Merchants can collect transactions in multiple currencies that don’t have to be the same currency as their bank account. By creating the payout statements, there is one for each currency. The merchant usually had to pay a conversion fee to their bank for receiving the money in that currency which is between 2-5%. This process restricted the merchant from knowing the turnover for all currencies combined.
Payyo takes care of the conversion for a 2% fee, the lowest fee in the market. The payout statement will show the transactions in the collected currency as well as the payout currency.
Example with one bank account - Merchant with USD bank account collects in USD, EUR and CHF:
- without Payout Conversion
USD balance is paid out in USD
EUR balance is paid out in EUR
CHF balance is paid out in CHF
- With Payout Conversion
USD balance is paid out in USD
EUR balance is paid out in USD
CHF balance is paid out in USD
Example with multiple bank accounts : Merchant with USD (default) & EUR bank accounts collects in USD, EUR and CHF:
- without Payout Conversion
USD balance is paid out to USD account in USD
EUR balance is paid out to EUR account in EUR
CHF balance is paid out to USD account in CHF
- without Payout Conversion
USD balance is paid out to USD account in USD
EUR balance is paid out to EUR account in EUR
CHF balance is paid out to USD account in USD
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