Multi Currency Sales
Posted 15 September 2010 - 11:33 PM
(continuing the brief conversation on Twitter!)
We're interested in considering the LemonStand app for a new venture that we're in the process of planning. However, multi currency sales will be a requirement in the near future. Do you have any plans for this?
Any ideas on time frame?
Would it be possible for our development team to getting this functionality in place through modules? This would of course only happen if you hadn't already developed the functionality at the time that we needed it!
Posted 16 September 2010 - 01:28 AM
Thanks for responding quickly.
I think it may be easier if I just point to a typical scenario.
- We start selling in Country A
- We decide to later start selling in Country B
- Customers from Country A see prices in local currency, and have the ability to buy in local currency.
- Customers from Country B see prices in local currency, and again have the ability to buy in local currency.
- Customers from either country can switch to an alternative currency (say USD) and buy in that currency.
I think we will probably keep all product data in our local currency and have the cart convert prices on the fly. This would allow us to maintain our accounting in local currency while selling in other currencies.
To answer your question, prices should be able to be displayed in multiple currencies (or in a given currency when the necessary option is picked / detected based on Geo IP). Based on the above, I would think that orders should also then be able to be placed in multiple currencies.
Apologies if this is confusing!
Posted 16 September 2010 - 01:55 AM
If you wanted to keep orders in a same currency, then I would help you :-) It is possible to display prices in a local currency (using the currency converter), but orders are always saved in the store currency. The multi-currency feature is planned, but right now I cannot even say when we begin implementing it. We recently started implementing the subscriptions feature, and this work could take about a month or even more. After that we have other important tasks to implement (translations, improved inventory tracking, etc.) and only after that we could begin working on the the multi-currency support. I'm sorry for disappointing you.
Posted 16 September 2010 - 05:42 AM
Thank! No worries. Appreciate you being honest and realistic!
Do you think it would be possible for our development team to put this together in the future as an additional Lemonstand module? This would of course be only if you hadn't implemented in yourselves already.
Posted 16 September 2010 - 02:18 PM
We need to understand what multiple currency support means. I think it means the following:
1. Saving the currency code in each order. That is simple task.
2. Billing customers in the currency saved in the order. It is not difficult, especially with payment gateways which support multiple currencies. You will need to develop (or copy an existing one and extend it) a payment module to support multiple currencies. Now payment modules use either the global store currency, or a currency specified in the payment module configuration. You need the module to use the order-specific currency.
3. Updating the invoice templates to display currency values in the order-specific currency. That is not difficult.
4. Defining some method (function) for formatting currency values (before displaying them). It could be just a function defined in your custom module. Not a complicated task.
5. The most complicated task is updating reports. Now reports expect that all orders have a same currency. You will need reports to display data in different currencies. Most likely you will need to add a drop-down currency selector to all reports which display financial data. Right now there is no technologies in the API, allowing to extend reports. But adding it will not be a difficult task for us.
It looks like you can develop a custom module for supporting multiple currencies. Maybe there are other complications which I do not see right now, but in general the task looks solvable.
Posted 03 March 2011 - 06:28 AM
I've just found myself in a bit of a tight spot having finsihed a site for a client on Lemonstand they now want to add multicurrency much faster than I expected.
In September you mention multicurrency was still a fway down the list. Could you give me an update as to wher it is now. If it is not planned for a while longer, do you know anybody that might be able to produce it for me as a plugin?