The Doki Blog

Resources for scaling your impact and building your authority online

Many online businesses operate in multiple countries and accept payments in currencies other than their own country’s. Some examples of this might include:

  • A Canadian business sells products online in US Dollars.
  • A Dutch business sells products online in US Dollars and Euro.

Our SaaS app Doki uses Stripe to process payments. You bring your own Stripe account and connect it to Doki. As a company with a Stripe account in Canada, we currently (by default) process payments on behalf of our customers in US dollars. So how do we avoid paying the often hefty exchange fees from US dollars into our local currency? Many folks think PayPal is the only way to accomplish this, but we’ve found that it’s just as easy to use Stripe and open a US Dollar-backed account in your own country. In fact, we do this ourselves. Stripe allows you to add bank accounts for multiple currencies, so it will deposit the money in the corresponding account when you receive US funds, transaction free.

For example, imagine that I am running Canadian business with a single CAD bank account. When it receives money in CAD, it goes straight to my bank account. When I receive money in USD, I am charged the exchange fees via Stripe, and then the money goes to my bank account. Now, if I open a US dollar bank account at a Canadian bank, I can add that bank to Stripe and then when I receive USD, it now goes straight to that bank account, transaction free. As much of online business is done in USD, now you can utilize the money from that account to make other purchases for your business without exchange rate fees.

Some examples in Canada of banks that have cross-border solutions:

Check with the major financial institutions in your country to find which ones have US dollar accounts.

So can I use Stripe in YOUR_COUNTRY_NAME?

Stripe is available in 25 countries throughout the world at the time of this writing. I wouldn’t be scared away by the “Beta” tag if your country is in beta. These are production-ready systems.

For example, to use Stripe with our app Doki, you would:

  1. Create a Stripe account in your country by visiting https://stripe.com/global and clicking your country flag.
  2. Set up a US Dollars bank account in your country at a financial institution.
  3. Connect your US Dollars bank account to your Stripe account.
  4. Connect your Stripe account to Doki.

Now when you charge for your program via Doki, the funds (minus Stripe + Doki fees) will be directly deposited to your US bank account without transaction fees.

But what if I want to charge in a different currency?

Stripe accounts have a “primary” currency (which, if you’re in Europe, will probably be in Euros) and can also have additional currencies, of which you can set up bank accounts for if your Stripe account supports it. For example, going back to our Dutch example at the start of the post, as a Stripe user in the Netherlands:

  • I can accept payments in any of the currencies in Group 1 and Group 2 (wow, that’s a lot!)
  • My account supports bank accounts in the following currencies:
    • EUR: Euro
    • GBP: British Pound
    • USD: United States Dollar
    • DKK: Danish Krone
    • NOK: Norwegian Krone
    • SEK: Swedish Krona

So any time I charge in those six currencies, I pay no exchange fee and the amount goes directly to my bank account in that currency. If I charge in say “Bulgarian Lev(s)”, I would pay the exchange fee from Levs to Euros and the amount would be deposited in my EUR account (assuming I had EUR selected as my primary bank account).

In short: when you sell your products, you simply use the currency code you want to charge in and customers will be charged in that currency. Yay!

It’s not quite automated yet, but with Doki, we can configure an account to charge in a currency that the connected Stripe account supports based on its country. If you are a Doki customer (or would like to be, hello!), please review the information in “What currencies does Stripe support?” for your country’s options and to make sure your understand how exchange rate conversions work, then contact Doki support to request the change.

What about Atlas?

Stripe Atlas is also an option for international users. This is a relatively new program that is invite-only. Essentially, Stripe will set up a US business for you complete with a US bank account. When this is complete, you can run your business anywhere and accept almost any type of currency (and accept US dollars directly into your new US bank account). I’m pretty sure that Atlas is limited to larger companies with an established presence, so small fries like you and I might not qualify, but it’s always worth a shot!

Resources

Natasha Vorompiova of Systems Rock recently launched her new course, Trello for Small Business on Doki this month.

