Payout/ Conversion structure
We understand that many merchants have questions about how conversion rates work. For instance, a Nigerian merchant receiving payments in USD or GBP may notice that their payouts sometimes come in lower than expected after conversion.
How Conversion Works
Automatic Conversion: When you upload your product on the dashboard, we automatically convert the price using the foreign exchange (FX) rate provided by our service partner. If you set only the NGN price for your product (e.g., N1,000), we will convert this amount to GBP or USD for customers paying in those currencies.
Charges by Currency:
- For NGN payments: 4% + NGN 50
- For GBP and USD payments: 10% + 50 pence
After deducting these charges, the amount you receive will be less than your original selling price.
FX Charges: We have no control over the FX charges applied by our provider. However, we do manage our own transaction fees for USD and GBP.
Recommendations
To avoid automatic conversions and ensure you receive the desired payout amount:
Set Your Own Prices: We recommend that you set fixed prices for USD and GBP directly on your dashboard. This way, we will use the prices you set instead of converting from NGN.
Custom Editable Currencies: Enable the option for custom editable currencies in your store currency settings. This allows you to set specific prices for USD and GBP.
Adjust for Charges: Consider setting these prices a little higher to account for our transaction fees.
By following these steps, you can better control your pricing and ensure your payouts meet your expectations. If you have any questions, feel free to reach out!
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