#Erik Magnusson

1 messages · Page 1 of 1 (latest)

rustic briarBOT
cosmic vigil
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You need to decide the currency up front, this should be your decision as a business, mostly

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But if it's a customer choice you should push that choice earlier in the flwo to ask them to decide

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eg, i see many sites that asak me to switch between USD/CAD/GBP while i shop

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The currency you pick can impact the payment methods available to the customer

glossy prawn
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Hmmm. Ok. My platform is based from sweden so I guess SEK will be the platform currency. But does that mean that I should create all payment intent with my platforms currency?
Wouldn't that mean that it would be a conversion rate for all other currencies placed on the customers expense?

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I thought that I should try to match each intent with my platforms currency to minimize conversions

cosmic vigil
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That's right, there could be FX fees for the customer to pay you in SEK.

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You can certainly offer to switch to other currencies, but you'll need to determine appropriate pricing for each one

glossy prawn
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How will conversion rate be visualize on the users side? If I sell something for 50sek, but I put the conversion rate on their side. Will they get a receipt that says something like 55sek(base price plus conversion rate)?

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If I let the user pick the currency themselfs, lets say a german customer want to pay in EUR as it's their currency, then there will be a 2% conversion fee that'll be applied to my platform, right? Not on the user side

cosmic vigil
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Typically the amount will show up in the charge description on a customer card statement, but it depends

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ie the bank gets your 50SEK charge and converts to eg GBP at some exchange rate that likely includes a little margin/fee for them

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but this depends on teh bank/issuer

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i dont know real exchange but lets say at current rates 50SEK=100GBP, the bank might charge the customer 102GBP

glossy prawn
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In my platform my users gets to pick a specific amount for the charge themselves, so it pretty imortant that they're not gonna be charged more than the amount they pick

cosmic vigil
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Ok then letting them choose currency seems to make sense too

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especially if you don't need to worry about setting prices

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Note that in those cases you might incur some FX fees when that amount is converted to your platform default currency

glossy prawn
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Yeah, I understand that we FX will be applied somehwere. So my platform will have to take that hitm unfortunately 🙂

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I guess one way to solve this for the first payment is to let them add the card manually before I trigger the intent to open the payment sheet. But it takes away the smooth ux you get from the payment sheet 🙂
Or I let them pick they're own currency from a dropdown and they'll be responsible for where the FX will be applied

cosmic vigil
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This would let you look at the payment method collected from the payment element prior to confirming

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and optionally change the currency, eg if they supplied a card you could look at the card country and use a matching national currency

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but then you also need to resolve the amount using that currency

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which leads you back to asking the customer to specify currency + amount up front

glossy prawn
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Cool. I'm using react native so I'm not sure that this is out in beta for that sdk.

Yeah, I think it's going to have to be a manual choice in the checkout, since they will pick the amount when browsing around in the client and I don't want to handle matching of values between different currencies on their behalf.