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Need advice on Euros vs Dollars

Discussion in 'General Business' started by lychee, Feb 11, 2008.

  1. #1
    At a time when talk of recession rules in the US, I am forced to wonder what's best for my business.
    I am located in Europe, but I have been charging my clients in US Dollars until now. Mostly because, many clients are US-Based. Although a quick check of clientele now shows me that I have many more clients in Asia and Europe, US based clients are still a vast number.

    My clients pay me via Paypal. The exchange rates are not that good. I am loosing money there. Yet I have been reticent about charging clients in Euros until now.

    However, when even throughout Asia, regular businesses (online and offline) are becoming less and less friendly to the idea of receiving in dollars, is it time to "cross over" and charge clients in Euros?

    How do you think this will affect my business?
    I'm sure some US clients will feel more confused about the Euro deal. But how much of a loss can this mean for my business?
    If you are a us-based business, your feedback is of great importance to me. Feedback from anyone in my situation is just as welcome.
    Thank you

    .
     
    lychee, Feb 11, 2008 IP
  2. Game Producer

    Game Producer Well-Known Member

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    #2
    I'm considering the same thing. I doubt it would be such a big deal (depends whether your prices will increase or not)
     
    Game Producer, Feb 11, 2008 IP
  3. Jarodboy

    Jarodboy Prominent Member

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    #3
    I would keep the dollar but raise the prices a bit.
     
    Jarodboy, Feb 11, 2008 IP
  4. Game Producer

    Game Producer Well-Known Member

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    #4
    Yeh, that's an option too...
     
    Game Producer, Feb 11, 2008 IP
  5. lychee

    lychee Active Member

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    #5
    Yes, its a short-term option. but the real issue is that the dollar continues to weaken and we who live in europe dont live off dollars. we need euros. in the short-term i can indeed raise prices to counter the loss in the exchange rate.

    the us dollar is unsteayd at this moment. and what i really want as a long-term solution is for non-eu clients to accept paying in euros.
    how will that play out? how fearful are us-based clients of paying in something other than their own currency?
     
    lychee, Feb 11, 2008 IP
  6. Game Producer

    Game Producer Well-Known Member

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    #6
    Well, naturally you could test it...
     
    Game Producer, Feb 11, 2008 IP
  7. marcette

    marcette Banned

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    #7
    US clients/customers distrust anything that is'nt in the almighty $.
    Mr. Mrs. Joe Sixpack cant find Oregon on a map, let alone Europe.....
    Sad but true.
     
    marcette, Feb 11, 2008 IP
  8. wounded1987

    wounded1987 Well-Known Member

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    #8
    we are developing a software, and i guess the best way will be to charge with mutiple options, Euro, USD, GBP and set their own prices, and change them when the USD drops or Euro goes up

    that way People don't need to convert the cash...
    other option is to set prices with live curency tool and prices can be updated each day but that's a bad option because i think prices shouldn't change each day, but more like each quarter or something.

    so a client can come and pay with whatever option he wants...
    any comments?
     
    wounded1987, Feb 11, 2008 IP
  9. DannyBly

    DannyBly Peon

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    #9
    I think you're just going to have to raise the price in USD...you could also consider doing some hedging in the forex market - ie buying EUR/USD so you would profit from further weakness in the dollar :cool:
     
    DannyBly, Feb 11, 2008 IP
  10. bluegill_catcher

    bluegill_catcher Active Member

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    #10
    In NY City now, some stores have signs hanging : Euro's Accepted
    There becoming a lot more popular over here in the states due to their value compared to the dollar
     
    bluegill_catcher, Feb 11, 2008 IP
    Game Producer likes this.
  11. Cyrus_vtn

    Cyrus_vtn Peon

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    #11
    dollar will weaken even more, charge euros, don't wait any more, the problem isn't gonna be solved for a long time, if ever.
     
