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Thread: PayPal-SA: USD vs Rand
      
   

  1. #1
    Join Date
    Feb 2015
    Posts
    15

    Question PayPal-SA: USD vs Rand

    I am in SA. To have a permanent price on an article I sell on the net quoted in dollars is not good thinking as the exchange rate fluctuations over the last six months would have reduced the price of my product by the percentage of the SA currency devaluation against the dollar, (about30%) and it has not stopped yet. Going a bit like the Russian currency recently.

    In SA goods quoted in dollars create a psychological resistance as the dollar is known to be expensive. As much as I would like to use paypal, the fact that in SA it can only quote in dollars makes it an outsider.

    Any suggestions fore use with Blue Voda apart from Paypal which is in my mind the best.

    Thank you

  2. #2
    Join Date
    Mar 2006
    Posts
    14,683

    Default Re: US Dollars in South Africa - paypal shopping cart is problem

    There is no such thing as a "permanent price," in reality, nor online.
    You need to understand that and allow your online presence (pricing scheme) to naturally respond to reality with cogent relevance.

    1. Minimize the perceived threat.
    If as you say, PayPal can only quote in SA Rand or US Dollar, look into other providers (of which there are plenty that have served online businesses and have earned consumer credibility and acceptance). The real Bottom Line is as it always has been: "If people really want to do business with you, they will go out of their way to buy what you are selling."

    Assuming they will be discouraged by one currency over another to the point of significantly impacting the growth of your business telegraphs a troublesome lack of confidence on your part ....

    2. Define your own Terms.
    You can always set prices based on a certain benchmark .... pegged to the price of gold, or a certain date, or other referenced index. Whether or not PayPal-SA allows this may be one of the criteria you might use in selecting another provider, such as GlobalPay, etc.

    3. Stick to maintaining Relevance in your business, and put the spotlight on transparent Integrity.
    Basing your prices on the Rand (your local currency) is the simplest thing to do, for even if the currency fluctuates, it is all relative to your costs -- which fluctuate accordingly. From the cost of bread, to gas, to stone, to labor ... Simple economics. Because I really doubt you have a strong international business or are doing such a robust business that volume is an integral part of your revenue equation yet, and am more assured your potential customers are using the same currency and facing the same valuations. You will simply "present" your prices in USD after using a conversion chart to reflect the true price in Rand (these reference charts are even available from PayPal, which discloses the Bank Conversion Rates). It simply is the way it is, and consumers know this despite whatever negative reality is reflected ...
    * Besides, updating and re-Publishing Pages with new prices every time the currency fluctuates every 10% is so easy using BlueVoda, you really do not have to suffer unnecessarily in the least. Updating your relatively few pages in this manner (and for this reason) is also an obvious sign to your potential clients that you are committed to fair trade, making sure every sale is scaled, current, and reasonable for every customer no matter what the actual numbers indicate ....
    Having less than 100 individual SKU's compels you to make these efforts on behalf of your customer's satisfaction, and are prerequisite to any credibility or elevated reputation you may earn.

    Again, it's the Bottom Line: "If people really want to do business with you, they will go out of their way to buy what you are selling ... at any price." It's up to you to cultivate clear and consistent motivation to do so ...
    . VodaWebs....Luxury Group
    * Success Is Potential Realized *

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