Do you want to accept payment for your bookings in a different currency? This is easy to do and can be adjusted at the trip level. That means you can accept different currencies on different trips.
FROM WITHIN YOUR TRIP, COMPLETE THESE 4 STEPS:
1. Click on the UPDATE TRIP tab
2. Click on PRICING
3. Make sure you are taking payments, in 'bookings mode'
4. Click on the 'trip currency' dropdown & select your preferred currency, from the following options (more may be added in future):
- Australian Dollars (AUD)
- United States Dollars (USD)
- Canadian Dollars (CAD)
- European Euros (EUR)
- British Pound Sterling (GBP)
- New Zealand Dollars (NZD)
- Japanese Yen (JPY)
- Danish Krone (DKK)
- Mexican Pesos (MXN)
IMPORTANT NOTE: You can not change a trip's currency, once you have begun accepting payments.
FOREIGN TRANSACTION FEES:
Deciding what currency to use involves a couple of factors.
- What currency is your bank account in?
- If you charge on YouLi in a different currency, then you will likely be paying an FX fee when the money settles into your account
- For example: if you charge in USD, but your bank account is in AUD, then Stripe (or your chosen gateway) will charge you an FX fee when settling to your AUD account. There may be options to defer this based on your settlement rules, but ultimately you will pay to get the money out. Some gateways offer the ability to store in USD, but then charge a percentage when you withdraw.
- What currency do your customers want to pay in?
- If you are selling to Americans (for example), charging in USD makes the most sense. If you charge them in AUD then they will pay an FX fee on their card and (assuming your account is in AUD) then you won't pay an FX fee on settlement
REMEMBER: THERE IS NO EASY ANSWER TO CROSS-CURRENCY TRANSACTIONS. THERE WILL ALWAYS BE FEES SOMEWHERE.😆
That being said, there is usually a good way to minimize your fees, so be sure to consider all your options.
YouLi also offers no-booking fee/non-credit card options that may help you avoid some of these fees if you have the right accounts set up to receive the desired currency.
CONTACT YOUR PAYMENT GATEWAY:
YouLi provides the best customer experience for your travelers, which includes accepting payments, but the gateways we integrate with (like Stripe, Square, Cybersource) are the ones with the deepest payments expertise.
Reach out to your gateway to get the best advice and support on fees/currency options on their platforms.