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Would you like to accurately track and display affiliate commissions in the currency used by your customers at checkout? The Multi-Currency addon for AffiliateWP makes this possible. By supporting multiple currencies, this addon ensures that affiliates see their earnings in the correct currency, reflecting the actual transaction amount.
This guide will walk you through how to set up and use the Multi-Currency addon effectively.
To use the Multi-Currency addon, you will need a Plus or Pro license.
Installing the Multi-Currency Addon
Before we get started, be sure to install and activate AffiliateWP on your WordPress site.
Once you’ve got AffiliateWP installed and your license is verified, you’ll be able to quickly install and activate the Multi-Currency addon.
Currently, the Multi-Currency addon supports WooCommerce and Easy Digital Downloads integration. If you haven’t set up WooCommerce or Easy Digital Downloads yet, please follow the WooCommerce or Easy Digital Downloads integration guide.
Configuring Multi-Currency Settings
With the Multi-Currency addon installed and activated, you can now configure its settings. These settings are located within the AffiliateWP settings page.
- Navigate to AffiliateWP » Settings.
- Click on the Commissions tab.
- Locate and select the Multi-Currency option.
Exchange Rate Update Method
The Multi-Currency addon offers two methods to update exchange rates: Manual or through ExchangeRate-API.
Manual Exchange Rate Entry
If you prefer to set the exchange rates manually, select the Manual option in the Exchange Rate Method field. You can then enter the exchange rates for the currencies you want to support.
For example, if your WooCommerce or Easy Digital Downloads base currency is set to USD, you can manually set exchange rates for currencies like EUR, GBP, or INR.
You can also add support for multiple currencies by clicking on the Add Exchange Rate button.
To remove a currency, simply click on the cross (X) icon next to the currency row you want to delete. Please note that you cannot reorder these rows once they are added.
Using Exchange Rate APIs
To automate the process of updating exchange rates, you can use a free API from Exchange Rate API. The Free plan offers up to 1,500 API requests per month, which is typically sufficient for most small to medium-sized businesses.
To get started, visit the Exchange Rate API website and sign up with your email address.
After creating your account, log in to your dashboard. From the dashboard, you can access your API keys by navigating to the API Keys menu or by visiting this link. Here, you’ll find your default API key.
If needed, you can create a new key by clicking on the Add New API Key button.
Once you have your API key, go to your WordPress dashboard and open the AffiliateWP settings. Click on the Commissions tab, and in the Exchange Rate Method field, select ExchangeRate-API. Paste the API key you copied from Exchange Rate API into this field, and click Connect button.
Once the connection is successful, you will see a message saying The API was successfully connected.
When using ExchangeRate-API as the update method, the UI will not allow you to edit rates manually. However, you can click the Update Rates button, located near the Exchange Rate column, to manually update the rates for the day. Please note that this action will consume your API credits, as it fetches fresh data from the API.
Finally, save your changes to activate the API integration. Your exchange rates will now automatically update daily based on the latest available data.
Understanding Referrals with Multi-Currency in AffiliateWP
The Multi-Currency addon in AffiliateWP is designed to manage and display affiliate referrals in the base currency that you’ve set in AffiliateWP » Settings » Advanced » Currency.
Even if customers make purchases in different currencies on your site using a currency switcher plugin, the referral amounts shown in the AffiliateWP » Referrals area will always be in the base currency.
For example, if your base currency is set to Euro, all referrals will be displayed in Euro in the admin area, even if a customer made their purchase in US Dollars. This helps keep your affiliate reporting consistent and straightforward.
To check the exact amount converted for a specific referral, you can edit the referral in AffiliateWP » Referrals and view the Amount field.
The exchange rate displayed here may differ slightly from the rate shown in the settings UI. This is because the API provides the exact rate, while the rate shown in the UI is rounded for readability.
Frequently Asked Questions
How often are exchange rates updated?
Exchange rates are updated automatically on a daily basis when using the Exchange Rate API. This ensures that your affiliates’ earnings are calculated based on the latest currency values without any manual intervention.
Will Multi-Currency addon work with my currency switcher plugin?
The Multi-Currency addon has been designed to work with many popular currency switcher plugins. This compatibility ensures that your customers and affiliates experience seamless currency management across your site. If you have any specific questions about using the addon with your currency switcher plugin, please feel free to reach out to our support team for assistance.
Can I manually update exchange rates when using the API?
No, when using ExchangeRate-API as the update method, the UI does not allow you to manually edit rates. However, you can manually trigger an update for the day by clicking the Update Rates button. Please note that this action will consume your API credits as it pulls fresh data from the API.
Can I add multiple currencies?
Yes, you can add support for multiple currencies by clicking the Add Exchange Rate button in the settings. You can also remove currencies by clicking the cross (X) icon next to the currency you wish to remove. However, the rows cannot be reordered once they are added.
Why does the exchange rate in the referral differ from the settings UI?
The exchange rate in the referral may differ slightly from the one displayed in the settings UI. This is because the API provides the exact exchange rate, while the rate shown in the UI is rounded for easier readability. The exact amount converted can be checked by editing the referral in the admin area.
What happens if I change my AffiliateWP base currency?
If you change the base currency in AffiliateWP » Settings » Advanced, be sure to go to the Commissions tab. Then, scroll to the Multi-Currency section and locate the Update Rates link next to the Exchange Rates column. Clicking Update Rates will recalculate the exchange rates based on the new base currency, ensuring accuracy in your affiliate commissions.
What currencies are not supported by the ExchangeRate-API method?
Bitcoin (BTC) and Lao Kip (KIP) are not supported by the ExchangeRate-API method. You will need to use the Manual Update Method to set rates for these currencies.
That’s it! With the Multi-Currency addon for AffiliateWP, you’re now equipped to manage affiliate commissions across multiple currencies effortlessly. By ensuring that affiliates see their earnings in the correct currency, you’re providing them with a clearer, more transparent experience. This not only reduces confusion but also builds trust between you and your affiliates.