In this article, we explain more about the multicurrency feature in Koalect, which currencies are supported and how you can enable it. The Multi-currency feature allows your organisation to accept payments and display amounts in multiple currencies on your fundraising platform. This helps you reach international donors by letting them pay in their preferred currency, […]
Category: Currencies
How do users (donors and project owners and MyKoalect users) make use of Multi-currency?
The Multi-currency feature is very flexible and improves the user-experience of all users on your Koalect platform. Project owners When creating a new project page, project owners can select a ‘base currency’ in which they set their own fundraising goal. This currency is always visible on the project page, however other users can switch to […]
How are payments, payouts, and currency conversions handled?
Your organisation will receive all payouts in a single base currency of your preference. Payments made in other currencies by donors are converted into this base currency for payout purposes. How are currency conversions handled?Currency conversions are managed by the payment service provider (PSP). Koalect receives both the payment currency and amount, as well as […]
How does multi-currency affect campaign goals, reporting, and performance?
Will exchange rate fluctuations affect my campaign goal progress?Since currency conversion rates are updated daily and fluctuate, the displayed campaign progress may slightly vary over time. To avoid confusion, Koalect saves payment amounts at the time of the transaction to prevent frequent recalculations affecting reporting or automated triggers like emails. How often are currency conversion […]