I’m based in the UK (so my default currency is GBP) however a large majority of my business is conducted either in the US or globally, hence making USD the preferred, primary currency.
Additionally (having read the article on Amazon Pay multi-currency ) it’s stated that:
No, Amazon Payments automatically convert the amount per transaction and will disburse all funds to you in your ledger currency.
To integrate Amazon Pay in multiple online stores, you need to register separate Amazon Payments merchant accounts for all your relevant shop URLs.
Is it possible to add multiple accounts within the main root account (located here ) as i really don’t want to be at the mercy of Amazons auto convert feature which is no doubt influenced by global currency exchange rates and other factors.
The ideal would be sending funds from different currencies to different bank account details however this isn’t seemingly possible.
What are the options and best approach for achieving this?
If you want to receive funds in different currencies and have more control over the currency conversion process, there are a few options you can consider when using Amazon Pay:
- Register separate Amazon Payments merchant accounts: As mentioned in the article you read, you can register separate Amazon Payments merchant accounts for each of your relevant shop URLs. This allows you to have separate accounts for different currencies and receive funds in the respective ledger currencies. However, managing multiple accounts can be complex and may require additional setup and maintenance.
- Use a third-party currency management solution: You can explore third-party currency management solutions that integrate with Amazon Pay. These solutions can help you manage and receive payments in multiple currencies, provide currency conversion options, and facilitate transfers to different bank accounts based on the currency received.
- Consider a payment processor with multi-currency support: Instead of relying solely on Amazon Pay, you can also consider using a payment processor that offers multi-currency support. These processors typically provide more flexibility in managing different currencies, currency conversion, and payout options. You can integrate such a payment processor alongside Amazon Pay on your website to offer multiple payment options to your customers.
Before making a decision, it’s important to evaluate the specific requirements of your business, including transaction volume, currency preferences, and desired level of control over currency conversion and funds distribution. You may also want to consult with a financial advisor or specialist to determine the best approach for your specific circumstances.
Please note that while I strive to provide accurate information, it’s always recommended to refer to the official documentation or consult with Amazon Pay support for the most up-to-date and accurate information regarding multi-currency support and account management options.