Event organizers with trade shows in foreign countries have traditionally had to pay hefty conversion fees and taxes on show revenue while also struggling with fluctuating conversion rates that make it difficult to pay local vendors, refund attendees and exhibitors, and execute accurate accounting practices.For a recap of the week's top stories, check out MeetingNews Minute:
In order to minimize those challenges, event management firm Experient has introduced foreign currency processing capabilities for all its international trade shows, it announced yesterday.
Utilizing the new capabilities — which debuted at the Project Management Institute's recent PMI Global Conference in France — attendees can make payments in their native currencies while vendors and partners can receive payments in theirs, be it Canadian dollars, euros, British pounds, etc. What's more, Experient points out, event organizers benefit from "visible assimilation … into world markets."
"The ability to process transactions in euros has opened new opportunities for PMI," said Brian Strickland, director of strategic accounts at Experient. "It plays into a greater global strategy for most of our clients as they expand to include countries and markets that previously were financially and operationally inaccessible."