Money makes the world go around. And selling online makes you part of the global economy. You’ll want to be sure that you’ve set up the right currency type for your location and your customers. This way, shoppers around the world can purchase from your store and pay you in your preferred currency.
Luckily, money is no foreign language to us, so we can show you how to set up your store for any currency type. Let's take a look at this video which walks us through the process:
To access your store’s currency settings, log in to your store's Admin Dashboard and go to Settings > Currency.
By default, your store is pre-configured to use US Dollars. If you want to use the American Dollar as your only currency, there's nothing more you need to do. If you need to use other currency types, you can configure them as follows:
Click Add to open the Add Currency window.
You will find a link to XE.com, a site with current updated currency exchange rates.
In the Currency Name field, enter the name of the currency as it is to be displayed to customers visiting the store.
In the Currency Symbol field, set the text or symbol that will be used to represent the currency (for example, $).
In the Exchange Rate field, set the numeric value of the currency as it relates to your default currency (for example, if the default is US Dollars and the British Pound is currently worth $1.65 US, simply enter 1.65 into this field).
Check the box marked Default? to make this currency the default currency type for the store.
The PayPal Currency Code field offers a dropdown menu that allows you to choose the currency as it appears in your store's PayPal checkout process.
See below for Schema.org Currency Type information and add as needed.
Click the Save button at the top right of the page.
Once you're finished, your new currency should be applied to your store.
Schema.org Currency Type
Schema.org is a joint effort, in the spirit of sitemaps.org, to improve the web by creating a structured data markup schema supported by major search engines. On-page markup helps search engines understand the information on web pages and provide richer search results. A shared markup vocabulary makes easier for webmasters to decide on a markup schema and get the maximum benefit for their efforts. Search engines want to make it easier for people to find relevant information on the web. Markup can also enable new tools and applications that make use of the structure.
For Volusion's purposes, having a Schema.org currency type defined makes sure that search engines understand which type of currency your site is using.
To locate an ISO 4217 Currency Code, check the link provided HERE .
Configuring Multiple Currencies
Your storefront can display multiple currency types and then collect payments based on the default currency configured for your store.
For example, if you're based in the United Kingdom but also sell products to markets in other parts of Europe, you'll want to enable British Pounds (the primary currency) but also allow customers to view the cost of products in Euros. You'll configure your settings as follows:
Setting Up Rates
Go to Settings > Currency.
Click Edit next to US Dollar.
Change the Currency Name to British Pounds and enter the currency symbol and rate as needed.
Click Save to overwrite the US Dollar settings with the new settings for British Pounds.
Click Add to create an additional currency for the Euro.
Enter the appropriate currency name, symbol, and exchange rate.
Make sure the Default setting is deselected and click Save.
If you want to configure your store to display product prices in multiple currencies, you'll need to add a custom HTML tag to your store's theme. Note that this procedure requires some knowledge of HTML.
Setting Up the Exchange Rate Menu
1. Go to Design > File Editor.
2. Click the Template_X.html link (where "X" is the template number configured for the store).
3. Insert the following code into an appropriate location of their store template:
<div id="DropDown_Currency"> </div>
4. This HTML tag will generate a dropdown menu on your storefront allowing customers to manually select the currency in which they want to see prices.
As mentioned above, you can allow customers to view their products priced with different currency exchange rates. However, your store will only charge customers based on the currency configured as the default.
Currency Advanced Mode
All currency settings can be accessed and configured using the Volusion Currency page. However, you may want to view or configure currency settings within the Currency table page. To access the list view, click the View List button at the top right of the Currency Page.
You can then click the ID number for a particular currency to edit it.
You can add, delete, or modify currency settings by clicking on a currency type's ID. The following table shows the fields displayed in this mode:
ID: This field is an auto-assigned number used to identify the currency type.
Currency: This field is the label by which the currency type will be identified with in the Volusion store front.
Symbol: This is the symbol used to represent the currency type from within the Volusion store front. International merchants should use HTML character entities so that the symbol appears properly in most major web browsers worldwide.
Exchange Rate: This is the numerical rate at which the currency type stands against the default currency.
Is Default: Checking this box makes the currency the default currency type for the store. Note that users can set more than one default.
PayPal Currency Code: For the purpose of identifying currency types to PayPal's system, this field is automatically configured based on currency type (the default is USD). Users can specify US Dollar (USD), Australian Dollar (AUD), British Pound (GBP), Euro (EUR), Canadian Dollar (CAD) or Japanese Yen (JPY).
For simple edits, you can click the Edit link on the Currency Page for the specific currency. This allows basic edits such as Name, Symbol and Exchange Rate.
Special Settings and Tips
Managing Currency Exchange Rates
If you want to display different currency rates to your customers, it is important to note that there is no automated way for the system to update the exchange rates for different currencies. Currency rates must be updated manually.
To receive accurate quotes on various currency exchange rates, Volusion recommends using http://www.xe.com. This site provides real-time exchange rate data that you can use to configure currency rates for your store.
Keep in mind that the international currency exchange goes on 24 hours a day. That means that an exchange rate can change ANYTIME! It is very important to review your exchange rates on a regular basis to make sure you are offering correct pricing to your customers.
Payment Gateway Currency
By default, all card transactions will be sent through your payment gateway in USD. Changing the default display currency for your store does not automatically update this setting. To manually update the default payment gateway currency:
Go to Settings > Config Variables.
Type "currency code" in the Name field, then click Search again.
Edit the Payment Gateway Currency Code config variable to the standard three-letter currency code of your choice, then Save.
Note that if you don't take the above step, all transactions will go through your payment gateway in US dollars.
Configuring More Than One Default Currency
You can define more than one default currency, but the software will only use a single default currency at a time. In the case of multiple currencies defined as default, the system will use the first default currency configured in the database, based on the currency ID (ER_ID field). For example: If currency 101 and currency 102 are both set as default, currency 101 will be seen as the active default.
No matter what you call it, what it looks like or what the value is...money equates to purchase power around the world. With Volusion, you can set up your store to display prices in different currencies and accept payment in your preferred or default type. Now that’s money!