In Trello for Small Business, Natasha shows her customers how to manage virtually every aspect of their business using Trello.

She covers topics like:

  • Taming Email Overload
  • Keeping Track of Tasks
  • Turning Trello into your CRM–Client Relationship Management tool
  • Managing Repetitive Projects/Processes
  • Blogging Consistently
  • Onboarding and Managing Clients
  • Collaborating with Others

Trello-for-Small-Business

“Doki is a dream come true! It’s is incredibly intuitive and easy to work with. But what’s even more amazing is that my students find navigating the content of the course absolutely effortless.  I couldn’t ask for anything more!  In the past 4 years I’ve tried 3 different teaching platforms, but none of them worked for me.  Having launched Trello for Small Business on Doki, I know that my quest is over. Marie and Ben, THANK YOU!” — Natasha Vorompiova

Congratulations, Natasha!!

Inbound Unboxed is a weekly podcast series exploring the greatest inbound marketing tools and technology. Join me as I chat with Nicholas Scalice about the tools and tactics for launching an online course!

We cover:

  • Tips and tricks for getting launching your first course
  • Whether you should build your audience or your course content first
  • Tools Marie uses throughout the online course creation process
  • One hybrid model for monetizing your online course
  • Why a “clarity session” is so important

Inbound Unboxed 055: Tools and Tactics for Launching an Online Course

You may be thinking that you’re not yet ready for creating an online course (or maybe you’ve already got one in the works), but have you considered using a course as a way to piggyback on your already existing service offerings?

Here are 3 creative ways of re-thinking the online course to help you leverage your 1:1 services:

1. Online course as structured process

If you have a specific process or approach that you take your clients through over time, why not streamline and automate it?

Create a simple curriculum based on your unique process, and enroll your clients into your course automatically upon payment, using it as a chance to automate setting expectations, and provide structure and accountability.

By having content, resources, and automated check-in emails that drip weekly or monthly based on purchase date (or launch date), you can provide your clients with ongoing accountability, increasing their likelihood of follow-through.

You can let your clients know how much time they should devote each week (or month) to do the work or go through materials, so they are clear on their role in their own success. You can provide weekly/monthly challenges, prompts, pre-work or homework that keeps them engaged.

Coupling an automated email sequence with an online course (or training, or resource library, etc.) allows you to provide a valuable structure to clients so they know exactly what to expect next and can track their progress.

2. Online course as bonus or bundle

Why not bundle your coaching offerings with your (related) course, or offer it as a bonus when higher-touch services are purchased?

Or you can use your online course to help you get creative with partnership agreements.

Tara Gentile and Tanya Geisler have partnered up in the past to offer webinars, and with Tanya translating her coaching work into The Starring Role Playbook, she’s able to offer that asset as a valuable bonus for other leaders and coaches who have audiences who can benefit from the crossover.

Am I Good Enough Virtual Event with Tara Gentile Tanya Geisler

3. Online course as resource center or training

Chances are if you’ve been coaching for a number of years, you’ll find yourself recommending many of the same resources to your clients again and again. Whether it’s a great blog post, a podcast episode, a Ted Talk, or a list of tools and techniques, why not bundle the best of your material with your favourite resources to create a value-added resource library?

You could include expert interviews, videos of you guiding your clients through a process, downloadable worksheets, or any number of tools and resources to reduce the amount of time you spend sharing the same materials again and again.

You can also position the course as training, and/or use your course as a way to facilitate ongoing conversation around your processes.

Coursify your coaching practice

This process of “coursifying” of your coaching practice can really elevate your offerings. What was once a simple 1:1 coaching arrangement now becomes a higher-end program.

Alternatively, courses can be a way to introduce people to your coaching methodologies at a lower and more approachable price-point.

Tara Gentile currently uses Doki to deliver her flagship program, Quiet Power Strategy: The Foundation which allows her to scale her impact and audience in a much more automated and streamlined way.

qps

Is it time to coursify your coaching practice?