I'm new to Shopify and finally decided to migrate my website to Shopify. However, I hit a major problem.
I currently use PayPal & Amazon Pay and sometimes Stripe on my Website and sell in 3 currencies GBP, EURO & USD. When I get paid I can select so my GBP payment goes to my GBP account, my EURO to my Euro account, and my USD to my USD account.
Can you get paid to different bank accounts for different currencies? With Shopify, I get only one option to pay in one default bank account and one currency which means other sales in different currencies will be exchanged to the default currency, and that means major currency exchange loss every time Shopify exchange currency which I don't think it's at a favorable rate! and besides, I have suppliers to pay in GBP, EURO & USD so I don't want to keep exchanging again.
Do you know if this is possible to upgrade or pay an extra fee to have this function available?
If Shopify doesn't have this function, can I just use PayPal as the payment method and disable Shopify payments?
Welcome to Shopify!
You definitely have a unique setup which is not something that Shopify Payments or Shopify can support within one account. If you're using Shopify Payments, then you can sell in multiple currencies; however, these payouts can only be deposited into one bank account.
Without using Shopify Payments, your store can only accept payments in one default currency. So while it would be possible to disable Shopify Payments and only use Paypal, it would result in only being able to sell in one currency, funds only being deposited into Paypal and potentially losing sales if customers do not wish to pay via Paypal. You would also be charged transaction fees per order (0.5% - 2% depending on the plan) which are on top of the fees Paypal would charge you. Transaction fees only apply when a store is not using Shopify Payments.
If you do have a sizable audience in each region, and having payouts sent to different bank accounts in each currency is required for your business, then creating multiple stores would be the best route. You could create a store for each region, and enable payment providers for each region so that you have the ideal setup of being able to sell in GBP, EURO, USD and having that currency pair to the appropriate bank account. You would need a domain for each region and would want to install an IP redirect app to redirect customers to the appropriate region.
If you go this route and the business name and products are all the same, then you would be eligible for our multi-store discount. The discount works by selecting the Shopify ($79) or higher plan on store "A" - Every store thereafter would pay $29 but receive all the features of store "A."
I hope the migration is going smoothly; however, if you have any other questions, or need clarification on the answer above, please let me know! I'd be happy to help.
I'm in the exact same situation as the original poster. We can't be alone.
I'd like to get paid in UDS/EURO/GBP and not convert the payment, but rather just be paid in that currency.
Stripe (who I use everywhere else), allows this. If I'm paid in any of those currencies, it just pays the money into the appropriate account.
Shopify is using Stripe, but because it doesn't allow us to use our own accounts, we lose this functionality. It would be amazing if Shopify enabled this, as based on searching the forum, if feels like lots of your customers would love to use this functionality.
If I understand your proposed solution the only alternative is 3 seperate stores, which brings the headaches of having to trying to control stock in 3 separate stores, as well as having to create an duplicate code changes across all the stores. It seems hugely unwieldy for such a simple problem. As a result it feels the only solution is to pay high exchange rates to convert the currency to my local currency, and then exchange it back again to pay suppliers, which feels like an incredible waste of time and money.
If it wasn't so easy to do in Stripe to begin with I'd understand why Shopify wasn't offering it. But as Shopify uses Stripe, and Stripe offer this functionality, it seems really unfortunate that it isn't offered.
Thank you for providing your detailed feedback. I have passed that long to our Products team for further review.