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This is great news for UK sites aiming towards UK customers. I always thought that paying in $ would put a lot of customers of buying from your site. I think this new payment method will do wonders for UK customer conversions.
Not everyone can calculate currency conversions in their head - many people in the UK wouldn't even know how many $ there are to the £. (Probably even less know how many Euros to the £, but thats another story!)
People feel comfortable buying in a price they understand the value of. And if you don't make people comfortable = no sales.
dingman, maybe your credit card does not charge for currency conversion (one of mine charges a 'tiny' 12% to pay in US Dollars).
Nothing like a 12% surcharge, anyway. That would deffinitely change my feelings about making a purchase in a foreign currency. Depending on which card I use there might be a nominal charge, but it really is tiny. Small enough that when I've traveled abroad, I've used ATMs instead of exchanging currency at a bank, because it was cheaper. (Not to mention that ATMs don't get into a snit because you haven't had your hair cut since the passport photo was taken, several years ago :))
As for the currency conversion, I've seen a few sites that bill in one currency, but will display an estimated price with current exchange rates in another, to help with customer comfort. I don't know how well it works.
And it does occurr to me now that I've read a few of these posts that although I had no problem with a company located in London billing me in GBP, I would probably be a bit more hesitant about a company in Ohio doing the same ;)