Shopify now supports payouts in multiple currencies for European merchants. For many larger online retailers, this eliminates a key reason to operate multiple stores simultaneously or opt for alternative ecommerce software.
Managing multi-currency payouts was reportedly high on the wishlist of Shopify merchants. This feature is now available for users of Shopify Advanced and Plus in six European countries: the United Kingdom, Germany, Spain, Italy, the Netherlands, and Austria.
Extra payout accounts
Merchants with stores in these countries can add payout accounts in international currencies to receive 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 złoty, 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 clarifies 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 relevant currency.”
More to come
The new feature has been warmly received on LinkedIn, where Shopify’s Benelux lead Mel van Lieshout shared the news. When asked why the innovation was not communicated more broadly, he explained: “It is part of a bigger piece. So this is the first step. You will be hearing more about this.”
‘Multi-Currency Payouts is part of a bigger piece.’
Earlier this year, Shopify took a significant step to make cross-border selling easier by giving merchants the option to add localized online stores for up to three markets. Previously, the Canada-based ecommerce software company, well-established in Europe, had launched a localization tool for merchants aiming to expand into new markets.
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