up paying more from your online store rather than a local online store.
Whether the company is big or small, it depends on the product where it is having huge demand. Many small businesses offer products which are in huge demand overseas.
Thus it is advantageous to switch to multi-currency as either International Government Regulation or business model does not support single home currency and keeping in mind the above examples. Hence your MLM marketing software must support the sales transactions and receivables & payable in multi-currency.
As an Admin of the software, what you need to do is –
- Select a Primary Currency or the Home Currency for your business
- Activate a list of other Currencies for your distributors
- Update Currency Conversion rates at regular intervals
Primary Currency or the Home Currency is the one which your company uses to do its business. The income of the company is calculated in this currency. For an e.g., a MLM company headquartered in India has its distributors in US, UK, Japan and Spain, for this company multi-currency is most relevant. Its financial figure will be reflected in terms of Rupees, so its home currency is Rupees.
As a Distributor, what you need to do is –
- Use the desired Currency while entering the amount field for a transaction or related purpose
- Generate sales orders, purchase orders and invoices in that selected currency.
- View reports in your primary currency.
Let us summarise the advantages of multi-currency:
- Customer Experience
- Get more Customers
- Go Global by getting into international market
- Payment through Multi-Channels
- Set Currency as per requirement
Thus the multi-currency feature in Ventaforce gives a competitive edge to seamlessly handle business transaction in the global marketplace. If you have worldwide distributed clients, multi-currency will facilitate international selling.