fab-connect-currency | Stripe Developers | Page 1

real glenBOT Nov 30, 2022, 10:22 PM

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coral smelt Nov 30, 2022, 10:24 PM

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fab-connect-currency

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I recommend reading https://stripe.com/docs/currencies/conversions to start @split crescent

split crescent Nov 30, 2022, 10:25 PM

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Yep, read that

coral smelt Nov 30, 2022, 10:26 PM

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So what's your question after reading that? I'm confusing by the wording of your question and what you call "set as much alternative currencies"

split crescent Nov 30, 2022, 10:31 PM

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Alright, considering the setup I'm building on (Custom + Dest Charg + on_behalf_of): if I have a seller in EU from Germany, which has only an EUR bank account, am I still able to set the presentment currency in e.g. USD, CAD, GBP, ... ?

coral smelt Nov 30, 2022, 10:32 PM

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Gotcha, then yes totally

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it works and then we will automatically convert to their local currency (that's what the doc covers in details)

split crescent Nov 30, 2022, 10:34 PM

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Ok here's the next point, when the currency conversion takes place? Only at the moment of the Payout? Because I was wondering, in that case, what happens if we set a 100% platform fee

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Seller in EU > has only an EUR bank account > we (the plat) set USD present currency > we (the plat) set a 100% plat fee > we (the plat) have a legal entity in US with USD bank account

coral smelt Nov 30, 2022, 10:35 PM

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no the currency takes place at the time of the PaymentIntent/Transfer creation

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all of this can be tested in minutes/seconds in Test mode

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this would likely make it drastically easier to grasp!

split crescent Nov 30, 2022, 10:37 PM

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Ok got it, but what if the seller has activated by the platform both EUR and USD? Shouldn't the conversion take place?

coral smelt Nov 30, 2022, 10:39 PM

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I don't understand what that means

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what does "activated by the platform both EUR and USD" mean? Activated what?

split crescent Nov 30, 2022, 10:46 PM

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Trying to tie together what Stripe says to make it clearer: "You specify the presentment currency when creating a PaymentIntent or a charge. When a Stripe account receives payments in multiple currencies, Stripe accumulates separate balances for each currency." + "When the presentment currency differs from any of your enabled settlement currencies—the currencies accepted by any of your bank accounts or debit cards—or you have disabled the currency in the payout settings of your dashboard, Stripe automatically converts the payment to your default settlement currency before transferring the funds."

How do we enable multiple settlement currencies for a seller as a platform building with Custom? Even if the seller doesn't have multiple bank accounts

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It's not about payouts, it's about making each payin result as local, this is why I'm asking about correlation between presentment and settlement

coral smelt Nov 30, 2022, 10:49 PM

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I'm sorry, let's step aside from the words of the doc. What are you really trying to do

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because you use presentment and settlement likely differently. A concrete example would really help

split crescent Nov 30, 2022, 10:55 PM

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Ok actually that's really appreciated. I'm a platform with multiple legal entities, like EU, US and UK. Same for bank accounts, we have EUR, USD, GBP. We always set our sellers as the MoR, but they don't have multiple bank account, so we want to "automate" that for them and always receive money as local. The process is we set the seller as the MoR but we always set a platform fee of 100%, in this way the seller always remains the MoR but we can extrapolate money out from Stripe and use 3rd parties to perform payout. Since we have multiple legal entities and bank accounts, we would like to make sure to always avoid currency conversion and international payment fees, and then payout the seller externally always in its local currency. Might help a bit more in this way?

coral smelt Nov 30, 2022, 10:56 PM

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oh boy this is... quite a bad integration and not something I would ever recommend

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I'm assuming you're a "big user" with a real point of contact at Stripe and recommendations from them? It's going to be tough to help if you have an uncommon integration path,especially the whole "taking 100% fee" which is so strange, like there's no reason to even do that 😅

split crescent Nov 30, 2022, 11:01 PM

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Yes that's definitely uncommon I know 😅 we're putting so much efforts on that because we provide payments ourselves to platforms and marketplaces (we call it a payment OS for plat and mktp), and we're building on top of Stripe. That's why it makes sense for us to go super custom and deep diving every single point of failure/opportunity. Btw, yes, already proven it works with other Stripe staff members (just for the sake of context I'm from Italy, I'm in touch with guys here running Italy at Stripe)

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But yes, if it might be too complex for a "ticket" right here in Discord I'll continue the other way

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Still very appreciate the prompt help 🙂

coral smelt Nov 30, 2022, 11:06 PM

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Sure thing. Ultimately, all of this is just way easier to test in Test mode. You'd get definitive answers in minutes

#fab-connect-currency