Aussie Warriors will you now charge in AU dollars

AMangones

16 years ago

Quentin and there's no stopping if the trend continues...
What are you using for your merchant account?

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Istvan Horvath

16 years ago

Yep, I also should charge in Canadian dollars... especially that Paypal doesn't really follow the daily fluctuation and the last two times I got less CAD than what was in USD in my account.

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Caleb Spilchen

16 years ago

Originally Posted by Istvan Horvath

Yep, I also should charge in Canadian dollars... especially that Paypal doesn't really follow the daily fluctuation and the last two times I got less CAD than what was in USD in my account.

Then maybe I wouldn't get screwed on PayPal fee's when I try to move money.. Oh yeah, there exchange rate conveniently fluctuates so it's never in my favor....

Istvan, Quick Question Though: Can I PM you about it?

Caleb

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Kay King

16 years ago

I don't marketers can simply charge in the currency that is most favorable to them. If you target the US market - you charge US dollars or you will lose customers.

You can raise prices - unless you are pricing yourself above competing products - which again can cause lost sales. In the end, it's your business to set your prices.

When the dollar is strong, marketers congratulate themselves on the extra profit when converting to their currency. To me this is the other side of that coin - losing a bit of profit in a challenged economy or with a decreased value of currency.

Perhaps you have to operate in both extremes - profiting more when the dollar is strong and taking a small hit when it isn't?

kay

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jasonmorgan

16 years ago

Lemme know when you're taking monopoly money 'cus I'm loaded.

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samstephens

16 years ago

I've been thinking about this same thing, Quentin.

At the moment I display my prices in USD to US customers, and EUR to European and British customers.

If anyone is interested, I might WSO the script I wrote to do this - I'll have to pack it up though, as it's just a "for me" script at the moment.

cheers
Sam

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halfpoint

16 years ago

Originally Posted by samstephens

I've been thinking about this same thing, Quentin.

At the moment I display my prices in USD to US customers, and EUR to European and British customers.

If anyone is interested, I might WSO the script I wrote to do this - I'll have to pack it up though, as it's just a "for me" script at the moment.

cheers
Sam

Sam,

I'd definitely be interested in something like this!

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Sheryl Polomka

16 years ago

Wow, I didn't realize the dollar had gone up that much (or down :S ) I wonder how long it will stay that way!

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Neil Morgan

16 years ago

Think very carefully about this one because it can really kill your sales if you get it wrong.

I know, I've been there. I once tried displaying my price in UK Pounds with an option to convert to other currencies. Of all the tweaks and tests I've done over the years, that one killed sales more than any other.

Something else to consider. When I buy any product online I immediately switch to US Dollars even though I'm a Brit simply because my Paypal account contains dollars not pounds.

In a nutshell, like it or not, the USD is the "standard" currency of the Internet in many ways.

Cheers,

Neil

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Sheryl Polomka

16 years ago

Originally Posted by Neil Morgan

Think very carefully about this one because it can really kill your sales if you get it wrong.

I know, I've been there. I once tried displaying my price in UK Pounds with an option to convert to other currencies. Of all the tweaks and tests I've done over the years, that one killed sales more than any other.

Something else to consider. When I buy any product online I immediately switch to US Dollars even though I'm a Brit simply because my Paypal account contains dollars not pounds.

In a nutshell, like it or not, the USD is the "standard" currency of the Internet in many ways.

Cheers,

Neil

I agree Neil, whenever I'm looking at anything online I automatically think it is in US dollars so that's what I always use for my products.

Just keep our fingers crossed that the dollar will go back down and we'll be better off again

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Neil Morgan

16 years ago

Hey Sheryl

It's swings and roundabouts. Over the longer term things usually even out.

I must admit I don't worry about it too much now. It doesn't take too many lost sales to negate any benefit in the exchange rate!

