What is Forex & Currency Conversion
QuickSync’s Forex & Currency Conversion feature enables businesses to seamlessly handle international pricing by automatically converting product prices across different currencies. This feature ensures that global customers see accurate, up-to-date pricing in their local currency, enhancing trust and simplifying the shopping experience.
Key Benefits of Forex & Currency Conversion
1. Real-Time Exchange Rate Updates: QuickSync retrieves live exchange rates from trusted sources (e.g., Open Exchange Rates API). Exchange rates are updated hourly, ensuring your prices are always current.
2. Automatic Currency Conversion: Prices are converted dynamically between the base currency and the customer’s desired currency. Supports conversions between any two currencies.
3. Clean and Friendly Price Display: Intelligent rounding ensures converted prices look professional and customer-friendly:
- If the fractional part is ≤ 0.50, the price is rounded to +0.49.
- If the fractional part is > 0.50, the price is rounded to +0.99.
4. Fallback for Reliability: If live exchange rates aren’t available, QuickSync uses the most recent stored rates to ensure uninterrupted service.
5. Integrated with Inventory & Order Syncing: Forex and currency conversion integrate seamlessly with QuickSync’s inventory and order syncing features, ensuring consistency across all platforms.
How to Enable Forex & Currency Conversion
1. Setup Currency Conversion
- Login to your QuickSync dashboard.
- Navigate to Settings and enable Currency Conversion.
- By default, QuickSync uses your Store's currency as the base currency.
2. Fetching Real-Time Rates
- Exchange rates are fetched from reliable APIs and stored in QuickSync’s database.
- Rates are refreshed every hour.
3. Converting Prices
- When a customer views a product in a different currency, QuickSync syncs the converted price dynamically.
- Converted prices are displayed instantly on the respective sales channel.
Example Scenarios
1. Multichannel E-Commerce
Your Shopify store lists products in USD, but you also sell on Etsy, which requires prices in EUR. QuickSync automatically converts your product prices into EUR based on the latest exchange rate.
2. Price Display in Local Currency
A customer from the UK views a product on your Amazon store, and QuickSync converts the price from USD to GBP. The price is rounded to create a customer-friendly display like £123.99.