    Cyrus_vtn, Feb 11, 2008 IP
  12. gwkg

    gwkg Peon

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    #12
    I would price in Euros.
     
    gwkg, Feb 11, 2008 IP
  13. ce7explorer

    ce7explorer Peon

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    #13

    The US dollar is based on the Ark... and is stable The Euro is also based on the Ark but a lot of U.S. don't know a lot about the euros..its still new to the public in the US
    The Alphabet system is the Ark vision

    In Asia
    India is developing the Alphabet vision also..india has a very large population
    .....great video named "I Am India" listed at Youtube....see the circle in this video....the circle is the vision of the alphabet a circle is a perfect method to build anything from the atom to the sun.

    You need advisers to work in the alphabet system to advanced in technolgy of the ark vision (the Alphabet).
    You can advance if you make an effort..and it takes advisers for matters in life even marriage you need advisers.

    There are many advanced havens in the US and throughout the Earth that are growing ...verse corrupted evil cities that are darkness decay and deception

    see the circle in my words
     
    ce7explorer, Feb 11, 2008 IP
  14. Game Producer

    Game Producer Well-Known Member

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    #14
    The problem with this approach is that (1) I start doing math (since I want to compare prices and see if I benefit from buying stuff in different currency), (2) it requires extra space (layout-wise) and (3) it might be bit complex (instead of one thing there's 3 things).

    I'd rather use some flag symbol or something where you could switch currency (check out how www.play.com does it for example).

    I'm not an US guy, so don't know what they think about euros, but I personally don't mind buying in GBP or EUR - I simply do the math & calculate how much stuff would cost in euros.

    That's interesting. Are the exchange rates good or bad for customers?
     
    Game Producer, Feb 11, 2008 IP
  15. lychee

    lychee Active Member

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    #15
    I do know that in NYC the signs are up about the euros. I also know that in India, where you could pay a street stall with US dollars for a nan, 5-star hotels are now only accepting rupees. And thus my decision to start considering the transition.
    I think I will have to find the best way to charge in euros and provide something simple on my site where us customers can view the value in dollies! I just need to find the right mechanism - if customers are required to 'leave' my site for a while to check on the currency, i might loose some enroute given the added "complication" of having to check this.

    I have a basic html site which receives payments via paypal, so I do want to leave it as simple as possible. I'd like to consider adding a little box WITHIN my site's page where a currency converter is available for easy check of the exchange rate...any proposals?

    Thanks for everyone's feedback.
     
    lychee, Feb 12, 2008 IP
  16. ce7explorer

    ce7explorer Peon

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    #16


    clixgalore has a system for currency exchange for merchants (sellers) and affiliates send me a pm or visit my links..i think you would like it and maybe you can develop somthing like it.

    I use multy payment plans....it seems to work..i also offer e-gold as a method to pay with gold which gold is accepted globaly but has a history risk to drop suddenly so you have to take out your money asp from e-gold..
    We live in a evil time on our planet...a hand full of steady clients is better then both hands filled with contention.
    Seed money can grow into a money tree....
     
    ce7explorer, Feb 12, 2008 IP
  17. Game Producer

    Game Producer Well-Known Member

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    #17
    ce7explorer - please stop writing in blue, it hurts my eyes :rolleyes:

    Well, like mentioned earlier: check out what www.play.com does. They have flags that you can click, and the price changes accordingly.

    That's pretty simple solution me thinks.
     
    Game Producer, Feb 12, 2008 IP
  18. Eriloo

    Eriloo Peon

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    #18
    You can't change entirely to Euros or you'll alienate a lot of users that order because it is in USD, so you'll be best off offering the choice of either Euro or USD.
     
    Eriloo, Feb 13, 2008 IP
  19. ladygodiva97

    ladygodiva97 Peon

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    #19
    I suggest keep the euros, but raise the US price if you can.

    The US dollar fluctuates so often that one would love to bank one euros.
     
    ladygodiva97, Feb 13, 2008 IP
  20. zybron

    zybron Peon

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    #20
    As a US consumer, I would be hesitant to buy anything listed solely in Euro's...unless I knew the exact value it would be in USD also. So, if you decide to change over to Euro's but don't want to alienate your US customer base, I would suggest at least showing the price in both currencies.
     
    zybron, Feb 13, 2008 IP