Multi Currencies Listing -> ONE Currency Payment

[dhermanus]

Hi I am new with Zencart. I am trying to write extra functionality list products with multiple currencies --> Payment using one currencies.

1 Product - 1 Currency. (USD$, S$, IDR Rp)

Payment ... Converted into 1 currencies (Default)

Save me from muddling around. If you can point me to the right dirrection.
It'll be greatly appreciated.

Cheers,
Deddy

[g.nencini]

This is a big problem, because if a costumer select a currency not default, the order is made with that currency.
In admin->localization->currencies there is the possibility of "update currencies" taking the values from two specialized U.S. sites, and somewhere I've seen also a program that update the values very often but...
- you must be always connected with admin
- there are little differences of the values Country by Country
So I've reonunced to use the multi-currencies feature.
Maybe someone has the solution........ but this is what I've seen.
Giovanni

[MeltDown]

This is a big problem, because if a costumer select a currency not default, the order is made with that currency.

So I've reonunced to use the multi-currencies feature.
Maybe someone has the solution........ but this is what I've seen.
Giovanni

Ciao Giovanni - Sono anche qui a Firenze
I had the same issues with offering multiple currency shopping - The orders were presented not in the default currency but in the currency that was selected by the customer. I found this to be cumbersome when dealing with the order and with tracking and management of orders over time. Unfortunately I, too discontinued it's use. If there is a viable solution, I would love to hear it.

Tim

[MeltDown]

After posting I ran across this thread, that speaks to what we were discussing:
http://www.zen-cart.com/forum/showth...772#post264772

[s_mack]

I'm not sure I understand the problem.

I have considerable experience with muliple currencies. The first thing you have to commit to is actually accepting the currencies. If you don't want to accept a currency, then don't offer it to the customer. But what is the problem with accepting the currency?? Does you bank not allow it? Everything is kept neat and tidy within ZenCart... it records the exchange rate used at the time of purchase, so even for audits all the information is still there. And all reports are done in your store (default) currency (all conversions are made). When you look at the orders, you see the currency the customer chose - but that makes sense since that is how they are paying.

The only significant problem with accepting foreign currency is volotility... if I accept a US$100 order and they chose to pay in Mexican Pesos, for example, I might tell them to pay 900 pesos, right? But then by the time I receive and deposit that 900 peso, it might only be worth US$80. For that reason, you should probably stay away from volatile currencies (Mexico, Russia, etc) and stick to currencies that you are familiar with and can do business in. Most banks anywhere in the world will deal in US dollars, GBP, and Euro and most likely Japanese Yen. Many also deal in Canadian dollars and non-euro European currencies without a problem.

I haven't released it as a contrib yet, but on my site I build in a "penalty" for foreign customers. The reason is that the conversion sites that zencart uses (xe and oanda) convert using "interbank" rates... the rates you *might* get if you are trading in the billions of units. The rate the bank actually gives you is usually 4 to 5 percent worse than that. So I have it set up so whatever rate the xe/oanda sites returns for a given currency, are increased by 5% before being displayed.

eg: Item is US$100 Canadian currency exchange is 1.1. Default, customer will see C$110. With my system they see C$115.50 (1.1 X 1.05). Most customers never even notice, but some complain that its a higher rate then they see on Google. I just explain it to them and welcome them to instead pay in my default currency and let them get charged the same penalty (if not more) by their bank or credit card company. IF YOU DONT adjust the rates like I do, you get screwed by at least 4% every time you accept a foreign transaction!!


So there are downsides and complications, sure. But if you have international customers, you WILL increase sales by allowing them to pay in their preferred currency. With that said... don't go nuts! Stick to USD/CAD/EUR/GBP/YEN for the most part.... plus, of course, whatever your local currency is.

- Steven

[dhermanus]

Hi all,

Thanks for the reply.

The functionality I've proposed would be that
the default payment currencies would set by the system
and not customer specific.

As most of you all know that if the currencies are specified by the
user then the merchant would bear the cost of the currency exchange.

The purpose of this functionality is due to currency risk so that merchant that are located in countries that don't have stable currency don't bear the brunt of their
fluctuating currency and that they are able to price products in USD or
some other stabler currency. Therefore when customers buy an item,
they would pay the prevailing exchange of the day.


Deddy

[s_mack]

That's fine, if you don't want to accept that risk and would rather have your customers take on the risk that is your decision... but then I REALLY don't understand what you are trying to modify :) You simply leave the cart as-is and define only one currency (and set it to default) then there is nothing to do. What you are "proposing" is the very simplest way to do it. No multicurrencies at all.

- Steven

[g.nencini]

Resuming.......

1) - The simplest thing is to have only one currency, but may arise some problems for foreign customers to transate it in his local currency.

2) - To have the "exact" corrispondence between the currencies is in practice impossible.

3) - A solution may be (as suggested by s_mack) do define the translation for the not-default currencies a bit bigger then the real in your Country, updating the values about... one time a week.

4) - Inform the customer (with a link in the information box) that the real price is that in the default currency, while the other prices are only indicative, and praying him to make the order in the default currency, to avoid (little) increased prices.

Giovanni

[s_mack]

Honestly, I wouldn't bother worrying about losing money on currency fluctuations... they are minor (usually) and its my thought that it is better for you to get screwed by the world economy, then it is for your customer to feel screwed.

By the way, I have it so my currencies are updated every 4 hours. You need the ability to use cron (or similar) on your web server, but other than that it is quite simple. You could do more or less often as you see fit. That, combined with the 5% padding, I rarely get screwed.

Incidentally, if you'd like to see how I do my currencies (from the customer perspective) feel free to visit www.smartieparts.com The store currency is CAD, and I accept USD, GBP and EUR. Other than Mexico (too volatile and PayPal doesn't offer it) I rarely get customers from other countries so those 4 currencies are all I need.

- Steven

[MeltDown]

I haven't released it as a contrib yet, but on my site I build in a "penalty" for foreign customers. The reason is that the conversion sites that zencart uses (xe and oanda) convert using "interbank" rates... the rates you *might* get if you are trading in the billions of units. The rate the bank actually gives you is usually 4 to 5 percent worse than that. So I have it set up so whatever rate the xe/oanda sites returns for a given currency, are increased by 5% before being displayed.

- Steven

Hi Steven - I see this thread is from Sept, '06 - Have you released this "Penalty for foreign customers" module yet? That seems like a sure-fire way to avoid being on the wrong end of a raw deal. (as does being able to automatically update every 4hours)

Thanks,

Tim