Switching currencies from CAD to USD

helenthelent Member Posts: 1

I'm trying to switch my accepted currency from CAD to USD but I can't figure out the best way to do this using Wave.

My current set up
- Wave account is set up in CAD (I live in Canada)
- Clients are invoiced through Wave Invoices in CAD or USD depending on where they live
- Clients pay with CC using Wave Payments
- Clients can technically also pay directly on my website using a Stripe/Gravity Forms integration

I understand that I will need a USD account through my bank and a way to transfer from the USD to the CAD account. But how do I make Wave integrate with the new US account when my default currency is CAD?

Questions
Do I need to start a new Wave business with a default USD? If so, what happens to my history with Wave?
Can I simply start invoicing everyone in USD and call it done?
What are the steps I need to take to make this happen seamlessly for my clients (and easily for me)?

Anything else I'm missing here?

edited October 9, 2019 in Sales & Invoicing

Comments

  • EmmaPEmmaP Administrator Posts: 147 admin

    Hi @helent! Once a currency has been set for a business it is unable to be changed. If you are using Payments by Wave and you want your customers to pay by credit card, you would have to invoice them in CAD (as this is the currency your business has set).

    To send invoices in USD with credit card payments as an option, you would have to add a new business to your Wave account with the currency set to USD and your location as CAD. Then under: Sales > Credit card payments you would have the option to create a Stripe account (or link an existing Stripe account). The Stripe account would be integrated into Wave and allow you to process and send invoices in USD, similar to how you are currently sending invoices with credit card payments. Otherwise, you could invoice customers in USD in your current business and ask them to pay through your Stripe account (leaving your Stripe details in the notes). Whichever works best for you and your business!

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