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 on how to set up.

See the example below:

Set up:
Operator marketplace in USD ($) and your vendor storefront currency (€).

The Operator can now set the exchange rate they want against any currency. $1 = €3.   

Result:
A Note: This for Live connected Vendors' products only.
Product €100 Vendor Storefront - Product pulled into Operator Storefront - Price Shown as $33


How to configure the currency converter feature?

  1. Once logged into your Operator portal -  click Settings >> Click Show for Payments panel >> choose 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. 


    1. Click + Add more link. 
    2. A window will appear asking you to choose a currency.
    3. Make your choice of currency and click Add Currencies button.
    4. Once the currency appears you can now add in an exchange rate and click the Update button.


  3. Once you have your currency set up. You now need to add vendors to the currency. Click Settings >> Click Show for Payments panel >> choose Multi-Currencies vendor payouts.


  4. 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.

     
    1.   Click + Add more link. 
    2.  Choose a vendor and currency from the dropdown.
    3. Once you have updated. Click the Save button.
    4. A confirmation that your setting are saved. 


  5. Now let us see a product from the Vendors Frontend Store Showing the price of the live connected product. eg Organic Goji Berries, €100.
    1. The same products on the Vendor Portal display the Exchange rate, the vendor currency price, and default Operator marketplace currency. eg. Exchange rate $1 = €3, 
    2. This same product on the Operator Portal. This will show as default price currency only. 
    3. Now let's see the same product on the Operator Shopify Admin side Showing the price in $.


  6. The last thing to check Operator Live Store showing the product price in $. 


Got more questions? Use the chat on your right or email support@marketcube.io to get in touch.