Multicurrency settlement (MCS) with Cin7 Pay

If you accept payments in multiple currencies, you can avoid conversion by adding foreign currency bank accounts.

This is called multicurrency settlement (MCS). Stripe pays you out in the original currency once the minimum payout amount is reached. Minimums vary by currency, and a multicurrency settlement fee applies.

Multicurrency settlement (MCS) is available by default for businesses in the United States, Canada, European Union, and United Kingdom. If your business is based outside these regions, contact support to enable multicurrency settlement.

Prerequisites

• You’ve set up Cin7 Pay

• You have the Money → Cin7 Pay permission

Set up MCS

To set up MCS, add a foreign-currency settlement account:

1. Go to Money → Cin7 Pay.

2. Open Account and setup.

3. Under Account > Account details > Payout details, click Add bank account.

4. Click Link another account.

5. Follow the on-screen instructions.

Now choose a clearing account for payouts:

1. Go to Money → Cin7 Pay.

2. Open Account and setup.

3. Under Accounting, set Bank account to a clearing account.

4. Save.

Change default currency

Payments in currencies without a matching bank account are automatically converted and paid out in your default currency, which you can change at any time.

1. Go to Money → Cin7 Pay.

2. Open Account and setup.

3. Under Account > Account details > Payout details, click Add bank account.

4. Click Change default currency.

5. Choose a new Default currency.

6. Submit.

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