When your business operates in multiple countries, or you have it in mind that you would like to expand your business globally – you are going to need some key tools to make the job that much easier. 

One of these key tools is a currency API that can provide conversion rates for as many as 152 different currencies, which will cover your business’s growth throughout the future years and can help you in a few different fundamental areas of your business.

#1 Opening up your business to a wider audience

By making your business into a global affair, you will be opening it up to a much wider audience. You will need to keep an eye on conversion rates to ensure that you are offering your customers the best deal that you can and still being able to cover your expenses. 

You will also have to negotiate vital business deals that could affect your profits, so having a currency conversion API such as the one offered by CurrencyAPI.net within reach that provides real time accurate conversion rates is a must.

#2 Accurately adjusting prices to accommodate new markets

As you move into new markets in different countries, it is likely that your prices will differ, whether slightly or by huge amounts. This is because you will want your products to be affordable to your customers within that region in order to make your expansion worthwhile. However, you will not want your prices to put your business, as a whole, at risk of financial ruin. 

Performing in-depth research will no doubt tell you whether a certain country is a good idea for your products, and a currency API will help you make this decision. This is because you will be able to see current exchange rates and those dating back a few years for research reasons, as it is important to remember that exchange rates fluctuate. 

#3 Understanding your profit margins

This, so far, has all been about your reasons for moving and your research. However, after you have moved into your new territory, you will still need to keep an eye on currency exchange rates to gauge your profit margins and keep track of your business expenses in the different countries in which your business operates. 

As you have businesses operating all over the world, it is likely that you will also have employees in these locations as well, whether they are working remotely or within the business’s premises. These employees will require looking after in regard to salaries, bonuses, and perk packages such as health, vision, and dental care. 

Although you will probably have thought about having an HR presence at each location to keep track of your employees, deal with their needs, and keep your business compliant within the country that they are situated in, this all involves money. So, understanding your costs in real-time and your profits so you can act quickly if need be is incredibly important.

A few final thoughts to wrap it all up

Your business and the livelihoods of your employees hinge on the decisions that you make on a day-to-day basis. Therefore, having a tool that can help you keep track of your business’s prices across many currencies has got to be a good thing. It is even more important when it can help you move quickly on vital decisions that could save your business money, which you may otherwise have missed due to not having the right knowledge on hand.