Shopify payments doubts

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Hi there,

 

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!

 

 

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Hi My name is Lynn from Oceanpayment - Shopify Offical payment provider
Regarding to your questions
1, 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?
Answer: This is achievable as a result of your final confirmed settlement currency. You should have an agreement with your payment providers.
the conversion rate normally is based on the payment providers' policy which they should mention it in your contract.
2, 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?
Answer: Your customer's bank will not responsible for the conversation. it usually takes place in acquirers bank associated with your payment providers. The Acquirers will converse your customers' currency to your agreed currency. But it all depends on how is your payment providers been set up?

Hope this can help!
Shopify official payment provider
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Hi, My name is Lynn from Oceanpayment - Shopify official payment providers. Here are some hints for your questions. 1, 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? Answers: it depends on which currency you have initially agreed with your payment providers. the settlement currency. about the conversion rate will only happen in your acquirers' bank associated with your payment providers. You customer still will charge USD, and you will settle in to your account as EUR. there will be a conversion for sure, and you will get the report from your payment providers. - 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? Answers: Will convert by your payment services providers. real-time converse rate by your acquirer bank.
Shopify official payment provider
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