Shopify now supports multi-currency payments for European merchants. For many larger online retailers, this eliminates a key reason to run multiple stores simultaneously or opt for alternative e-commerce software.
Managing multi-currency payments was reportedly high on the wish list of Shopify merchants. This feature is now available for Shopify Advanced and Plus users in six European countries: UK, Germany, Spain, Italy, Netherlands and Austria.
Extra Paying Accounts
Merchants with stores in these countries can add payment accounts in international currencies to accept payments. Multi-Currency Payouts, as the service is called, supports the following currencies: US Dollar, Australian Dollar, Canadian Dollar, Danish Krone, Euro, Hungarian Forint, Hong Kong Dollar, Japanese Yen, New Zealand Dollar, Norwegian Krone, Polish Zloty, Romanian Leu, Singapore dollar, South African Rand, Swedish Krona, Swiss Franc and Czech Koruna.
Multi-Currency Payouts supports 17 currencies.
Eligible merchants can add up to 8 bank accounts in different currencies, Shopify explains in its Help Center. “This means you can avoid certain currency exchange fees when receiving payouts, processing refunds or dealing with chargebacks if you have an account set up in the appropriate currency.”
More to come
The new feature was warmly received on LinkedIn, where Mel van Lieshout, head of Shopify Benelux, shared the news. Asked why the innovation wasn’t communicated more widely, he explained: “It’s part of a bigger piece. So this is the first step. You’ll hear more about that.”
‘Payouts in multiple currencies are part of a bigger deal.’
Earlier this year, Shopify took a major step toward making cross-border selling easier by giving merchants the ability to add localized online stores for up to three markets. Formerly a Canadian e-commerce software company well established in Europe, it has launched a localization tool for merchants looking to expand into new markets.
