Dropshipping is a popular e-commerce business model that allows you to sell products online without having to stock or ship them yourself. You simply partner with a supplier who handles the inventory, fulfillment, and shipping for you, while you focus on marketing and customer service.
However, dropshipping also comes with some challenges, especially when it comes to payment processing. You need to find a reliable and secure payment gateway that can accept payments from your customers in different countries and currencies, as well as handle refunds, disputes, and chargebacks.
In this article, we will show you how to set up Authorize.net for your dropshipping store and accept multiple currencies. We will also cover some of the pros and cons of using Authorize.net as a payment gateway for dropshipping.
Pros and Cons of Using Authorize.net as a Payment Gateway for Dropshipping
Using Authorize.net as a payment gateway for dropshipping has some pros and cons that you should consider before choosing it for your online store. Here are some of the main pros and cons of using Authorize.net:
Pros:
- Authorize.net is a reputable and trusted payment service provider that has been in the industry since 1996.
- Authorize.net offers a variety of features and benefits for online merchants, such as accepting multiple payment methods, supporting multiple currencies, providing fraud prevention tools, integrating with popular e-commerce platforms and shopping carts, and offering customer support and account management.
- Authorize.net has competitive pricing plans that suit different business needs and budgets. You can choose from a pay-as-you-go plan, a monthly plan, or a custom plan.
- Authorize.net has a high level of security and compliance, as it is PCI DSS certified, uses SSL encryption, and offers advanced fraud detection tools.
Cons:
- Authorize.net may have some limitations and restrictions depending on your location, business type, and products. For example, Authorize.net is not available in some countries, such as China, India, and Brazil. Authorize.net also has a list of prohibited and restricted products and services that you cannot sell using their payment gateway, such as adult content, gambling, firearms, and drugs.
- Authorize.net may have some fees and charges that you should be aware of, such as setup fees, monthly fees, transaction fees, refund fees, chargeback fees, currency conversion fees, and more. You should compare the fees and charges of Authorize.net with other payment gateways to find the best option for your dropshipping store.
- Authorize.net may have some technical issues and downtimes that can affect your payment processing and customer experience. You should monitor the Authorize.net status page and subscribe to their email alerts to stay updated on any issues and resolutions.
Registering an Authorize.net Merchant Account
To begin accepting digital payments using Authorize.net for your dropshipping store, you first need to complete the merchant account registration process:
- Visit the Authorize.net website and click Sign Up in the top menu bar to begin opening your merchant account.
- Under pricing plan options, choose the fee structure best aligned with your projected monthly payment volume. The standard tier for low transaction stores is Select Pricing.
- Next, thoroughly complete the online application form with all required business information such as ownership structure, category, projected volume etc. Pro tip – have tax ID verification documents ready for seamless approval.
- Choose international payments as a desired activation capability for currency conversion and global payment acceptance from foreign buyers.
- Finally, read and electronically sign your merchant processing agreement with all terms and conditions using the DocuSign wizard.
And that completes core registration! Account setup takes roughly 48 hours for approval and activation notifications via email. Once live, we configure foreign currency acceptance next.
Accepting Foreign Currencies with Authorize.net
A major benefit of Authorize.net for dropshipping is the wide variety of currencies supported through the payment gateway. This requires just a few quick configuration steps:
- Inside your account, navigate to Account > Settings > Currencies
- Check the box to enable Multiple Currencies
- Select each foreign currency you wish to activate from the long list of over 130 global currency options
- Click Save Changes
And the multi-currency capability instantly goes live! When international customers place orders, Authorize.net will automatically display pricing in the converted local currency.
At checkout, dynamic currency conversion allows the buyer to easily pay in either their currency or your base currency seamlessly using current foreign exchange rates with no extra conversion fees.
Authorize.net deducts transaction processing fees from the converted amount credited into your account so you receive payment safely in your desired currency.
With cross-border multi-currency payments acceptance configured, Authorize.net makes tapping into the spending power of global markets extremely accessible for dropshipping merchants no matter where your suppliers or customers reside.
Conclusion
Authorize.net is a leading payment gateway that you can use for your dropshipping store. It offers a variety of features and benefits for online merchants, such as accepting multiple payment methods, supporting multiple currencies, providing fraud prevention tools, integrating with popular e-commerce platforms and shopping carts, and offering customer support and account management.
However, Authorize.net also has some pros and cons that you should consider before choosing it for your online store. You should weigh the advantages and disadvantages of using Authorize.net, as well as compare it with other payment gateways, to find the best option for your dropshipping store.
We hope this article has helped you learn how to set up Authorize.net for your dropshipping store and accept multiple currencies. If you have any questions or feedback, please feel free to leave a comment below. Happy dropshipping!