What is processing currency?
A Processing Currency is the currency in which a transaction is carried out. When a customer makes a payment, the amount is charged in the processing currency. For example, if you buy something online from a European store, the processing currency might be Euros (EUR).
Examples:
- Local transactions: A customer in the United States buys a book from an online store based in the US. The price is listed in US Dollars (USD), so the processing currency is USD. The customer pays in USD, and the store receives the payment in USD.
- International transactions: A customer in Japan buys a pair of shoes from an online store based in the United Kingdom. The price is listed in British pounds (GBP), so the processing currency is GBP. The customer’s payment in Japanese yen (JPY) is converted to GBP, and the store receives the payment in GBP.
- Multi-Currency options: An online retailer offers customers the option to pay in several currencies. A customer in Canada selects to pay in Canadian Dollars (CAD) for a product priced in US Dollars (USD). The processing currency in this case is CAD, and the retailer receives the payment in CAD.
Add a new processing currency
To enable a new processing currency for your business, contact our Support team and provide the following information:
- New currency: Specify the new currency you wish to enable.
- Entity name(s) / Processing channel name(s): Provide the name of the entity or the processing channel you intend to add this processing currency to.
- List of payment methods/card schemes: Indicate the payment methods or card schemes you intend to use with the new currency.
- Settlement currency for each new processing currency: Specify the settlement currency for the new processing currency.
Next steps
Once the change is verified, we will update our system and notify you accordingly.