Importance of displaying prices in different currencies for a global audience
As an experienced user of Teachable, I know how important it is to display prices in different currencies for a global audience. Having the ability to display prices in different currencies provides an advantage for businesses when attempting to reach and convert customers from various countries. By displaying prices in currencies that are familiar to their target customers, businesses can improve buyer confidence and trust, leading to an increase in sales and conversions. In this article, I will explore the various ways in which you can display prices in different currencies on Teachable.
Currency Options in Teachable
Explanation of Teachable’s Default Currency Setting
Teachable is a platform that allows course creators to set prices for their courses in whatever currency they desire. By default, Teachable sets all pricing to US Dollars, since it is the most commonly used currency. However, if you are looking to change the currency for your courses, Teachable provides a range of options to accommodate different markets.
Overview of Available Currencies in Teachable
In my experience using Teachable, I have found that the platform offers a wide selection of currencies for pricing your courses. This includes more obscure currencies such as the Vietnamese Dong, Indian Rupee, and South African Rand. It also includes more commonly used currencies such as the Euro, British Pound, and Canadian Dollar. Overall, Teachable provides flexible currency options that can help you cater to customers in different global markets.
Changing the Currency Display
Step-by-step guide on how to change the currency display in Teachable
As an experienced Teachable user, I know that the platform allows you to display prices in multiple currencies. Here is a step-by-step guide on how to change the currency display in Teachable:
1. Accessing the settings:
To get started, navigate to the “Settings” tab of the Teachable dashboard. From there, select “Payments” and then “Currency.”
2. Selecting your currency:
In the “Currency” settings page, you will be given a list of available currencies to choose from. Select the currency that you want to use as the default display option.
3. Configuring other currencies:
If you would like to display prices in multiple currencies, you will need to set up each currency individually. To do this, select the “Other Currencies” tab and add additional currencies to the list.
Once you have added all of the currencies you wish to use, click “Save” to apply the changes.
Options for customizing currency symbols and formatting
In addition to selecting the available currencies, Teachable also allows you to customize the currency symbols and formatting. To access these customization options, go to the “Currency” settings page, and select the “Customize Symbols/Formatting” tab. Here, you will be given the option to adjust the symbol position, decimal places, thousands separator, and digital currency format. Once you have configured these settings, click “Save” to apply the changes.
Currency Conversion and Exchange Rates
Understanding how Teachable handles the currency conversion
As an experienced user of Teachable, I have become familiar with how the platform handles currency conversion. Teachable enables course creators to set prices in different currencies, allowing them to make their courses accessible to students worldwide. When a student purchases a course, Teachable will automatically convert the price to their local currency, using the current exchange rate.
Integration options for real-time currency exchange rates
While Teachable does offer currency conversion using current exchange rates, there are also a few additional options for integrating real-time currency exchange rate services. For example, I have found that integrating a foreign exchange (FX) rate provider such as XE or CurrencyLayer can provide more dynamic currency conversion, allowing course creators to have the most up-to-date exchange rates. Additionally, integrating these providers can provide real-time conversion to ensure students get the most accurate and up-to-date price for the course.
Payment Processing and Currency Conversion Fees
Overview of payment processors and their currency conversion fees
As a Teachable user, I understand the importance of selecting the right payment processor and incurring the lowest possible currency conversion fees. In my experience, Teachable offers several payment processing options, including Stripe, PayPal, and Authorize.net and each of these payment processors charges different fees for currency conversion. For example, Stripe charges 1.4% + a $0.25 fee for currency conversion, while PayPal charges 4.4% + a $0.25 fee. With Authorize.net, the user is charged the same rates as their merchant account.
Considerations for currency conversion costs and Implications
When selecting a payment processor for Teachable, it is important to take into account the currency conversion fees for each processor. Not only do these fees lead to additional costs, but they can also impact the user’s profit margin. Additionally, it is important to consider the implications of currency conversion for international customers. When setting up pricing in multiple currencies, Teachable does not automatically convert the prices for customers, meaning they will need to manually enter the amount in their desired currency. For this reason, users should ensure they clearly communicate the currency options available for customers to avoid confusion and potential customer dissatisfaction.
Communicating Currency Options to Students
Displaying currency selector and conversion information on your sales pages
As an experienced Teachable user, I know that they offer a powerful currency selector to its course creators, which allows you to set up the prices of your courses in multiple currencies. Additionally, you have the option of displaying currency conversion information on your sales pages, helping students make an informed decision when selecting the currency for their purchase. To set up the currency selector on your Teachable school, simply go to the “Payments” tab on the dashboard, and click on “Currency Settings.”
From there, you can add as many currencies as you want and enable a currency selector on your sales page. This will allow your students to choose the currency in which they’d like to purchase the course. You can also choose to display currency conversion information on the sales page so that students can easily see how much the course costs in their own currency. This is a great way to ensure that all of your students have a clear understanding of the pricing before committing to a purchase.
Considerations for Course Creators
Evaluating the impact of currency options on course sales and revenue
As a course creator, it is important to consider how providing currency options can affect course sales and revenue. In my experience, I have noticed that offering multiple currency options can increase course purchases from international buyers. Additionally, it can help to minimize the impact of currency fluctuations on course revenue. Understanding how currency options can influence course sales and revenue can help you make more informed decisions when selling courses on Teachable.
Assessing the target audience and their currency preferences
When deciding if a currency option is right for your course, it can be helpful to assess your target audience and their currency preferences. Evaluate where your students are located, and inquire about their preferred payment methods. Having this knowledge can help you make informed decisions regarding the currency options you offer on your courses. Additionally, if you are targeting a global audience, it may be beneficial to consider offering multiple currency options to increase course sales.
Recap of Teachable’s currency display capabilities
Through my experience with Teachable, I have found that the platform offers a range of currency display capabilities to its users. Teachable allows you to administer and accept payments for your courses in over 100 different currencies. Additionally, you can set the primary display currency of your account, allowing students to view the prices of your courses in their preferred currency. Teachable also has automated currency conversion features to calculate the amount that the students will need to pay in their local currency. In addition to its currency display features, Teachable provides users with several payment processing options that make it easier to offer and accept payments from students around the world.