Overview
This article provides a comprehensive guide to the FX Rates API, which is a crucial component of the Multi-Currency Pricing (MCP) service. The MCP service enhances the payment experience for customers by displaying prices in their home currency and allowing them to pay in that currency. This service is particularly beneficial for merchants who operate in multiple regions, as it simplifies pricing and settlement processes while eliminating foreign exchange (FX) risk.
What is MCP?
The Multi-Currency Pricing (MCP) service transforms your customers' payment experience by displaying prices in their home currency and allowing them to pay in that currency. Whether you're selling to a customer in the UK, Europe, or beyond, MCP helps you localize your pricing while keeping your internal processes simple, without bearing Foreign Exchange (FX) risk.
How does MCP work?
With MCP, you can:
- Offer localized pricing: Display your product prices in the currency familiar to your customers.
- Simplify your catalog management: Maintain your product prices in your home currency while automatically converting them for display.
- Streamline settlements: Receive your transaction settlements and financial reports in your home currency.
Benefits for your customers
- Customers can view and pay in their preferred currency, reducing payment confusion and improving trust.
- Enhanced transparency by providing consistent pricing throughout the checkout process.
Guaranteed Rates:
As part of the MCP offering, you get to see the guaranteed rates, i.e., a held FX rate for 24 hours.
FX Rates API
The FX Rates API is a key component of the MCP service. It provides the necessary exchange rates to convert prices into different currencies. The API updates exchange rates on a 24-hour basis, ensuring that the rates are current and accurate. In the event of significant fluctuations due to geopolitical situations, the guaranteed exchange rates are held for 24 hours, providing stability and predictability for both merchants and customers
Prerequisites
To use FX Rates API, you need:
- Your standard Paysafe credentials.
Your assigned Solution Engineer/ Support Manager can guide you through these steps.
Integration options
| API | Yes |
|---|---|
| Paysafe Checkout | No |
| Paysafe JS | No |
Supported Regions and Currencies
| Regions | EU, UK |
|---|---|
| Currencies | AED, AFN, ALL, AMD, ANG, AOA, ARS, AUD, AWG, AZN, BAM, BBD, BDT, BGN, BHD, BIF, BMD, BND, BOB, BRL, BSD, BTN, BWP, BZD, CAD, CDF, CHF, CLP, CNY, COP, CRC, CUP, CVE, CZK, DJF, DKK, DOP, DZD, EGP, ERN, ETB, EUR, FJD, GBP, GEL, GHS, GMD, GNF, GTQ, GYD, HKD, HNL, HTG, HUF, IDR, ILS, INR, IQD, ISK, JMD, JOD, JPY, KES, KGS, KHR, KMF, KRW, KWD, KYD, KZT, LAK, LBP, LKR, LRD, LSL, LYD, MAD, MDL, MGA, MKD, MMK, MNT, MOP, MUR, MVR, MWK, MXN, MYR, MZN, NAD, NGN, NIO, NOK, NPR, NZD, OMR, PEN, PGK, PHP, PKR, PLN, PYG, QAR, RON, RSD, RUB, RWF, SAR, SBD, SCR, SEK, SGD, SLL, SOS, SRD, SVC, SZL, THB, TJS, TMT, TND, TOP, TRY, TTD, TWD, TZS, UAH, UGX, USD, UYU, UZS, VND, VUV, WST, XAF, XAG, XAU, XCD, XOF, XPD, XPF, XPT, YER, ZAR, ZMW. |
Frequently Asked Questions (FAQs)
Q: What currencies can I support with MCP?
A: The supported currencies depend on your account setup.
Q: In which currencies will I receive settlement?
A: Settlement currency is based on your account setup.
Q: How often are exchange rates updated?
A: Exchange rates are updated on a 24-hour basis.
Q: What happens to FX Rates if there are fluctuations during the day due to geo-political situations?
A: Guaranteed exchange rates are held for 24 hours; therefore, all your FX transactions are calculated with guaranteed rate.