Payout/ Conversion structure
We have people asking how the conversion rates work. For example, a Nigerian merchant who has customers paying in USD or GBP gets their payout after conversion and sometimes the payment is lesser than it should be.
When you upload your product on the dashboard, we automatically convert it back using the FX rate provided by our provider.
When adding your product, if you set just the NGN value, we'll automatically convert the NGN amount you set when people try to pay in other currencies. let's say your product is priced at N1,000 we automatically, converted it to GBP for your clients.
Our charges differ by currency. For NGN it's 4% + NGN50, for GBP and USD payments, our charge is 10% + 50 pence, after removing our charges the amount you get is lesser than a 1,000 which is your selling price
We have no control over the FX charges our provider uses. (We are the ones in control of our USD and GBP transaction charge).
What we typically advise is, you set your own USD/GBP price on your dashboard that way we won't auto-convert your price but use the GBP & USD price you set. You can enable the option to set your own GBP and USD price on our store currency settings, under the "Custom editable currencies". Once that's set, you can edit your product and set the fixed price for USD and GBP. You can set this to something a little higher, factoring in our charges.
When you upload your product on the dashboard, we automatically convert it back using the FX rate provided by our provider.
When adding your product, if you set just the NGN value, we'll automatically convert the NGN amount you set when people try to pay in other currencies. let's say your product is priced at N1,000 we automatically, converted it to GBP for your clients.
Our charges differ by currency. For NGN it's 4% + NGN50, for GBP and USD payments, our charge is 10% + 50 pence, after removing our charges the amount you get is lesser than a 1,000 which is your selling price
We have no control over the FX charges our provider uses. (We are the ones in control of our USD and GBP transaction charge).
What we typically advise is, you set your own USD/GBP price on your dashboard that way we won't auto-convert your price but use the GBP & USD price you set. You can enable the option to set your own GBP and USD price on our store currency settings, under the "Custom editable currencies". Once that's set, you can edit your product and set the fixed price for USD and GBP. You can set this to something a little higher, factoring in our charges.
Updated on: 06/04/2022
Thank you!