Currencies

Introduction

Discover Ottu, the groundbreaking multi-currency Online Payment Management System (OPMS) developed to revolutionize your online business. Ottu empowers merchants with unprecedented flexibility, allowing them to effortlessly accept payments in multiple currencies. With our advanced currency exchange options, businesses can seamlessly manage online payments with a wide array of currency options across borders, ensuring a smooth and user-friendly experience for customers worldwide, with the ability to customize the markup fees according to their preferences. Say goodbye to limitations and unlock a world of endless payment possibilities with Ottu, your ultimate solution to currency restrictions.

Currency Configurations

Ottu offers a convenient payment gateway with preconfigured currency settings. For instance, the default currency for KNET Payment Gateway is the Kuwaiti Dinar (KWD). This feature guarantees smooth transactions and enhances user experience, simplifying the management of online payments.

Currency Configuration Page

Once you access the Ottu Dashboard, click on the three dots positioned in the right corner of the page. This action will lead you to the Administration Panel, where you'll find a range of exciting options. Within the Administration Panel, you'll discover the Currency Tab awaiting your attention.

There are three types of currency configuration:

• Currencies (adding and managing different currencies)

• Currency exchanges (setting up currency exchange)

• Exchanges config (defining currency rules for the payment gateway)

Each type serves a distinct purpose and aspect in enabling smooth and efficient transactions. These configurations empower merchants to navigate the complexities of multiple currencies, facilitate currency exchanges, and define specific currency rules for payment gateways.

Currencies

In Ottu dashboard, you can find a wide range of currencies to choose from. If you wish to add a new currency, just follow these simple steps:

Step 1:

Click on the Add Currency button to include a new currency.

Step 2:

Mark the active option and then click on Save to finalize the process.

Currency Exchanges

Sometimes, merchants may prefer receiving payments in their local currency, even when the customer resides in a different country. To facilitate this payment process, Ottu offers a convenient currency exchange service that benefits merchants and customers, enhancing seamless payment processes. Occasionally, when the bank acts as an intermediary between the merchant and the customer, they may impose a markup fee to cover the currency exchange fees. To configure the currency exchange feature, simply follow these three steps:

Step 1

Click on Add Currency Exchange.

Step 2

Enter the necessary parameters as required.

Step 3

Finally, click on Save.

Exchange Configuration

The configuration of the payment gateway is closely tied to the configuration of the exchange. This configuration determines the currency rules that should be applied to any payments made through that gateway. Adding an exchange configuration is a straightforward process consisting of just two steps:

Step 1

Click on the Add Exchange Config button.

Step 2

Provide the necessary information and click on the Save button.

Field Descriptions

Field	Description
Name	This field is used to identify the exchange configuration.
Default currency	The default currency of the payment gateway.
Currencies	These are the payment currencies that the merchant wants to deal with.
Fee type	There are two types of fees, Fixed fees and Percent fees. Fix fee: A predetermined amount that is added to the payment. Percent fee: An additional amount calculated based on a percentage of the payment.
Fees Description	Identification of the fee according to the merchant’s purposes
Work as	The exchange rate can be determined in two ways: Online or Local. Online: Utilizing online services to define the exchange rate. Local: Allows the merchant to manually define the exchange rate.
Fix fee	Fixed amount
Percentage fee	Dynamic amount
Charge default currency	When this event is activated, a fee will be added to the original amount, even if the payment transaction is conducted in the default currency of the payment gateway.

Foreign currencies are not functioning properly in operations.