Best Multi-Currency Merchant Accounts

Here is the illustration depicting the concept of multi-currency. The image features various international currencies arranged on a desk against a global map backdrop.

Credit and Debit Card Processing with International Options

There are several common scenarios in which a business can benefit from accepting international payments or multiple currencies. Most frequently, a domestic e-commerce or MOTO merchant might develop an unexpectedly large customer base in a foreign country. In another case, a large retailer or distributor may need to establish a payment channel with a foreign manufacturer. In a less common circumstance, a high risk business with an offshore merchant account may need to be able to accept, convert, and pay out locally in multiple currencies. All of these business types have equally valid needs when it comes to international payment processing, but the challenges they face can be very different. This makes it difficult to not only find a credit card processor that can handle multiple currencies, but to also ensure that the processor chosen is ethically operated and a good fit for the merchant's business type.

To help you find the right processor for your business, we've put together the following list of the best merchant accounts for international payments. The providers on this list can enable your business to accept multiple currencies, target overseas markets, and make payments in foreign currencies when necessary. Some of these companies specialize in international e-commerce processing for domestic businesses, while others are better for multinational or offshore organizations. For each company listed, we have specified the types of international processing that each provider is capable of. However, it is always best to get in touch with a few companies on this list to compare pricing and confirm the services they offer. Merchants can also expect to pay additional markups for currency conversion in most cases.

How to Select the Best Multi-Currency Credit Card Processor

Selecting the best credit card processor for an International Payments business in the USA involves considering several factors. Here are some specific things to keep in mind.

International Coverage

The credit card processor must have a global reach to ensure that customers in different countries can transact with your business without any issues.

Multi-Currency Support

The processor should support multiple currencies to enable seamless transactions between different countries. This is particularly important for an International Payments business where customers may want to pay in their local currency.

Security and Fraud Protection

Look for a processor that offers advanced security features such as tokenization, encryption, and fraud detection to protect your business and customers' sensitive information.

Compliance

International Payments businesses in the USA must comply with various regulations and laws, such as the Anti-Money Laundering (AML) regulations and the Office of Foreign Assets Control (OFAC) sanctions programs. Ensure that the processor you choose is compliant with these regulations to avoid legal issues.

Credit Card Processing Transaction Fees

Consider the transaction fees charged by the processor, including foreign transaction fees and currency conversion fees, to ensure that they are reasonable and affordable for your business.

Integration

Choose a processor that can seamlessly integrate with your existing payment systems and software to avoid disruptions to your business operations.

Superior Customer Support

Look for a processor that offers excellent customer support, especially for international transactions. The processor should have support teams that are available 24/7 and can handle customer queries and issues promptly.

Reputation

Research the reputation of the credit card processor in the market, including its track record in handling international transactions, to ensure that you are partnering with a trustworthy and reliable company. You can consider our review on this website, by simply searching for the processor in the search bar at the top of this page.

By considering these factors, you can select the best credit card processor for your International Payments business in the USA.


Top Picks for Merchant Services for Multi-Currency Transactions

PaymentCloud Logo

PaymentCloud

Based in Woodland Hills, California, PaymentCloud is a merchant account provider that specializes in serving high risk business types. The company's products and services include point-of-sale solutions, mobile phone swipers, an online payment gateway and virtual terminal, EMV-compatible terminals, and merchant cash advances. PaymentCloud is a good option for merchants who require offshore merchant accounts.

PaymentCloud provides a dedicated account rep to all new merchants for the life of the account. The company has not received any negative complaints on consumer forums, and it customizes its pricing according to each merchant's business type and processing history. The BBB does not maintain a profile for PaymentCloud at this time, but CPO gives the company an “A.”

For more information, visit the PaymentCloud website or call (888) 506-7859.


Verifone (Previously 2Checkout)

2Checkout (Now Verifone) is a Columbus, Ohio-based merchant account provider that specializes in providing a global payment solution for e-commerce merchants. 2Checkout provides checkout experiences in 15 different languages, localized price displays, and the option for customers to pay with one of 25 currencies during the checkout process. Merchants can choose to be paid in over 20 different currencies, and the entire checkout process is hosted on the merchant's website (rather than redirected to a third-party page). 2Checkout does not require that businesses be incorporated in the U.S. to receive payments, making it a great online payment option for businesses with overseas operations or alternate websites for foreign markets.

