What is Money?
The Money module enables advanced banking features, currency management, sales tax processing and shipping calculations. Money makes the task of processing foreign transactions much more efficient. Its convenient currency conversion function provides standardized currency reporting, allowing you to process transactions in foreign currencies and report on them in USD (or any other desired currency). You will create a list of Currency Conversions where you will assign the original currency and the destination currency. You can use currency filters to route and process multiple currencies in each Merchant Bank. The Money module is a valuable tool that will save you time, simplifying foreign transaction management and providing enhanced transaction reporting.
Features
- Currency conversion
- Advanced bank management features
- Automated Forex hourly conversion updates (can be disabled)
- Standardized currency reporting
- Currency based bank routing
- Process multiple currencies in each Merchant Bank
- Currency assignment on Fee Schedules and Customers
- Sales Taxes processing including 3rd party tax services
- Shipping costs calculations using standard shipping services
Benefits
- Eliminates the need to create a separate Merchant Bank for each currency
- Saves time from having to run separate transaction reports for each Merchant Bank that process in a foreign currency
- Does away with the manual calculation of currency conversions
- Prevents possible misinterpretation if data that can occur with non-standardized currency reporting
- Avoids manual updates of the latest exchange rates
- Supports custom rules for transaction processing
