Currency conversion services

Currency conversion is the setup of accepting payments in the buyer’s currency with conversion into your base one. We connect the multi-currency capabilities of your payment provider (or a separate converter) so that a client from another country sees the price and pays in a familiar currency, while you receive the funds in yours. We set up currency choice and auto-detection, locking the rate at checkout, passing the order and linking to your system. The point is that it is easier for a foreign buyer to pay when the amount is in their currency, without a “surprise” from their bank’s conversion. Importantly and honestly about the rate: conversion always uses a rate with a markup (a spread) — it is not the interbank rate, and the payment provider or bank takes the difference (for example, the interbank rate is 100 and the provider’s is 103 — those 3 units are the markup). We will show which rate and markup your provider uses so that you understand the real cost. Rates are pulled from a source and updated periodically — between updates there may be a small lag, so we lock the rate at the moment of payment. One more honest nuance: even when you accept payment in the buyer’s currency, the issuing bank of their card sometimes offers its own conversion at its own rate (this is called DCC) — a store cannot control this, but during the audit we check how it works with your provider and help minimise surprises. Also honestly: these are two different things — real payment in the buyer’s currency with conversion (this service) and simply showing prices in a currency without actually charging in it (a separate service, “multi-currency display”, cheaper and simpler). And about accounting: your bookkeeping and tax accounting stay in your base currency — conversion on the storefront does not replace it. The set of currencies depends on your payment provider: not every acquirer supports every currency, and we check this in advance. If your buyers are mostly from one country and pay in one currency, you most likely do not need this service, and we will honestly say so. Picture this: a buyer from Europe sees the price in euros, pays in euros with their usual card — and the amount arrives in your account in your base currency (for example, RUB) at the locked rate. The base price starts from 40,000 ₽; it depends on the number of currencies, your payment provider and the scenario.

• Foreign buyers see the price in a foreign currency and leave — it is unclear how much to pay.
• The buyer’s bank converts at its own rate — a “surprise” on the statement and payment declines.
• You do not know whether your acquirer supports the currencies you need.
• Revenue in different currencies does not reconcile with orders automatically.

• Connecting the multi-currency payment of your payment provider
• Currency choice and auto-detection for the buyer
• Locking the rate at the moment of checkout
• Transparent display of the conversion rate and markup
• Passing the order and linking the payment to your system
• Receiving the funds in your base currency
• Checking which currencies your acquirer supports
• Documentation and (by agreement) support

• The buyer pays in their own currency — fewer payment declines
• You receive the funds in your currency at the locked rate
• The conversion rate and markup are clear — no hidden cost
• Payments in different currencies are linked to orders

• We look at your acquirer, the currencies you need and the payment scenario
• We connect the conversion, rate locking and order passing
• We test on test payments, launch and support the start

• What rate will the conversion use?

  The rate of your payment provider or bank — it always has a markup (a spread) over the interbank rate, and the provider takes the difference. We will show which rate and markup it uses, and we lock the rate at the moment of payment so the amount does not “float”. The exact rates are with your provider — we will help find and understand them. Note: the issuing bank of the buyer’s card sometimes applies its own conversion (DCC) — this is outside a store’s control, but we check this point during the audit.

• How is this different from showing prices in a currency?

  These are different things. Here — real payment in the buyer’s currency with conversion into yours. Simply showing the price in a currency while charging in rubles is a separate service, “multi-currency display”, which is cheaper and simpler. We will advise what you actually need and will not sell anything extra.

• Do we need this?

  It depends on the audience. If buyers are from different countries and pay in different currencies — yes, it removes a barrier. If almost all are from one country and pay in one currency — probably not, and we will not push it. The set of currencies is limited by your acquirer, and we check this in advance.