Credit card payment in a different currency to the default - multi currency
Arvi
Member Posts: 3
Hi All,
Since it is not possible to take credit card payments in any currency other than the default, I would like to know how other businesses are getting around this. I am in the UK and would like to invoice in Euros... which I can through Wave, but cannot collect credit card payments in EUR.
Instead, I am having to raise an invoice through Wave, AND send a separate invoice through Stripe which will have a link to be paid on Stripe directly in Euros.
I can't be the first person to face this challenge, so keen to know how others' are tackling it.
Thanks
Arvi
Tagged:
0
Comments
Hey @Arvi and welcome to Wave's Community Forum!
When you create invoices in Wave, in order for the "Pay Now" link to appear, the invoice would need to be created in the business' native currency. In your case, it sounds like that would be GBP. While the invoice would be created in GBP, the customer would still be able to pay using a credit card that functions in EURO. The customer's financial institution would then do the conversion to ensure that you receive the funds necessary and would allow you to use the Wave + Stripe integration to make the payment. This would allow you to create and send the invoice in Wave that has the "Pay Now" link on the invoice itself and receive the funds. This would mean that you wouldn't need to duplicate the work in creating the invoice twice, and instead, the invoice that you are sending in Wave, would give your customer the ability to pay through that invoice directly.
Thanks, Jordan, this is what I have done. The only step you didn't mention was that I converted the amount I was charging from EURO to GBP first, before updating and sending the invoice.
@Arvi Hmm to confirm then, is the invoice amount correct in GBP or EURO? Could you please send a screenshot of the invoice itself and what the transaction looks like for this invoice, this would help us get a stronger idea of what you're trying to accomplish and display in Wave.
@JamieD, I agreed a cost of €500 with the client, for the services I would provide. Because he wanted to pay by credit card, I converted the €500 into £445, and sent him an invoice through Wave for £445, with credit card payment enabled. My client has a credit card issued by a French bank.
Have I missed anything?
@Arvi in terms of the steps that you have explained, it sounds like you would not need to track the conversion as no money was actually moved in foreign currency. Since you invoiced and received the funds in GBP, and no EURO was actually exchanged, no EURO accounting steps would be needed. Now, if you moved the GBP into a EURO bank account after, then there would be additional steps to be taken. If that's the case, let us know