Manage Multi-currency Sales Orders and Returns

Retailers now have the capability to manage sales orders and returns in multiple currencies, facilitating the handling of international transactions.

3 min read |

 

Retailers operating on a global scale often accept orders from customers in different countries, resulting in payments made in the customer's local currency rather than the retailer's base currency. This disparity posed significant challenges for retailers, especially during order reconciliation and financial reporting. The absence of a streamlined solution for multi-currency transactions hinders operational efficiency and accuracy, impacting the overall user experience of retailers

Previously, retailers encountered complexities when dealing with international transactions, as orders were received and processed in various currencies, often diverging from the retailer's native currency. This led to inefficiencies in accounting and financial management, complicating the process of reconciling transactions.

To resolve this, HotWax Commerce introduces Multi-Currency Order and Return Management. With this new feature, retailers can seamlessly handle sales orders and returns in multiple currencies, ensuring smoother transactions and enhanced financial clarity.

Orders are imported into HotWax Commerce in their original currency, reflecting the currency in which the customer made the payment. When syncing with the ERP system, orders are converted into the retailer's designated currency based on predefined exchange rates. This ensures consistency in financial reporting and simplifies accounting processes. Retailers can view both the original currency payments and the equivalent value in their base currency, providing comprehensive insights into transaction details.