Managing payments in multiple currencies can streamline international transactions and avoid unnecessary currency conversion fees. If you are using DecoPay as your payment processor in DecoNetwork, powered by Stripe, you can add extra bank accounts to enable settlements and payouts in different currencies. This guide will walk you through the steps to add additional bank accounts for this purpose.
Why Add Extra Bank Accounts?
Adding extra bank accounts allows you to:
- Receive payouts in multiple currencies without conversion.
- Avoid exchange rate fluctuations by settling payments directly in the currency in which they were made.
- Simplify accounting for international transactions.
For example, if you run a business in the UK and accept both GBP and USD payments, you can add both GBP and USD bank accounts. This ensures that payments received in USD will be settled directly in your USD account, without conversion to GBP.
To Add an Extra Bank Account for Another Currency
- Log into your DecoNetwork Website.
- Browse to Admin > Settings > Payment Methods.
The Payment Methods page will be displayed.
- Click on the Configure DecoPay button.
The DecoPay configuration page will be displayed.
- Click the Visit Stripe Dashboard button.
The verification screen will be displayed.
- Enter the verification code.
The Stripe Dashboard will be displayed.
- Click on the profile icon in the top right corner.
The Account page will be displayed.
- Scroll down to the Account settings section.
- In the Payout details panel, click Add bank account.
The Add an account for payouts form will be displayed.
- Select the currency you want to enable a new bank account for.
- Enter the bank account details for the selected currency (country of bank account, account number, routing details, etc.).
- Click Save.
Your new bank account will now be linked to your Stripe account, and transactions presented in the corresponding currency will be automatically settled into this account.
Set a Default Settlement Currency (Optional)
After you have added an account, you can also set your default settlement currency.
- Click the Change default currency button below the existing bank accounts.
- Select the currency you want to set as default (e.g., GBP).
- Click Submit.
How Default Currency Works:
- Payments presented in a currency for which you have not added a specific bank account will be automatically converted to the default settlement currency and deposited into your default bank account.
For example, if you have both GBP and USD accounts, and GBP is set as the default, payments in GBP will settle directly into the GBP account, while USD payments will be deposited into the USD account without conversion. Any payments in other currencies, such as EUR or AUD, will be automatically converted to GBP and settled in the GBP account.
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