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Can I price my product in CAD?

by moneyblogger1
10 replies
Hey Warriors,

Yes....I will admit it. I am from the far north here in Canada.

I have a product that I am getting ready to re-launch and I am just wondering about currency pricing. Since I am in Canada I would like to price my product using the Canadian dollar plus the Canadian dollar is now stronger than the American Dollar. I feel that the American dollar will continue to weaken as time goes on so pricing in CAD would only make sense.

Would this turn off people? I know the USD is the standard, but will it be much of an issue to price in CAD?

Let me know your thoughts,

Thanks,

Brandon
#cad #price #product
  • Profile picture of the author Istvan Horvath
    You can price it in any currency that your payment processor accepts...

    The main question is: who are your target group? Canadians or US located buyers?

    Also, some payment processors let you change the currency; e.g. on a clickbank payment page it usually gives me the prices in CAD (based on my IP, I guess) but with the dropdown I can select US funds if I have US dollars in my paypal account - to avoid the double conversion.
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  • Profile picture of the author rickkettner
    Just be very clear on your order form, so there is no confusion when customers potentially get billed an exchange fee from their CC provider.

    On another note, I think most Americans prefer to pay in USD. Both because they may or may not understand the current exchange rate (how close it is), and because they prefer to buy American products (which CDN charged products clearly aren't). These factors may have a minor impact on conversions.
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  • Profile picture of the author Kevin-VirtualProfitCenter
    Based on 10 years of experience where most of my customers were located in the US, Canada, UK and Australia I can tell you, unless you are selling a product that is uniquely appealing to Canadians, more of your sales will come from the US than any of the other countries.

    Here is what I would do:

    It's pretty easy to create a script where it checks the visitor's IP and shows them a currency from their country. In cases where the IP is hidden or unknown, it can substitute whatever you want (though I would encourage you to make it USD.)
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  • Profile picture of the author thunderbird
    Originally Posted by moneyblogger1 View Post

    Hey Warriors,

    Yes....I will admit it. I am from the far north here in Canada.=
    <snip>

    "Admit it" makes it sound like something to be red-faced about. Conan O'Brien has endorsed Canada. He's a genuine American, so Canada must be all right.
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    • Profile picture of the author Marty S
      As a fellow Canadian, I cant see the upside to this except for a slight reduction in clerical work for your bookkeeper.
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      • Profile picture of the author moneyblogger1
        The upside would be heading against the weakening American dollar.

        There is strong evidence to suggest that the American dollar will continue its decline, so my fight against this would be to price in CAD.

        A possible 5-7% difference in currency's would be equal to the fee to Clickbank.


        Originally Posted by Marty S View Post

        As a fellow Canadian, I cant see the upside to this except for a slight reduction in clerical work for your bookkeeper.
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    • Profile picture of the author moneyblogger1
      Canada is the place to be!!! I just like to make fun of us sometimes


      Originally Posted by thunderbird View Post

      "Admit it" makes it sound like something to be red-faced about. Conan O'Brien has endorsed Canada. He's a genuine American, so Canada must be all right.
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  • Profile picture of the author Tim_Carter
    You want to leave it in USD.
    Most (90% of your customers come from the USA and they won't like not knowing what they are paying.

    I know of what I speak. When the CAD rose to $1.10 US in 2008 I switched it and noticed a definate drop in sales.

    Besides - it is likely to remain between par and $1.05. Why bother.

    Argh - this exchange rate is going to cost me lots of $$. (difference between March 2009 at 1.23 and now at .99)
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