What is the Currency Converter feature and how to configure it?
In this article, you will learn how as a Marketplace Operator you now have the option to set your marketplace currency exchange rate against your vendor's storefront currencies.
As a Marketplace operator, You can now set an exchange rate against your Marketplace store currency and then confirm which vendor should be paid in which currency. See below for how to set up.
See the example below:
Operator marketplace in USD ($) and your vendor storefront currency (€).
The Operator can now set the exchange rate they want against any currency. $1 = €3.
Product €100 Vendor Storefront - Product pulled into Operator Storefront - Price Shown as $33
Note: This is for Live connected Vendors' products only.
How to configure the currency converter feature:
1. Once logged into your Operator portal >> Click the Settings Icon >> Navigate to Payments >> Click Show for Payments panel >> Click Exchange Rates.
2. Here you can see the Exchange Rate Settings component. This will confirm your default currency and will allow you to add in multiple currencies by clicking + Add more.
3. A window will appear asking you to choose a currency.
Make your choice of currency >> Click Add Currencies button.
4. Once the currency appears you can now add in an exchange rate >> Click the Update button.
5. Once you have your currency set up. You now need to add vendors to the currency. Click Settings Icon >> Click Show for Payments panel >> Click Multi-Currencies vendor payouts.
6. Here you can see the Multi-Currencies Vendor Payout component. This will confirm your default currency and will allow you to select vendors that will be paid in other than the base currency.
Click Select vendors you want to pay other than the base currency. >> Click Save.
7. Click + Add more .
8. Select a vendor and currency from the dropdown. >> Click Save.
9. A green banner will appear as confirmation that your settings have been saved.
Checking the exchange rates against a product:
- Now let us have a look at a product from the Vendors Frontend Store Showing the price of the live connected product. eg Organic Goji Berries, €100.
- The same products on the Vendor Portal on Marketcube display the Exchange rate, the vendor current price, and default Operator marketplace currency. eg. Exchange rate $1 = €3.
- This same product on the Operator Portal. This will show as default price currency only.
- Now let's see the same product on the Operator Shopify Admin side Showing the price in $.
- The last thing to check is the Operator Live Store showing the product price in $.
The product should present an exchanged currency rate in all the steps above and on the front end store.
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