Understand ShopBase Global currency and pricing
Cross-border e-commerce enables merchants to reach customers all over the world, and is a excellent approach to increase sales and build brand awareness in the global market. ShopBase Global is a cross-border management tool that assists you in managing your international markets, particularly those involving different currencies. With ShopBase Global, you can set up your business for different countries in just a few simple steps. In this article, we will explain how currency and pricing work in ShopBase Global Market and show you how to set it up for each market.
From your ShopBase admin, go to Settings > ShopBase Global.
Select the market that you want to edit. If you have not created a custom market, please refer to this article for more details.
In Currency & Pricing, click Edit to set up the currency and pricing of your market.
By default, the Multi-Currency option is automatically enabled. This means that for each country added to the market, the customers will make their payment using the default currency of that country.
If the Multi-Currency option is disabled, all transactions of customers in this market will be made in the currency you selected in Currency section. Here, click on the dropdown menu to select the currency that you want for the market.
The list of supported currencies is based on the payment gateway (PayPal/Stripe).
In Exchange rate, you can choose to use automatic rate or manual rate:
Automatic rate: If this option is selected, a third-party provider will be used for the currency exchange rate. This rate will be updated twice a day. Therefore, prices can fluctuate based on market rates.
Manual rate: If this option is selected, you can set a fixed currency exchange rate so that your prices won't fluctuate, but your profit margin may vary based on market rates.
You will always see your order in the store's currency in the Order detail page. However, you can view the actual currency paid by the customer by clicking on Switch currency.
The number shown in your Order detail page is using the automatic rate from ShopBase. The actual payment that you receive will depend on the real exchange rate by your payment gateway. If you are using ShopBase Payments, we will use our automatic rate to calculate profit on your ShopBase Payments balance.
Example 1:
The currency in your store is USD. You wish to sell in Germany, where the Euro is the default currency. You set up a market in Germany with a manual exchange rate of 1 USD = 1.2 EURO. Then, a product in your store costs $100 USD. Customers will see it with 120 EURO and pay 120 EURO for it.
What you'll find in the Order detail page: 120 EURO / 1.2 = 100 USD.
What you receive from your gateway: 120 EURO / 0.96 = 125 USD, where 0.96 is the payment gateway exchange rate.
Example 2:
The currency in your store is USD. You wish to sell in Germany, where the Euro is the default currency. You set up a market in Germany with an automatic exchange rate. Then, a product in your store costs $100 USD. At the time customer checks out, they pay 95 EURO for this item.
What you'll find in the Order detail page: 95 EURO / 0.95 = 100 USD (0.95 is the ShopBase automatic exchange rate at the time payment is charged).
What you receive from your gateway: 95 EURO / 0.94 = 98.96 USD, where 0.94 is the payment gateway exchange rate at the time payment is charged.
In Price Adjustment, you can choose to increase or decrease your prices for this market. Here, click on the dropdown to select between Price increase and Price decrease, then enter the increase/decrease percentage in the text box.
Each market will have its own characteristics and different buying behavior. Therefore, you should conduct thorough research to determine the best sales plan to maximize your profits with this feature.
You can enable Rounding and set up to round product prices to 2 digits after a comma. This can make your product prices consistent by rounding them up after they are converted to the customer's currency.
In Multi-Currency, you can click Manage to set up currency for each country in your market.
In the Multi-Currency page, you can change the currency, exchange rates, rounding, price adjustment of each country by clicking on the corresponding cell in the table.
Once finished, click Save changes.
Overview of ShopBase Global
Set up ShopBase Global Market
Understand ShopBase Payments order profit when using ShopBase Global
Step by Step Tutorial
From your ShopBase admin, go to Settings > ShopBase Global.
Select the market that you want to edit. If you have not created a custom market, please refer to this article for more details.
In Currency & Pricing, click Edit to set up the currency and pricing of your market.
By default, the Multi-Currency option is automatically enabled. This means that for each country added to the market, the customers will make their payment using the default currency of that country.
If the Multi-Currency option is disabled, all transactions of customers in this market will be made in the currency you selected in Currency section. Here, click on the dropdown menu to select the currency that you want for the market.
The list of supported currencies is based on the payment gateway (PayPal/Stripe).
In Exchange rate, you can choose to use automatic rate or manual rate:
Automatic rate: If this option is selected, a third-party provider will be used for the currency exchange rate. This rate will be updated twice a day. Therefore, prices can fluctuate based on market rates.
Manual rate: If this option is selected, you can set a fixed currency exchange rate so that your prices won't fluctuate, but your profit margin may vary based on market rates.
Important notes:
You will always see your order in the store's currency in the Order detail page. However, you can view the actual currency paid by the customer by clicking on Switch currency.
The number shown in your Order detail page is using the automatic rate from ShopBase. The actual payment that you receive will depend on the real exchange rate by your payment gateway. If you are using ShopBase Payments, we will use our automatic rate to calculate profit on your ShopBase Payments balance.
Example 1:
The currency in your store is USD. You wish to sell in Germany, where the Euro is the default currency. You set up a market in Germany with a manual exchange rate of 1 USD = 1.2 EURO. Then, a product in your store costs $100 USD. Customers will see it with 120 EURO and pay 120 EURO for it.
What you'll find in the Order detail page: 120 EURO / 1.2 = 100 USD.
What you receive from your gateway: 120 EURO / 0.96 = 125 USD, where 0.96 is the payment gateway exchange rate.
Example 2:
The currency in your store is USD. You wish to sell in Germany, where the Euro is the default currency. You set up a market in Germany with an automatic exchange rate. Then, a product in your store costs $100 USD. At the time customer checks out, they pay 95 EURO for this item.
What you'll find in the Order detail page: 95 EURO / 0.95 = 100 USD (0.95 is the ShopBase automatic exchange rate at the time payment is charged).
What you receive from your gateway: 95 EURO / 0.94 = 98.96 USD, where 0.94 is the payment gateway exchange rate at the time payment is charged.
In Price Adjustment, you can choose to increase or decrease your prices for this market. Here, click on the dropdown to select between Price increase and Price decrease, then enter the increase/decrease percentage in the text box.
Each market will have its own characteristics and different buying behavior. Therefore, you should conduct thorough research to determine the best sales plan to maximize your profits with this feature.
You can enable Rounding and set up to round product prices to 2 digits after a comma. This can make your product prices consistent by rounding them up after they are converted to the customer's currency.
In Multi-Currency, you can click Manage to set up currency for each country in your market.
In the Multi-Currency page, you can change the currency, exchange rates, rounding, price adjustment of each country by clicking on the corresponding cell in the table.
Once finished, click Save changes.
Related articles
Overview of ShopBase Global
Set up ShopBase Global Market
Understand ShopBase Payments order profit when using ShopBase Global
Updated on: 15/08/2022
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