Since 1st of July merchants have the option to use payout conversion for their payouts.
How was it before 1st of July 2020?
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.
The solution
We want to give our merchants more control over the currency they want to be paid out in. Payyo worked on an option to make a payout in the default currency of the bank account. 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
- Current situation:
Example: Merchant with USD bank account collects in USD, EUR and CHF:
USD balance is paid out in USD
EUR balance is paid out in EUR
CHF balance is paid out in CHF
- Payouts after the change:
Example: Merchant with USD bank account collects in USD, EUR and CHF:
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
- Current situation:
Example: Merchant with USD (default) & EUR bank accounts collects in USD, EUR and CHF:
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
- Payouts after the change:
Example: Merchant with USD (default) & EUR bank accounts collects in USD, EUR and CHF:
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
How does this affect the merchants?
For merchants with several currencies Payyo enabled the option of payout conversion as of 1st of July 2020. If you are one of the affected and you do NOT want this option activated in your account, please send us an email to support@payyo.ch with the request of reversing the option.
