Online Payments in Multiple Currencies

Your business might be at a stage where you want to bill customers in different currencies.

Currently a Saasu file can only setup one merchant facility so you can only accept credit cards for one currency. Businesses setting up offshore entities can then setup a merchant account in those currencies so in essence they can accept payments in different currencies. However, you may be wanting to bill in different currencies in your one legal entity. The exception that handles this is PayPal.

You can setup to receive PayPal in different currencies in a single file. Here at Saasu we do exactly this. We setup an Item code for each plan for each country currency with exact amounts and we bill that via PayPal. For Australia we use the merchant facility because it’s most of our dollar volume and we want to save some merchant fees on that.

Setup process summarised:

  1. Turn on the multi-currency feature by going to Cog Icon in the Main Menu and selecting Settings (for this file). Scroll down to the multi-currency section at the bottom, tick the check boxes and save the screen.
  2. Setup Items for each product for each currency. Note that Items aren’t themselves a currency but a dollar value. There is no currency setting on an item. However you would setup two items such as AUD-WIDGET and USD-WIDGET for billing purposes with their respective costs.
  3. Add PayPal links/button to your invoice template. Ensure that your invoice templates have currency displaying correctly by doing a test of each invoice by currency.
  4. Setup a Bank Account for each PayPal currency (e.g. PayPal USD) then you can use that to apply to Foreign currency invoices as paid. You can also reconcile against PayPal website reports filtered by currency. For your base currency in your file you can still use PayPal Bank Feeds.