In your Mighty Network, you can sell Plans in up to 10 different currencies.
The country where your Stripe account is based determines which of the currencies you can present Plans for sale in and set up a bank account for receiving payouts in, from those Stripe supports. If you haven’t yet connected your Mighty Network to a Stripe account, you can read more about the process here.
Sell Existing Plans in New Currencies
If you have existing paid Plans and you want to support additional currencies in your Mighty Network, you will first need to add each new currency, one at a time. Keep in mind that every paid Plan in your Network, which exists now or which you create in the future, must have a price in the new currency. Free Plans are not affected.
Go to Network Settings > Payments > Currencies
Click the “+” icon, then choose the currency you want to add from the drop-down menu.
Next, you must set prices in the new currency for every existing Plan. Every Plan in your Network must have a price in your new currency. For example, you can’t choose to present some Plans in GBP alone and others in Euros alone.
You can Manually add each price, or Autofill and Review all prices using today’s current exchange rates, as calculated by Stripe.
After you finish adding a new currency, it will be Hidden until you make it Visible, meaning it will not be available for purchase yet. To make a new currency Visible, click the three dot menu next to the currency and click “Make Currency Visible.” This menu is also where you can change your Mighty Network default currency.
You cannot edit prices for a currency after you’ve finished adding it. However, if no one has made a purchase in that currency yet, you can delete it by clicking the three dot menu and then “Delete Currency”. Then add the new currency again and set your prices again.
Once you set prices in the new currency, those prices will not automatically update as currencies exchange rates fluctuate. If you want to change a price in any currency for any Plan, you will need to create a new Plan with new prices in each currency.
Create New Plans to Sell in Multiple Currencies
If you have never sold Plans in your Mighty Network, and you want to start selling plans in multiple currencies, you will need to create your first plan, which requires connecting a Stripe account.
To start, go to Network Settings > Payments to create a new Plan. Check out this help article for more details on creating a Plan.
After you’ve finished setting up the Plan, you can add more currencies by following the steps above for How to Sell Existing Plans in Multiple Currencies.
If you have previously sold Plans in your Network and want to create a new Plan to sell in a new currency, first create the Plan and price it in your existing currencies. Then, add the new currency and when you set prices for all your existing Plans in the new currency, that new Plan will be among them.
Keep in mind that once you’ve added a currency, every time you create a new Plan, you will need to manually set a price for each currency you support. The Autofill tool is only available when adding a currency, not when creating new Plans.
To set prices in multiple currencies for a new Plan:
To view your Income Reports, select Network Settings > Payments > Income Reports and review your Stripe and Apple reports. You will be able to view revenue by plan, segmented by currency. Income reports will show the currency that a Mighty Network is settling in on Stripe, regardless of whether or not that currency is added to the network. The most current data will be found inside of your Stripe account.
For all iOS Plans, Apple will convert the prices to the viewer’s local currency.
What Your Members Will See
Here’s how this feature looks for External Plans:
If you offer External Plans, on your landing page, people will see a drop-down selector in the upper right corner that shows the currencies you support:
The currency that appears by default will be the one that most closely matches where a visitor to your landing page is located. For example, if a landing page visitor is in the UK, and you’ve chosen to support GBP, we will present the Plan in GBP.
If we can’t identify where a visitor is based, or if their country’s currency is one you don’t support, we will present your Mighty Network’s default currency, which you can select. Check out How to Change Your Default Currency for more information on changing your default currency in Mighty Networks.
If a visitor wants to purchase in a different currency than the one that’s first presented, they can select another currency.
Here’s how this feature looks for Internal Plans
If you offer Internal Plans, on your Groups and Courses pages, people will see a drop-down selector in the upper right corner that shows the currencies you support.
Important note: Once someone makes a subscription purchase for your Mighty Network, they must make all future purchases in the currency they used to purchase the subscription (this does not apply to one-time purchases). In these cases, we only show the currency they previously used to make a purchase and they won’t see an option to choose a different currency. This is a Stripe requirement.
If a member has only made a one-time purchase, they can make future purchases in a different currency.
Presentment and Settlement Currencies
If you are just setting up your Stripe account, please visit this article for the steps to connect your account.
The country where your Stripe account is based determines which currencies you can offer Plans in and have a bank account for in Stripe to accept payouts.
The currencies you present Plans for sale in are called Presentment Currencies.
The currencies you can have a bank account for are called Settlement Currencies.
When you support a currency that is a Settlement currency for the country in which your Stripe account is based, you can add a bank account for that currency in Stripe to avoid paying an exchange fee to Stripe. In other words, since you can present and settle in the same currency, there’s no exchange fee charged by Stripe.
- For example, if you want to present Plans for sale in GBP, and your Stripe account is based in the UK, if you add your GBP bank account in Stripe, the Plans you present in GBP will not incur an exchange fee since you are settling in the same currency.
You will need to add at least one bank account to Stripe for at least one currency to use our Plans feature, and you will need to add a bank account in Stripe for any additional currencies that you want to settle in.
If your country does not allow you to have a bank account for a currency you want to support, you can still present Plans in that currency if it is among the Presentment currencies that Stripe supports for the country where your Stripe account is based.
However, the payout from sales in that Presentment currency will need to be converted to a Settlement currency that you do have a bank account for, and you will pay an exchange fee to Stripe to make that conversion.
- For example, if you want to present Plans for sale in Canadian Dollars, but your Stripe account is based in the U.S., which does not permit you to settle in Canadian Dollars, you can still present Plans in Canadian Dollars. In this case, Canadian Dollars is a Presentment Currency, while U.S. Dollars will be the Settlement Currency, the currency you convert your payout to.
If you have questions about your Stripe account or what currencies you’re allowed to sell in, you can reach out to Stripe Support
Have more questions? Check out our Multi-Currency FAQs article.