Selling in Multiple Currencies
OVERVIEW
Loop defines a "multi-currency" order as any order that is placed through Shopify Payments in some currency other than the default store currency. Loop offers the full range of possible return outcomes on these orders, but customers will see their outcomes in the store's base currency.
In this article we will cover:
- What is a Multi-Currency Order
- Customer Experience for Multi-Currency Orders
- FAQ
Note: Different Priced Exchanges must be turned on to use Loop's multi-currency function.
What is a Multi-Currency Order?
Some merchants that use Shopify Payments also do business across multiple countries and choose to offer customers the choice to pay in other currencies - which is called "multi-currency". This allows customers to place orders in the currency that works best for them, but all in the same Shopify store.
Shopify Payments converts the store's prices to the customer's currency using the exchange rates at that time. Learn more about how this works in Shopify through the Shopify Help Center.
Multi-currency is NOT:
- Separate Shopify instances for each country
- A third party app that converts the customer's chosen currency to the store currency before placing the order
Here is an example of what Multi-Currency might look like on a Shopify site:
Customer Experience for Multi-Currency Orders
Loop can accommodate returns on orders placed in a different currency from the store's base currency. Those customers will have all outcomes available to them in Loop, but will see the outcomes in the store's base currency, not the currency in which the order was originally placed.
Customers will be alerted that they will see all prices and credit amounts in the portal in the store's base currency (not the currency they purchased in) with the following tooltip:
The shopper will also see the actual amount they'll be refunded to in their own currency on the Return Status Page:
Refunds will be issued in the customer's purchase currency. Those look like this in the merchant admin:
All other outcomes will be issued in the store's base currency. Loop will indicate the currency associated with the order at the top of the return details page.
FAQ
What plan do I need to be on to utilize this feature? This feature is available on all Loop plans. To enable, please reach out to support@loopreturns.com if live with Loop or your onboarding manager if in onboarding.
How do I get this turned on for my Loop instance? Please reach out to your onboarding manager if in onboarding, or support@loopreturns.com if already live with Loop.
What does a multi-currency order look like in Shopify financial reports? Shopify reporting converts multi-currency totals to the store's base currency for reporting.
What does a multi-currency order look like in Loop financial reports? Loop converts multi-currency totals to the store's base currency for reporting.
What exchange rate does Loop use to convert the customer's money to the store's currency? Customers will receive return credit equivalent to the amount of shop currency at the time of purchase.
My customers are seeing the refund in the Loop portal in our store's base currency - is something wrong? No. While Loop will issue the actual refund in the shopper's currency, all outcomes will be shown in your store's base currency in the customer portal.
Please reach out to support@loopreturns.com with any additional questions.