Managing your own ecommerce store can be exciting and fulfilling work. But as businesses grows, so do the responsibilities. One of the most difficult, albeit crucial, duties for a virtual vendor is money management. What’s the best way to handle foreign currencies? What if your shoppers don’t want to use their credit card? Is there an easier way to maintain your books?
These are important questions. Thankfully, there are a plethora of tools out there to make your life a little easier. It’s important to keep in mind that many of these solutions are dependent upon your platform provider, so be sure to choose an application fit to your store. Here are just a few of our favorites:
Expanding your customer base across the global market is a major achievement for any ecommerce site, but it can raise issues involving foreign currencies and exchange rates. Codeboxr (CBR) Currency Converter for WordPress displays the live exchange rate for up to 10 currencies at a time and offers support for 94 currencies around the world. Calculate exchange rates using CBR’s convenient widget and short code.
If you want a more comprehensive solution for Shopify, ShopPad’s Coin identifies the IP location of your customers and automatically converts prices to the appropriate regional currency, easy as that. And since this add-on updates more often than any other application on the market, you can be sure that your productsdisplay the right price for shoppers around the world. If you are intimidated by coding, Coin’s white glove service is happy to walk you through the process.
There is, of course, another type of currency growing in popularity these days: cryptocurrency. Bitcoin is an attractive payment option for security savvy shoppers and something important to consider when building an ecommerce website. Fortunately, there are payment processing tools for store owners unfamiliar with coding.
CoinBase, for example, offers free bitcoin payment processing for the first $1 million in transactions and includes an HTML widget for inserting payment buttons into your website.
BitPay is another option which offers international crypto-payment processing for online businesses and readily integrates with popular ecommerce platforms. However, the service does charge a small tariff for merchants, from a one percent starter service fee to a few thousand-dollar monthly fee for enterprise customers.
You can save a lot of time and money on bookkeeping by integrating accounting plugins into your ecommerce platform.
If you are building an ecommerce website through Shopify, you may enjoyXero’sseamless financial reporting. This accounting and reporting tool automatically syncs Shopify orders with your bank account and provides daily email notifications on money going in and out of your account. Create invoices with a single click and export your orders into individual invoices. Xeroalso provides global tax support for your business along with 24/7 support.
Similarly, QuickBooks enables store owners to spend less time crunching numbers and more time selling products. With just a few clicks you can sync your QuickBooks account with your ecommerce store. Start by selecting the information you want QuickBooks to use and how often you want it to sync. The platform will automatically pull information about your customers and their orders. Export information with a single click.
Whether you are building an ecommerce website for the first time, or simply looking to implement a new money management add-on, these applications can set you in the right direction. Remember to update your tools every so often and to always be on the lookout for new, more comprehensive solutions as the market continues to evolve.