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Adding new currencies to tenant - how to handle payments

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Adding new currencies to tenant - how to handle payments

I have been looking into the steps required to enable new currencies in Zuora. According to the following article it would appear that the Zuora steps are fairly straight forward. Is this correct, or are there any further considerations?

 

https://knowledgecenter.zuora.com/kb/How_do_I_handle_multi-currency_in_Zuora%3F

 

How will our payment gateways (Chase and PayPal Payflow Pro) handle these transactions? Will any further configuration be required on this side to accommodate new currencies?

 

What exchange rates and fees will be involved?

 

How do we specify which of our bank accounts should be used for each new currency (we have bank account in GBP, USD and EUR)?






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Re: Adding new currencies to tenant - how to handle payments

Yes that article How do I handle multi-currency in Zuora is your best resource to get started.

 

In regards to your 2 payment gateways Chase and Paypal, you will want to contact them to make sure that your merchant account is capable of processing the currencies you wish to support. Otherwise, you would need no further configurations in Zuora other than what's explained in the previously mentioned article.

 

Exchange rates and fees are all handled by Chase and Paypal, Zuora does not handle any fees associated to foreign currencies. We do support Currency Conversion which allows you to convert foreign currencies into your home currency for financial reporting, if needed.

 

In regards to which bank account is used for each currency, we suggest setting up multiple Merchant Accounts with Chase and Paypal; one for each bank account, per currency. You will then set up each Merchant Account as individual payment gateways in Zuora which you would assign to the corresponding Customer Accounts utilizing that currency.

 

For example, here is how some of our customer setup the payment gateways

 

Each of the above gateways will have their own Merchant ID which will direct the transactions to your specified bank account accordingly.






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Highlighted
Support SME

Re: Adding new currencies to tenant - how to handle payments

Yes that article How do I handle multi-currency in Zuora is your best resource to get started.

 

In regards to your 2 payment gateways Chase and Paypal, you will want to contact them to make sure that your merchant account is capable of processing the currencies you wish to support. Otherwise, you would need no further configurations in Zuora other than what's explained in the previously mentioned article.

 

Exchange rates and fees are all handled by Chase and Paypal, Zuora does not handle any fees associated to foreign currencies. We do support Currency Conversion which allows you to convert foreign currencies into your home currency for financial reporting, if needed.

 

In regards to which bank account is used for each currency, we suggest setting up multiple Merchant Accounts with Chase and Paypal; one for each bank account, per currency. You will then set up each Merchant Account as individual payment gateways in Zuora which you would assign to the corresponding Customer Accounts utilizing that currency.

 

For example, here is how some of our customer setup the payment gateways

 

Each of the above gateways will have their own Merchant ID which will direct the transactions to your specified bank account accordingly.






If you found my answer helpful, please give me a kudo ↑
Help others find answers faster by accepting my post as a solution √

View solution in original post