Personify360 gives you the option of setting up merchant accounts in currencies other than the base currency. You can then map these currencies and merchant accounts to credit card receipt types. When funds are collected from a customer, the amount denominates in the currency of the receipt type, not the base currency equivalent. In other words, if you have a credit card receipt type mapped to British Pounds, and the organization collects on a 1000 GBP invoice, the customer sees 1000 GBP on his/her card. If a change in the exchange rate occurs from the time of the order and the time of the receipt, Personify makes a currency correction entry at the time of the receipt.
When creating a batch receipt mapped to a currency other that the base currency, the exchange rate defaults to the exchange rate from the Currency Setup screen at the batch date. You have the option of changing this exchange during batch creation. Changing the exchange rate is performed so the deposit amount matches the bank’s amount. Depending on your organization’s business practices, you may change the system exchange rate monthly, but receive the daily exchange rate when creating receipt batches. Since actual receipt currency is collected, actual receipt currency is checked against the batch control totals before posting a Deferred Posting Batch.
When entering receipts, the receipt type defaults to a receipt type mapped to the currency of the order. Usually, if your organization has a credit card receipt type mapped to the order currency, you use the receipt type mapped to the order currency; however, this is not required. Using a receipt type with the same currency as the order guarantees the customer is charged the exact foreign currency amount.
You may apply a base currency receipt type or any other receipt type to any order – regardless of the order currency. Keep in mind, however, the exchange rate is not considered locked in when applying a different currency. The system essentially collects the base currency amount from the order. Thus, the charge to a foreign customer’s credit card could vary where the invoice is in the foreign currency, receipt type is in base currency (or another currency), and the exchange rate changes from the time of the order to the time of the receipt.
When applying foreign credit cards deferred receipts to an Inventoried product order, the exchange rate used is not dictated by the exchange rate of the batch where you created the deferred receipt. Instead, the exchange rate comes from the batch used by CCP610 when the deferred receipt converted to an actual receipt. If you select the Auto-Create Batch option for CCP610, then the application pulls the exchange rates from the system exchange rates in the Currency Setup screen. If you want to change the exchange rates for the conversion of deferred receipts, do not use the Auto-Create Batch option. Manually create the direct batch and modify the exchange rates to be used. Then enter that batch number in the Direct Batch parameter for CCP610.
The application also allows scheduled credit card payments in alternate currencies. The receipt types used are expected to be in order invoice currency. FAR680 creates receipts for scheduled payments of the foreign currency amount. If you want to change exchange rates from the system default, do not use the Auto-Create Batch option when running FAR680.
Credit Card refunds are given in the currency of the receipt. In the case of full refunds, you do not see a variance in amount charged verses amount refunded. The exchange rate used for the refund is the system exchange rate at the time of the refund. The application calculates a currency correction where appropriate.
For more information on multi-currency, please see the Multi-Currency section.