Cheers,

Neil

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Milton

16 years ago

I wouldn't move just yet. Clickbank doesn't reflect much of a change, neither does Pay Pal. It was only above the USd for a fraction of a second. I really can't see it stay up there too long.
I think I'll just wait and see.
Milton

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Martin Luxton 16 years ago

and EUR to European and British customers.

Sam,

Following this logic, why don't you offer Mexican Pesos to US customers?

As a Brit I feel a bit miffed that you offer other people their own currency but I can only buy in a foreign one. Add to that the growing anger at the Brussels gravy train . . .

As Neil, says, test.

I don't see the logic in charging in Aussie dollars just because it's cracked parity with the US Dollar. The Aussie is going to rise even further (and the greenback slide) so when your US customers buy something next year for, let's say, $50, what kind of psychological effect will it have on them when they see a bill for $55 US?

I understand that you are seeing your income reduced in real terms, but so are your customers based in the USA. Do you think making your products more expensive for them will help sales?

Martin
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infomaniacs

16 years ago

A hardboard factory near my home is closing down and retrenching 145 workers a week before Christmas, they cite the reason as the high Aussie dollar making it too expensive to compete with cheap imports

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EdgeStorm 16 years ago

I admit that I'm a bit worried about the shrinking of US dollar.

Like OP I too feel the same way and am mulling over using another currency instead. However since most of my target market are in the states, I guess staying with the dollar still has a lot of benefits for this group of customers.

But I'm still apprehensive about the constant dollar decline. Not sure what 2011 onwards has in store for all of us online marketers. I'm sure if the dollar further deteriorates, a big change will happen to the world economy somehow. Not sure what and how but surely there will be...
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- sal64 16 years ago
  
  Ahhh for the good old days when cashed a $1000 CB cheque and got back $1500 AUD.
  
  Not sure if it's worth changing over.
  
  my theory is that IS customers are skeptical enough as it is.. why give them another reason to not buy.
  
  Besides, I pay all my outsourcing in USD, so I save a ton with paypal by not having to change currencies.
  
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Quentin

16 years ago

Thanks for all the replies.

I guess I based a lot of my pricing on a year ago and just starting to review it. I agree about keeping it in US dollars though.

Milton I don't know how often you take money out however my last few pay weeks have shown they are reflecting the changes every day. Today it was 98 cents to the AUD.

Thats a scary thing and looks like it will continue.

Quentin

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EdgeStorm 16 years ago

Originally Posted by Quentin

Thats a scary thing and looks like it will continue.

Quentin

Indeed it IS scary. 6-7 years ago I remembered listening to a talk by a preacher who happens to be an economist too. He said the US dollar will collapse, in 5-10 years to come. Surprisingly when I read a few articles online by a few economists, they said the same thing too. One of them even said a new currency from another country will replace the US dollar as the leading currency!

Let's wait and see...

ps: It IS SCARY... I'm sure all of our concern is more towards the impact it will bring to the online business.
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samstephens

16 years ago

Milton I don't know how often you take money out however my last few pay weeks have shown they are reflecting the changes every day. Today it was 98 cents to the AUD.

I've seen the same thing, Quentin - the last maybe 3 or 4 Clickbank cheques I've banked have come out less in Aussie dollars (after the $20 fee) than the US total.

Following this logic, why don't you offer Mexican Pesos to US customers?

As a Brit I feel a bit miffed that you offer other people their own currency but I can only buy in a foreign one. Add to that the growing anger at the Brussels gravy train . .

Mostly because I don't have many Mexican customers.

The whole thing has been more a test than anything, and because of this I haven't tested a whole bunch of currencies. Splitting the world into two currencies seemed a logical first step.

If I continue with it (need to do some more maths), I'll be offering pounds to Brits.

But there has to be a line - you can't offer ever country their own currency, as it'd end up a nightmare to manage, but offering the major currencies does seem to work well.

My Euro sales have a 2 or so percent higher conversion rate than USD. While this isn't actually proof of anything, it does seem to indicate it may be a good path to travel down.

cheers
Sam

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Aussie Warriors will you now charge in AU dollars

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