2Checkout offers standard pricing of 2.9% plus $0.30 per transaction for U.S.-based merchants, but its rate will vary for merchants incorporated in other countries and high risk merchants. There is no monthly fee, setup fee, or early termination fee for 2Checkout merchants. Our review of 2Checkout gives the service an “A-” overall while the BBB gives 2Checkout an “A+.”

For more information, see the 2Checkout website.


Durango Merchant Services Logo

Durango Merchant Services

Headquartered in Durango, Colorado, Durango Merchant Services is a merchant account provider specializing in traditional and high risk merchant accounts for domestic and international businesses. Durango can provide processing for U.S. businesses that need to accept multiple foreign currencies like the Canadian Dollar, the Australian Dollar, the UK Pound Sterling, the Japanese Yen, and the Euro. The company can also assist high-risk businesses that need to establish offshore merchant accounts in order to accept payments from foreign and domestic buyers. Durango's multi-currency merchants can configure their web stores to show static pricing in each customer's local currency, or they can set a fixed USD price on the backend and show visitors in other countries a fluctuating local amount according to available exchange rates (updated daily).

Durango offers the most flexibility in the types of businesses it can serve, so it's a good option for businesses that struggle to find processors due to high chargeback ratios or excessive transactions from countries with large amounts of fraud. Durango customizes its pricing for each merchant, but its sales team is consistently praised by merchants and third-party reviewers. Our review of Durango currently gives the company an “A+,” and the BBB also gives Durango an “A+.”

For more information, see the Durango Merchant Service website or call (888) 316-1897.


ProPay Logo

ProPay

Headquartered in Levi, Utah, ProPay is an e-commerce merchant account provider that is capable of providing international payment acceptance as well as settlement in multiple currencies. ProPay merchants can accept payments in over 150 different currencies and make payments in over 35 countries and 19 international currencies through the company's tokenized ProtectPay solution. ProPay is also able to process ACH transactions for e-commerce and multinational businesses through its virtual terminal and online payment gateway. ProPay does not offer offshore merchant accounts, so it is best for domestic businesses that conduct a large amount of international transactions.

ProPay's pricing will vary depending on each merchant's business type, size, time in business, and preferred method of payment acceptance. The company is a TSYS subsidiary and has a very low complaint total in the past three years for a provider of its size. Our review of ProPay currently gives the company an “A” rating, while the Better Business Bureau gives ProPay an “A+.”

For more information, see the ProPay website.


Additional Options

Authorize.net logo

Authorize.Net

By far the most popular online payment gateway on the market, Authorize.Net is an e-commerce solution that allows merchants to accept payments from any country on the planet. Authorize.Net offers QuickBooks integration, address verification, and payment tokenization as part of its payment gateway, and it also integrates with a vast array of third-party services and shopping carts out of the box. International payment processing through Authorize.Net is only available for businesses domiciled in the U.S., Canada, the UK, most of Europe, and Australia. Businesses headquartered in other countries will need to obtain an advanced solution from CyberSource in order to accept international payments and settle in different currencies.

Authorize.Net charges a flat per-transaction fee of 2.9% plus $0.30 on top of a setup fee of $49 and a monthly gateway fee of $25. The service has become the industry standard in many ways and is a good fit for standard-risk businesses of all sizes that need to accept (but not make payments in) multiple currencies. Our review of Authorize.Net gives the company a “B+” rating, while the BBB gives it an “A+.”

For more information, see the Authorize.Net website.


Braintree Payment Solutions Logo

Braintree

Braintree is an online payment processor and PayPal subsidiary headquartered in Chicago, Illinois. Braintree enables merchants to accept payments from over 40 countries through its easily integrated payment platform and through PayPal's payment network. Braintree supports over 130 currencies and can settle in 13 different currencies (although its default is USD). At this time, merchants may only use Braintree if they are domiciled in the U.S., Canada, Australia, Europe, Singapore, Malaysia, Hong Kong, or New Zealand. Braintree is a good option for small businesses that would like an affordable online payment option that is capable of accepting international payments.

Braintree charges a flat per-transaction rate of 2.9% plus $0.30 (free for the first $50,000 processed) and does not enforce any monthly fees or early termination fees. The company consistently receives positive reviews for its sales and support teams. Our review of Braintree gives it an “A+,” and the BBB also gives Braintree an “A+.”


Frequently Asked Questions: Multi-Currency Merchant Accounts Credit Card Processing

What are multi-currency merchant accounts?

