USD currency to pay by card
Inyweb
Member Posts: 1
i invoiced a client with USD currency and i am trying to give the option that he should pay by card but im getting the following messages!
Credit card payments are turned off because the currency of this invoice (USD) does not match your business currency (GBP).
Credit card payments can be enabled only for invoices created in GBP.
i spoke to stripe and they told me it should not be a problem to take USD
what do i need to do to activate the USD currency ?
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Comments
@Inyweb. In order for you to accept payments online via invoicing in Wave, you will need to make sure that you match up the currency with what is listed for your business on the invoice, otherwise you will not be able to accept online payments. With that said, your client can still pay with a USD credit card, but the amount will be billed in GBP. You could simply change the amount of GBP to match up with what you would want to be charging them in USD.
What's the reasoning behind this?
Hey @dlo , because Wave was built first and foremost as accounting software, we built our payment processing so that it could convert to the currency that you've selected your account in. Because you can only process with Wave Payments if you're located in Canada or the US, these are the only currencies that we allow you to process with in order to keep your bookkeeping as straight forward as possible.
It would be big to address this someday; for now it would even be ok if the invoice were in USD as long as I can configure the invoice to allow for payment in the currency of the customer's choosing (that amount could float based on the then-current exchange rate). And if for some reason there's a small difference between the USD amount of the invoice and the USD amount that arrives after currency conversion (perhaps due to intraday movement in the exchange rate), I wouldn't mind just treating that difference as part of the processing fee within reason.
There may be various reasons for a customer to prefer to pay in local currency instead of having their credit card do the currency exchange; eg- India appears to have a new 5% tax (TCS/TDS) on forex transactions that can be avoided if the customer pays in INR.