iVend POS Accepting Foreign Currencies On POS
Introduction
In many instances, customers with foreign currency come to retail stores; in such cases retailers require functionality to support accepting Foreign Currency as a tender at the Point of Sale (POS).
Any other currency that is being accepted at the POS, apart from the base currency of the system, will be treated as Foreign Currency.
iVend allows for the accepting of payments against a transaction in foreign currency. In and integrated scenario, iVend can receive payments in any of the foreign currencies that have been defined in the ERP. Currency and exchange rates are defined in the ERP and they will integrate to iVend. The invoice total is displayed in foreign currency on selection of the respective currency based on the exchange rate defined. Both the foreign currency and base currency values would integrate to the ERP for all POS transactions. In the following steps we look at the processes for setting up iVend Unplugged to enable the receiving of payments in foreign currency.
Foreign Currency (Payment Type) Tender: Define a new Tender in the Management Console. Select Foreign Currency in the Type field in the Payment Type Creation screen – refer to the following screen image for guidance.
Once the tender is defined, the user can set the applicability for the store(s) as required.
After completing the setup of the Foreign Currency Tender (Payment Type), restart the POS so that the new tender will be available to use on the Payments screen.
The user will also need to ensure that they have setup the currencies and entered the exchange rates applicable for the current trading business day – refer to the following screen images for guidance.
The effect of the Foreign Currency tender can be seen in the transactions at the POS as explained in the following steps below.
The user at the POS can now receive payments through the Foreign Currency Payment Type by selecting the tender on the Payments window as shown in the following screen images:
After clicking on the foreign currency tender type, the user will be taken to the Foreign Currency Details screen and there they need to select the currency against which customer would like to pay for their purchase with. For example, if the system base currency is USD and customer would like to pay in Great British Pounds Sterling, then the user would need to select the appropriate foreign currency of GBP (Great British Pounds) as shown in the screen image below
As soon as the user selects the currency on the basis of the defined exchange rates of the day; the system converts the amount and displays it on the Foreign Currency Details screen as displayed in the above screen image.
Clicking on the [Ok] button will process the payment; the system accepts the payment with the selected tender and it completes the transaction in foreign currency.
In an integrated scenario, the amount received in the foreign currency at the POS in iVend will be posted into the ERP in the base and foreign currency amounts.
In order to use the Foreign Currency payment types, the user must ensure that the Exchanges Rates are predefined in the system against the currencies being tendered at the POS. The system will not accept payments in Foreign Currency if the rates have not been set for the current trading business date and will return an error after validation, warning the user that the rates have not been set.
Adding another scenario to this functionality in iVend, say that the user would like to perform a a Cash Back to the customer at the POS using a Foreign Currency other than the base system currency.
Let us assume that Cashier would like to hand over the same currency as paid by the Customer at the POS in the previous transaction shown earlier in this article, i.e. Great British Pounds.
Follow the steps shown below to achieve this:
1. Create a Tender type in the system apart from the Foreign Currency by Selecting the Type as Custom.
When the user sets the Type field as Custom, the Currency field becomes available and active where the user can then select the currency as Great British Pounds from the Look up […] as shown on the above screen image.
In an integrated scenario; after creating the tender type in the iVend Management Console, the user must map the tender with a specific G/L Account in the ERP. This would allow the posting to the ERP via the integration of the transactions performed at the POS where this tender type was used.
2. In order to select the same tender currency while performing a cash back, the user has to ensure that under the Retail Profile attached to the POS, the Auto Update Change Amount In Payments flag is unchecked and the Change Amount Currency is cleared for the User/Cashier operating at the POS where the foreign currency Cash Back will occur – refer to the following screen image for guidance.
Save the above Retail Profile and make sure that this profile has been set for the POS and the User/Cashier in order to enable the functionality at the POS.
Ensure the Management Console and POS applications have been restarted, for the changes to take effect.
3. Go to the iVend POS and select a transaction against which the user would like to perform a refund:
4. On the Payments screen, go to the Payment Tender options and select the currency as GBP - Pound to perform the refund using the GBP foreign currency.
While selecting the payment type GBP – Pound, the user can provide a Cash Back to the customer in the same currency as paid by the Customer during their purchases.
Similarly, iVend also supports the other scenario where in the customer pays for their purchase in foreign currency where the amount is over tendered for their purchase. The cashier can then provide the change back to the customer in the same foreign currency that was tendered rather than in the base system currency.
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