Accepting Payments in Multiple Currencies through Stripe
When using Stripe as a payment method (such as credit or debit cards), you have the flexibility to accept payments in various currencies. This capability aligns with the currency specified on each customer's invoice. Stripe conveniently aggregates these diverse payments into a single bulk payout, consolidating numerous customer payments into one transaction in your preferred currency.
Optimising Payout Reconciliation with Kolleno
To streamline automatic payout reconciliation with your accounting system through Kolleno, we recommend configuring Stripe to issue each payout in the same currency in which the payment was received. This approach not only reduces Stripe's foreign exchange (FX) fees but also assists Kolleno in accurately matching each payment with its corresponding payout.
Example:
Customer A pays an invoice in Canadian Dollars (CAD).
Customer B pays a different invoice in US Dollars (USD).
Stripe then processes these payments and issues a consolidated payout in USD.
Enabling Multi-Currency Payouts in Stripe
To activate multi-currency payouts:
Access your Stripe Dashboard.
Navigate to
Payout settings.To manage bank accounts, go to the
Balances section, selectManage Payouts, and then chooseManage Bank Accounts.You can either update your existing account details or add new bank accounts to facilitate multi-currency payouts.
To learn more about Stripe payouts visit https://stripe.com/docs/payouts