Multi-currency merchant accounts are financial services that allow businesses to accept payments in multiple currencies from customers around the world. These accounts enable businesses to conduct international transactions and receive payments in different currencies, simplifying global sales and expanding their customer reach.

Why do businesses need specific multi-currency merchant accounts?

Businesses operating globally or targeting international customers require multi-currency merchant accounts to facilitate seamless and cost-effective cross-border transactions. These accounts offer competitive currency conversion rates and provide a better experience for international customers.

How can I find the best multi-currency merchant account provider for my business?

To find the best multi-currency merchant account provider for your business, consider the following steps:

a. **Research Multi-Currency-Focused Processors:** Look for payment processors that specialize in providing multi-currency merchant accounts. These providers will have experience in handling international transactions and can offer suitable solutions.

b. **Check Currency Conversion Rates:** Compare the currency conversion rates offered by each potential provider to ensure competitive rates that minimize costs for your business and customers.

c. **Verify Supported Currencies:** Check which currencies are supported by each merchant account provider to ensure they cover the regions where your business operates or intends to expand.

d. **Compare Transaction Fees and Rates:** Assess the processing fees, transaction rates, and any other costs associated with each potential merchant account provider. Choose a provider with transparent and competitive pricing that aligns with your business's size and transaction volume.

e. **Evaluate Security Measures:** Verify that the merchant account provider offers secure payment processing and adheres to Payment Card Industry Data Security Standard (PCI DSS) requirements to protect sensitive financial information.

Can businesses use regular merchant accounts for multi-currency transactions?

While regular merchant accounts may allow businesses to accept payments in their local currency, they may not offer the same level of convenience and competitive currency conversion rates as specialized multi-currency merchant accounts. For international operations, dedicated multi-currency accounts are often more suitable.

Are there any specific considerations for different industries when choosing multi-currency merchant accounts?

Different industries may have varying currency needs based on their international customer base and suppliers. For example, e-commerce businesses may require support for multiple global currencies, while service-based companies may focus on primary currencies used by their clients.

How long does it take to set up a multi-currency merchant account?

The time it takes to set up a multi-currency merchant account can vary depending on the provider and the complexity of your business's requirements. Typically, the setup process can take a few days to a couple of weeks.

 Can businesses switch multi-currency merchant account providers if they are not satisfied with the service?

Yes, businesses can switch multi-currency merchant account providers if they are not satisfied with the service or find a better fit for their specific needs. However, be mindful of any contractual obligations and potential termination fees that might apply.

Can multi-currency merchant accounts be integrated with various payment gateways and platforms?

Yes, many multi-currency merchant account providers offer integration options with various payment gateways and platforms, allowing businesses to seamlessly process multi-currency transactions through their existing systems.

 Are there any hidden fees I should be aware of when choosing a multi-currency merchant account provider?

Carefully review the contract terms and fees of potential multi-currency merchant account providers to identify any hidden costs. Watch out for setup fees, currency conversion markups, and any other charges that might impact your overall costs.

 Can businesses accept multi-currency payments both online and in-person with a multi-currency merchant account?

Yes, multi-currency merchant accounts typically support multi-currency payments for both online transactions, such as e-commerce purchases, and in-person payments, such as point-of-sale transactions.

Finding the best multi-currency merchant account provider is crucial for businesses conducting international transactions and expanding their global presence. Take the time to research and compare different options to choose a provider that meets your business's specific currency needs and offers competitive rates for cross-border payments.

Reader Comments

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1 User Reviews

  • Gabriel

    I’m writing to extend my sincere thanks for your comprehensive and insightful article on “Best Multi-Currency Merchant Accounts”. As a professional involved in international business, your guide has been indispensable in helping me navigate this specialized area.

    Your thorough examination of each merchant account, pointing out their unique strengths, potential limitations, and distinctive features, was brilliantly executed. You have an exceptional ability to simplify complex subjects, making them accessible and understandable for readers like myself.

    I found your focus on essential aspects such as transaction fees, customer service, and security measures particularly valuable. Your insights into the specific requirements for handling multi-currency transactions, including dealing with exchange rates, international payments, and ensuring secure transactions, were very beneficial.

    It’s clear that your guide is a product of extensive research, time, and expertise. Your dedication to providing accurate, timely, and practical information has greatly simplified the usually complex decision-making process, enabling professionals like me to make more informed decisions.

    Thank you once again for your significant contribution to this field. Your hard work, dedication, and expertise are greatly appreciated.

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