See if someone can clarify these small doubts before taking further action (trying to launch my store in early March).
I currently live in Ireland and my store will mainly target US customers.
Initially I was looking for a payment solution that would allow me to continue business in Andorra as I might move there in some time. Unfortunately, Shopify Payments is not available there so I thought Paypal would be my best option. After some research I came up with some reasons to say NO to Paypal:
- I believe it's necessary to have a business Paypal account for which you have to have a registered business in your country. For someone just starting out, I'd rather no register a company (with all its costs) until I have something working and profitable.
- Seems very possible that they would block your account/hold your funds, specially if your business follows a dropshipping model. I know this can be mitigated if you keep enough funds in your account, give a good service that will not result in chargebacks, etc. But again this is difficult to achieve for someone just starting.
- Also seems that using only Paypal offers less conversions. Guess the process of payment is not very straightforward and some people think that you'll need a paypal account in order to make a payment (I thought that myself!)
So, for the time being, I'm deciding to stick with only Shopify Payments. However, I have some questions about it:
- It seems that UK and Ireland stores can use a current account. So I guess that my current account would work. Is this correct? Anyway, I'll open a separate current account just to keep things separate.
- I'm a bit confused about the limitations of having the store with a different currency that the currency accepted by your bank. Is it possible to have my store in USD (as my customer will be from the US), my shopify account in USD too, but get paid in EUR? If so, is there a conversion rate that I will pay on top of each transaction?
- If I sell worldwide and my store shows different currencies depending on where they are based, what would happen? i.e let's say a customer is from Sweden and see prices in SEK, will they pay SEK or will their bank make a conversion and maybe charge something slightly different? if they pay in SEK I assume that Shopify will automatically convert it to USD as that's the currency of my account. Will this conversion has any additional rate?
I really appreciate any feedback!
Thanks and good luck with your business!