How Do You Convert Currency For Online Payment Processors

Global eCommerce stores should adjust their payment gateways to accommodate multiple currencies. While the U.S. dollar ranks as the most commonly used currency on the forex market, wholly rejecting other currencies limits your customer base drastically. Foreigners prefer paying in their local currencies.

International payment processors like Square, Stripe, PayPal, and Elavon require merchants to select their primary currency and country of residence. However, you can quickly convert fund currencies. These processors have a built-in system that automatically converts funds from overseas payments, which you can typically access through the seller platform and wallet.

With more people opting for mobile payments, Processing Card encourages merchants to look into mobile processors as well. Read our piece comparing the best processors for overseas mobile payments.

How To Convert Foreign Currencies in Online Payment Processors

PayPal

1. Open your PayPal wallet.
2. Click the three dots beside the fund value and select “manage currency.”
3. Input the value you wish to convert, choose your preferred currency, then review the associated fees.
4. Press convert.

Stripe

1. Find the customer account you received foreign funds from, then create a new customer object.
2. Attach a new payment method.
3. Input the desired currency.

Square

1. Connect your payment processor to your Squarespace store.
2. Visit “currencies” in the payments panel.
3. Adjust your preferred currencies based on your transactions.

Elavon

1. Select the platform’s multi-currency conversion feature, then input the desired amount you need to convert.
2. Deposit the funds to your local account.

We encourage all global eCommerce stores to look into offshore accounts. They cost more than processors that only accommodate local transactions, but having a payment gateway that accepts foreign currencies expands your potential customer base. 

Also, converting currencies doesn’t cost much. Sites like PayPal and Stripe typically allow merchants to convert large volumes of foreign currencies for pennies on the dollar.

Are you having trouble getting a payment gateway for your online business? Processing card help! Check out our quick review of the top three payment processors specializing in eCommerce.