As a business that wants to grow beyond its country of origin, open itself up to new and more customers, markets, and opportunities, offering multi-currency collections, payouts, and settlements is a huge advantage for your business.

A settlement is the final step in the payment process, where the money paid by a customer reaches the business’s account, completing the transaction. It includes the authorisation and verification of funds from the payment processor, and the final transfer of money to the customer’s correct account.

With a constant increase in international trade (on smaller and larger scales), physical borders are not quite a barrier anymore. Both SMEs and large enterprises can benefit from multi-currency accounts and settlements.

What are the Benefits of Multi-Currency Settlements? 

• Improved Operations: Providing multi-currency settlements allows you to consolidate all your foreign transactions. The convenience of managing various currencies from a single account means much smoother business operations and settlements across countries.
• Reduced Transaction Costs and Fees: You can hold your money in different currencies and avoid multiple conversion fees for international transactions. Then, when you’re ready, you get settled for international currencies in your local currency, thus reducing your overall fees.
• Supplier Relations: Your supplier relationships are likely to improve when they know they can be paid in their local currencies. It removes the hassle of them having to exchange currencies and increases the likelihood of them working with you in the future.
• Local and International Expansion: With multi-currency settlements, your business can more easily enter new markets because of your ability to handle international transactions more efficiently and comply with regulators.
• Customer Experience and Convenience: Customers are usually more likely to buy from a business when they can pay in their own currency, because this is simpler for them. So, multi-currency settlements means more sales for your business, and in turn, improved capacity to settle those transactions smoothly.

How Flutterwave Supports Multi-Currency Payments

Flutterwave’s job, as a payment processor, is to collect the customer’s payment in any of our supported currencies, partner with licensed Financial Institutions to settle in the merchant’s preferred currency and value store. We accept various forms of payment — Cards, Bank Transfers, Mobile Money, Pay with Bank, and more.

How to Get Started With Multi-Currency Settlements on Flutterwave

• Create a Flutterwave account here.
• Select your country from the options displayed. If your country is not in the dropdown, fill this form and our sales team will get back to you.
• Verify your account, and you’re ready to receive payments.
• On your dashboard, navigate to “Settings”, then “Business Preferences”.
• In the “About” tab, there’s a section to choose how to get your earnings.
• You have 2 options for settlements: bank account or payout balance.

• Select “bank account” if you want to keep your books unified.
• Select “payout balance” if you want your funds settled to your Flutterwave balance.
• Please note that if you choose “bank account”, all your funds in their various currencies will be settled in the currency of your bank account after 5 working days. To keep the currencies separated, choose to be settled in your Flutterwave payout balance.

Your multi-currency settlement dashboard will look something like this (not to worry, we support over 20 currencies):

Are You Ready to Elevate Your Business Operations?

As your business continues to grow and expand globally, multi-currency accounts and settlements become more and more essential, so you don’t miss out on potential customers and opportunities. Though some challenges may persist in accepting, processing, and paying customers in their local currencies, platforms like Flutterwave are your solution. Click here to start accepting local and international payments easily today!

This short article has some more information about multi-currency settlements. If you have any other questions, please reach out to us via the chatbot on your dashboard or email us at hi@flutterwavego.com, and we’d be happy to help.