Wave Payments (EFT) and multi currencies

powermodpowermod Member Posts: 18

I'm considering setting up Wave Payments (EFT & credit card).

Here are my company details:

Located: Canada
My Home Currency: CAD
Customer Invoices: Are in multi-currency (customers are located in various countries in Asia, and my invoices are in either USD or their home currency (depending on customer) -- never in CAD.
Invoice Payments: Are received in either USD or my customer's home currency.

Will Wave Payments (credit card or EFT) work for me?

edited October 12, 2018 in Sales & Invoicing

Comments

  • RezaReza Administrator Posts: 24 admin

    Hi @powermod

    As a Canadian business, you can have invoices presented in Canadian Dollars (using Payments by Wave) or USD (using Payment by Wave through Stripe integration we offer). To do this you need to separate businesses on Wave, one with currency set to USD and another with currency set to CAD.

    The Stripe integration only supports Card Payments (no EFT).

    You can invoice your customers in any currency, however to collect online payments, the invoice currency has to match your business currency. Otherwise online payment options on the invoice will be disabled.

    Your customers on the other hand can pay you using any currency as long as they use a valid credit or debit card. This is irrespective of the invoice currency, however, it would involve some conversion for them to the currency the invoice is presented in.

    EFT option is limited to CAD for your Canadian business from only Canadian bank accounts.

  • powermodpowermod Member Posts: 18

    Hi @Reza , thanks for the prompt reply -- I kind of figured it wasn't doable (80% of payments would be via EFT).

    I still continue to do all my invoicing outside of Wave (I use Invoicely) & just mark the imported transaction lines in Wave as either 'sales' or 'cost of goods'. It would be great to one day be able to use Wave not only for reconciling transactions but also for my invoicing.

    edited October 12, 2018
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