Multi-currency feature
The MP-CloudBeds Connector allows you to make use of the Multi-currency feature in CloudBeds. It extends the capability of this feature. Deposit payments can be collected automatically via Mobipaid in currencies other than the property default currency.
Configuration
To enable multi-currency handling, the following must be applied:
- In CloudBeds settings enable a default foreign currency, and set the appropriate exchange rate. Auto-update must be disabled.
- Multi-currency must be enabled in the Connector and the default foreign currency set as 3 digit ISO code.
- Optionally, for more flexibility, in CloudBeds settings a custom field for a Guest Preferred Currency can be added to the guest profile. The custom field must be applied to the Customer. Required should be set to No, and type is Input Field. Max characters allowed must be set to 3 (3 digit currency ISO code, e.g. USD, EUR, ZAR etc.). The field should not be displayed on the Booking Engine, and does not contain personally identifiable information.
- The custom field name value must be setup on the Connector to locate the field, as there may be other custom fields setup.
All currencies that are applied as guest preferred currencies must be enabled, and an exchange rate defined. Otherwise, the Connector will charge deposits in the default foreign currency. If no exchange rate is available for the default foreign currency, the property default currency will be used.
The auto-update setting on the enabled currencies must be disabled. Exchange rates must be set on the currency. Exchange rates can be updated by the CloudBeds admin at anytime. The Connector will retain a constant exchange rate for the life of a deposit, i.e. the same rate will be applied when computing the deposit payment, and when posting the collected amount back to CloudBeds to avoid rounding differences.
Small rounding differences may occasionally still occur on the folio depending on the exchange rate definition. The Connector applies accuracy to a maximum of 20 decimal points.
Usage
The multi-currency feature can be used as follows:
- The Connector will by default collect all deposits in the default foreign currency setup above, provided an exchange rate is defined on CloudBeds. If no exchange rate is maintained for the default foreign currency, then the property default currency will be used.
- If the custom currency field is created on the Guest Profile, a guest preferred currency can be set for a guest profile. The 3-digit ISO currency code must be set in the currency custom field of the Guest Profile.
- The Connector will give priority to the guest preferred currency, provided that; the guest preferred currency is enabled and an exchange rate is defined on CloudBeds. If no guest preferred currency is set, the default foreign currency is used automatically.
- If a guest should be charged in the property default currency, then the property default currency must be set as the guest preferred currency. This will override the default foreign currency setting.
- Mobipaid allows the property to define in which currency collections should be settled. This can be defined for each currency that is being used with the multi-currency feature. E.g. EUR collections can be settled in EUR, CHF collections settled in CHF and USD collections settled in EUR etc. This allows the property to benefit from Mobipaid's competitive currency conversion rates.
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