Hi, I'm a new UK-based member starting on Website Payments Standard, selling a subscription service. Will someone be kind enough to read through this post and tell me if I've understood the process correctly. Apologies for the lengthy post.
I anticipate the bulk of my customers to be in the US, and so I've set up a USD balance (in addition to the GBP balance) and set USD as the primary balance.
What I'm hoping is that this will allow me to set my subscription prices in USD, and so US subscribers will not be charged a currency conversion fee, or any other charge, and that the subscription price will remain static. I would anticipate that customers elsewhere (including the UK) would have to pay a conversion fee and that this would mean their monthly subscription will vary according to changes in exchange rates.
I would assume that I will pay a percentage of the value plus a transaction fee on each monthly payment. In addition, I would expect to pay a cross-border charge on each non-UK monthly payment.
I would expect all of the payments to end up in the USD balance. each month, I would move funds from the USD balance to the GBP balance, incurring conversion fees and a single transaction charge. I would then transfer the GBP balance to my bank.
I'm not clear if I'd be paying a currency conversion charges whenever non-US payments are made, and then paying again to change the payments back into GBP.
So tell me, is that the way it works? Have I got any part of it wrong? Is there a better way of handling this? My main aim is to ensure that US customers will not have to pay any currency conversion charges, that they will see only US dollar prices, and that their monthly payments will remain fixed.
