How Multi-Currency Payments and Refunds Work in Kovena

How Multi-Currency Payments and Refunds Work in Kovena

Kovena enabled seamless international transactions by allowing your customers to pay and receive refunds in their local currency. This multi-currency support provides greater transparency, improves conversion rates and simplifies global bookings for your business.

1. Accepted Currencies

Kovena currently supports payments and refunds in the following currencies:

  • Australian Dollar (AUD)

  • Euro (EUR)

  • New Zealand Dollar (NZD)

  • US Dollar (USD) - available only after completing a separate onboarding process

While customers can choose from these currencies at checkout, you will receive payouts in your selected base currency from among these supported options.


Notes
Please note that American Express (AMEX) is supported for merchants based in Australia and New Zealand. To enable AMEX as a payment option, the merchant must have an AMEX ID. This ID can be requested during the onboarding process through Kovena's integration widget.

Please note that AMEX is not available for cross-border acquiring. For example, businesses based in Fiji that process card payments in AUD or NZD—are not eligible to accept AMEX through Kovena.



2. Accepting Multi-Currency Payments

When customers book with your business through Kovena:

  • Currency Selection: Customers see prices in both your advertised currency and the equivalent amount in their preferred currency (AUD, EUR, NZD, or USD). The final transaction is processed in the customer's selected currency.

  • Transparent Exchange Rates: If a currency conversion is required for payout, Kovena applies market-aligned exchange rates with clearly outlined fees.



3. Payouts in Your Base Currency

All payouts are made in your selected base currency, regardless of the currency used by the customer at checkout.

Kovena ensures:

  • You are always credited the full advertised amount in your base currency (minus applicable fees).

  • Customers are not affected by currency fluctuations or unexpected conversion costs.

  • Currency conversion and reconciliation are managed automatically by Kovena.

4. Processing Refunds

Kovena ensures that refunds are fair and easy to manage:

  • Refunds are processed in the same currency the customer paid with.

  • The refunded amount will match the original value – no exchange rate surprises for your customers.

  • Kovena handles all currency handling and conversions.




5. Reconciling Multi-Currency Payments

As a merchant you will need to account for all your transactions in your local currency.  This will be simple as this is the currency you will be paid-out through the gateway, regardless of the currency the customer has chosen to pay. 


It should be noted that the Nabooki invoice report will show both the local and international currency giving you visibility of the effective exchange rate. The Nabooki payments report will only show the transacted currency. To reconcile payments it is advisable to use the payments report that can be downloaded from your Kovena account and shows both currencies.


Your Kovena onboarding process indicates the approved timing for when payments will be released to you. You should refer to the reports available in your Kovena account when looking to account for sales where the customer has paid you, and you are waiting on payments to be distributed through the payment gateway. 


In these cases where your payment distribution is delayed by allowed distribution timeframes through the payment gateway, the Nabooki platform will always indicate the status of the payment from the customer through the gateway, allowing you to make refunds and view the status of invoices, even when the funds have not yet been distributed to you.


Merchant service fees at the level stated in your Kovena account will be deducted from payments before they are distributed to you.



Reconciling Payments and Currency Reporting

Key Consideration

Kovena processes and settles funds in your base currency, while Nabooki displays the original transaction currency. It's important to understand where to find the correct details for reconciliation.

  • Nabooki Reports:

    • The Invoice Report shows both the customer's payment currency and your base currency (including the effective exchange rate).

    • The Payments Report only shows the currency used at the time of transaction.

  • Best Practice for Reconciliation:
     To reconcile transactions and payouts accurately, refer to the Payments Report within your Kovena account. This report includes both currencies and is the most accurate source of truth.

Understanding Deferred Payouts

Some Kovena payouts may be subject to delay based on your approved settlement timing.

  • Even when a customer has paid, funds may not yet be distributed to you.

  • Nabooki will still show the booking as paid, allowing you to issue refunds and track the invoice as usual.

  • For payment settlement timing and withheld funds, refer to your Kovena account dashboard.

💡 Tip: Merchant service fees, as outlined in your Kovena account, are automatically deducted before payout.


Troubleshooting & FAQs

Does Kovena support multi-currency payments?
Yes, Kovena supports multi-currency payments depending on your account and region settings.
How are refunds handled with multi-currency payments?
Refunds are always processed in the original transaction currency and amount. If a customer paid in a foreign currency, the amount they receive back in their own currency may vary due to exchange rate changes or bank fees.
Are multi-currency transactions visible in reports?
Yes. All transactions, including those in different currencies, are recorded in Kovena’s reporting dashboard in the original transaction currency. This helps ensure accurate reconciliation and tracking.
 


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