How to accept payments from multiple different currencies? Can I do this?
abennet
Member Posts: 3
I run a company that works with businesses all around the world. I am in Canada but mostly deal with USD. I guess I can't use Payments by Wave because my business account on Wave is not setup as a US company (can I bypass this somehow?).
I need to be able to accept :
CAD, USD, SGD, EUR, and GBP at minimum.
Can i do this with Wave?
If not, what's the best way to do this?
I know Stripe supports multi-currency payments, so I don't understand why my Stripe connected account can't accept a SGD payment for example.
"Stripe supports processing payments in 135+ currencies, allowing you to charge customers in their native currency while receiving funds in yours. This is especially helpful if you have a global presence, as charging in a customer’s native currency can increase sales."
I've decided to begin putting in my Paypal link in the Wave invoice because my clients want to pay in their currency - I don't like having to bypass Wave's system (I would love for them to get paid) but I simply can't operate a business with only one currency
Thanks
Comments
Hi @abennet.
Payments by Wave currently only accepts payments for invoices that match the default currency of the business. You also can't change the default currency of a business after it's created, but it is possible to choose USD as the default currency for a Canadian business.
I'm happy to hear you did find a workaround, however!
Hi @Alexia - I didn't know that I could select USD for my Canadian business and get access to Payments By Wave - that is fantastic.
Thanks!
Edit - Nevermind.... You can't have USD as a Canadian business and get access to Payments by Wave - you get defaulted to Stripe, which is what I'm currently dealing with. I really would love to accept the bank transfers but it doesn't look like it will work for me.
Why it's impossible to take payments in USD which I already do directly in my Stripe account?
It is a major flaw this inability for a business in Canada (using CAD) to be unable to take payments in USD.
I love the invoicing system, was waiting for recurring payments to start using it (you nailed it) but without this feature it's impossible to move all my invoicing to Wave which is our goal.
Like @abennet said we you to make some money off the transactions! (not PayPal...)
Hi @steve99.
I'm happy to hear you love our invoices!
It is something we think about a lot, and we'd love to bring to Wave, but the road to getting there is a little complicated. Cross-currency processing time does take time, given the additional considerations needed (exchange rate, ability to debit accounts of the same or different currency and so on). So even if I can't promise a feature like this in the future, it is on our mind.
You can accept credit card payments in foreign currencies through our platform, however, as long as your country, you business' currency and your invoice's currency match. So a CAD invoice could be paid with a USD credit card. The amount received would be automatically exchanged into CAD, however. All it means is that your US clients would have to calculate the exchange to know the amount in USD, if they wanted to know exactly what it represented before paying.
Thanks for the details Alexia, but on a practical level it makes using the invoices with Wave impractical give that asking a US client to think in non US dollars is a no go, asking others not in US a lot easier.
This is really annoying to me as well. Why can't we just have the ability to use Stripe as our payment processor and not this restrictive Wave Payments solution? Businesses should be able to easily accept CC payments from a variety of countries, which Stripe makes impossibly easy.
Can you please just allow users to use Stripe as their payment gateway if they have a need to accept CC's from currencies other than their default currency?
Hi @jordanlloyd.
Businesses in Canada or the US can be set up receive payments in USD or CAD respectively. If you are only dealing in these two currencies, you could make a secondary business that uses USD as a currency and use it to invoice and receive payments from your USD customers. These payments would be treated through Stripe. You can then account for the transfer of that money between the two businesses.
You will, however, still be bound by the fact that payments can only be accepted if the default currency of the business and the currency of the invoice match.
I hope this helps. If you give me a bit more details about your business and your customers, I might be able to offer more.
I can't do business in just one country currency. This was so embarrassing today when a US client couldn't pay there bill and they have lost confidence in me and my office administrative skills.
Hi, @WendyArleen.
I'm really sorry to hear that and I hope I can clear things up, at least a bit.
You can still accept credit card payments from US clients who have USD credit cards, but your invoice currency has to match your business' default currency. That means that, in your case, your clients can pay you with their credit card, but you have to issue your invoice in CAD. The conversion would be handled on your client's end. The same goes for accepting any credit card. As long as your invoice matches your business' default currency, you can accept credit card payments coming from anyways, regardless of that credit card's own currency.
If there's a specific situation you'd like my help with, let me know. I'm more than happy to answer your questions.
Hi, I am a Canadian business and do most of my transactions in CAD. Once in a while, I do have to pay overseas suppliers with USD. Thus I create those "Bills" with USD. Once payment is made from my USD account, I do not see the option "Payment sent for a bill on wave". Why is that? I did create the bill with USD! How do we work around it? I have emailed wave regarding this issue previously but did not receive a proper solution yet. Please advise.
Hey @Sadat. As of right now, this is not something that's possible in Wave (associating a transaction with the bill that was created in Wave in a different currency than your base currency). Our accounting team is definitely aware of this, and we're hoping to have a resolution for this sometime in the near future, but we still don't have any immediate plans in doing so right now. The workaround is that you simply just mark the bill as paid (in USD) and then delete the withdrawal transaction that comes through your bank account.
+1 for this feature. It''s annoying and a hassle to find a workaround for this.
It'd be such a time-saver to have this natively built-in! Are there any plans to have the ability to accept payments in different currencies in the near future?
Is there any update from the wave dev. team? This is an essential feature....
Hi @Matthew100 , we don't currently have any updates to share and to be transparent about this, it isn't something that we have on our roadmap to change anytime soon.