The most important development of the 21st century is globalization. This phenomenon made the world a global village and the constraints of its development did not remain restricted to social contact only, it also revolutionized the way people do business with each other. People started to embrace the power of the internet and started to incorporate it in their business dealings. They not only used it to communicate with other parties across the globe, but they also started to sell their products in more than one country, directly to the customer, without involving any third party. The term E-business is formulated on this basis it means conducting buying and selling of products using the internet.
While expanding their business in other countries, people faced many serious problems and one of them is currency conversion. Imagine what could be more frustrating than losing a client only because he is willing to pay in British pounds but your CRM only supports US dollar (USD)? You lost a huge deal just because of a minor reason. Well, this problem exists in both traditional and e-business. Firms lose a considerable amount of opportunities only because of this currency conversion problem. Now question is that, do you want this problem to affect your business dealings?
How Typical CRM Systems Facilitate Currency Problem
Most of ordinary CRMs only support one type of currency. They just allow you to select the currency at the start of the CRM configuration and use this information for the rest of the time to sort out currency related matters. This is fine for a business that operates in one country only, but what about a multinational business? Obviously, it will limit the performance of multinational organizations. If we look at the biggest giants in the contemporary corporate world, like Coca-Cola, Apple, Samsung, Netflix, all of them provide their services in more than one country and their products are sold according to the currency of the host country. So this mean ,for growing big, your CRM should support multiple currencies.
VTiger 7 Currency Manager
VTiger 7 understands that lack of support to the different currencies can act as a hurdle for your developing business. To deal with the previously mentioned problems, VTiger 7 provides an efficient tool by the name of Currency Manager. It caters all of your currency related problems like currency conversions, dealing in foreign currencies, etc. This tool provides you endless opportunities regarding currency operations.
Insights regarding VTiger 7 Currency Manager
Some of the insights regarding usage of this feature are discussed below. These will help you to use this tool to its fullest potential.
1. Set the Base Currency:
When you will start using this feature the very first task you have to perform is to configure the base currency. The base currency will act as a foundation currency and is usually set to the currency of your home country. While setting the base currency, make sure to keep the following things in mind
User I.D: In the first field, you have to provide your user I.D that is VTiger& CRM registration.
Country: In this field, choose your home country, from which your business firm belongs.
Role: In this field, specify the role you are performing in the firm’s hierarchy, e.g. Manger, CEO, COO etc.
Department : Here you will specify the department of the firm from which you belong, e.g. sales, operations, human resource etc.
Base Currency: Using this drop down menu chose the base currency, from all of the official currencies used around the globe.
Language: Choose the language in which you want to perform operations.
Time: Here you will make a choice regarding the time zone which will be used by your company.
2. New Currencies
VTiger 7 Currency Manager also offer to add new currencies, which can be used by your CRM. The purpose of this function is to assist money exchange related tasks. This function will come in handy when your client wants to deal in some other currency rather than your base currency.
Add New Currency: To add a new currency just follow Menu> Settings> Configuration> Currency> +ADD Currency
Currency Name: Specify the name of the currency you want to incorporate in your VTiger 7 CRM.
Currency Code: Here you will select the code of the currency which will be used to represent that currency.
Currency symbol: In this field, you have to specify the symbol of the currency. For example $, €, £ etc.
Conversion Rate: Take special care of this field, as this will be used as conversion rate while converting the newly added currency into your base currency.
Status: A check box will appear at the end of the form. Checking it will make the newly added currency available for performing operations and if you want to deactivate it, just uncheck this box.
3. Currencies According to Client’s Preference:
Well, what will happen if there are two different clients who have two different currency priorities? Suppose client A wants to deal in Indian Rupee (INR) and client B wants to deal in US dollar (USD). VTiger 7 Currency Manager allows you to set different currency for every customer according to their priorities. All you have to do is go to the opportunity details menu of a customer and change the currency according to their preferences.
4. Price your Product for the Diverse Range of Markets:
You want to introduce your product in more than one market and the currency used in different markets is also dissimilar. To provide a better proposition to the customers you have to offer a product to the target audience in their preferred currency type. Well to resolve this issue VTiger 7s Currency Manger proved to be a very handy tool. At first, you have to price your product in base currency and then using the conversion rate of different currencies with respect to the base currencies you can price your product in more than once currency.
Expand horizons of your business and take it one step further by offering your services in more than one currency. Incorporate VTiger 7s Currency Manager in your business today and open a window of new opportunities for your business.