Weak Ringgit? Take Advantage with This Solution!

The weak ringgit has been dominating the headlines, but you don't have to stress too much if you play your cards right.

Weak Ringgit? Take Advantage with This Solution!
Photo by Kenny Eliason / Unsplash

Malaysia’s weakening currency has been dominating the headlines this year, as external factors and uncertainty weigh on sentiment against the ringgit.

No doubt it poses challenges, such as increased costs for importing goods, higher inflationary pressures, and even more currency volatility. However, as a business owner, you don’t have to take this lying down. In fact, you can turn this into an advantage if you play your cards right.

Increased export competitiveness

When a country's currency is weak, its goods and services become relatively cheaper for foreign buyers. This can make the country's exports more competitive in international markets. As a business owner, you can benefit from this by selling your products or services at lower prices compared to competitors from countries with stronger currencies. This may lead to increased demand for your offerings, boosting your export sales and market share.

Increased foreign investment

A weak currency can attract foreign investors, especially if you’re looking to raise venture capital funding. This can open up opportunities for foreign funders to tap into new customer bases, diversify revenue streams, and potentially mitigate risks associated with a solely domestic market. Additionally, foreign investors may be enticed by lower costs of acquiring assets, such as real estate or manufacturing facilities, and by the potential for higher returns when converting their stronger currencies into the weaker local currency.

Access to a larger customer base

By accepting international payments, you can break the barriers of geographic limitations and tap into a vast global customer base attracted by a weaker currency. The ability to process transactions in different currencies allows companies to connect with customers from diverse markets, reaching potential buyers who may not have been accessible otherwise. This expanded customer base can lead to increased sales, improved brand visibility, and higher overall revenue.

Competitive advantage

Embracing international payments gives businesses a competitive edge in the global marketplace. Companies that accept international transactions are perceived as more accessible and trustworthy by international customers. Offering convenient payment options and supporting multiple currencies demonstrates a commitment to customer satisfaction and an understanding of global commerce. This advantage can help businesses stand out from competitors and attract a broader range of customers from different parts of the world.

Focus on value-added services

A weaker currency can provide a competitive advantage for businesses that offer value-added services or unique expertise. Shift your focus from price competitiveness to delivering superior quality, personalised experiences, or specialised services. Emphasise the value you bring to customers, highlighting the differentiation that sets your business apart. This approach can help offset the impact of the weaker currency by cultivating customer loyalty and attracting new clients.

Go international with Tekkis

If you’re looking to go international to mitigate the weak ringgit, Tekkis is your ideal payments partner for accepting international payments.

Tekkis is affordable, scalable, and easy to integrate into your existing business, while offering competitive conversion rates that won’t break your internationalisation focus.

Tekkis is:

  • Easy to set up with no coding or programming knowledge required.
  • Free to use with no subscription or hidden fees. You only pay when you make a sale.
  • Practical and usable, supporting a range of payment methods including credit card, bank transfer via FPX, as well as e-wallets.
  • Secure and reliable with 24/7 customer support.

Choose Tekkis as your international payments partner today by getting in touch with us. Our friendly Customer Experience team is always ready to assist.

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