JUNIPER BOOKING ENGINE
Juniper Multicurrency
Work with different currencies without having to contract multiple sales channels!
What is the Multicurrency module?
The Multicurrency module allows you to operate with different currencies without having to contract a sales channel per currency.
Distribution flow with different currencies
We proceed to show a simplified example of the distribution flow (purchase -sales) with different currencies:
In our example:
- We buy the hotel in GBP.
- We offer this hotel through our web in EUR (To do this, we applied an exchange rate X from GBP to EUR)
- Our customer is located in The United States and buys the hotel in American dollars (To do this, we applied an exchange rate Y from EUR to USD)
Flow diagram without the Multicurrency module
Without the Multicurrency module the system applies only one exchange rate conversion to the currency of the sales channel.
- The supplier Works with € so the base currency of the channel is €.
- If you have an exchange rate protection integration, there is an Exchange protection in the Exchange rate to the “Dollar channel” otherwise, the conversion will apply without such protection.
- The availability is offered in the channel’s currency.
- The booking is made in the channel’s currency.
- The payment is made in the channel currency as credit, bank transfer or via payment gateway.
Diagram of the flow with the Multicurrency module
With the Multicurrency module you will be able to operate with different currencies without having to contract a sales channel for each currency. Following, we will proceed to show 2 flows with Multicurrency:
Flow forcing the Supplier currency:
In this flow there is no exchange rate applied.
This setting is used to return the sales price in the supplier currency, this is usually the way, where sales are being made through Webservice sales channels.
Within the same sales channel you may see each result (Availability) in the base currency of the supplier (their local currency). Therefore, in the same results you may find the same Hotel with prices in different currencies and the customer will end up paying in the currency they have previously selected for that specific offer.
Following the graph:
- Here is the flow with a multicurrency channel.
- In this case the system Forces Supplier currency.
- Each supplier operates with its own base currency (local currency).
- The results are delivered in the different supplier currencies (you may have the same hotel with prices in different currencies, from the different suppliers you have).
- he customer chooses among the offered results and the booking is made in the supplier currency, thus, without applying an exchange rate.
- The payment is made in the supplier currency as credit, bank transfer or via payment gateway, as you allow.
Flow forcing the Customer currency:
In this Flow an exchange rate will apply.
This setting is used to force the sales currency as selected by the customer, independently of the currency returned by the supplier.
In this case, the End customer is who chooses the preferred currency.
Following the graph:
- Here is the Flow with multicurrency channel.
- The end customer chooses the currency (in this example: €).
- The supplier may return the price in € (accepting the request of the currency) or not.
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If the supplier accepts the currency requested by the buyer an exchange rate will not be required to be applied.
Otherwise, the solution will apply a currency exchange rate to the currency expected by the supplier, to be able to show the currency requested by the customer. This exchange rate can be applied according to:
- A Fixed Exchange rate configured in the intranet.
- An automatically updated exchange rate.
- In both cases, you may include a protection or “buffer” in the currency exchange.
- The availability will be shown in the currency selected by the Customer.
- The booking is made in the currency selected by the Customer.
- The payment is made in the currency chosen by the Customer, as credit, bank transfer or via payment gateway.
Advantages of the Multicurrency module
- You will be more competitive: the suppliers that do not sell with the Property's local currency, usually apply their own buffers to the exchange rate to avoid risks, this would detrimentally affect the price you can offer your buyer. Contracting directly in local currency and applying your own currency exchange gives you far more control, and makes your offer much more competitive.
- You will increase your sales opportunities, facilitating payment options to your customers according to their currency.
What happens if the currency exchange rate fluctuates?
Optimise your operations with currency protection
In Juniper we have currency protection, which you may review and check in our connections.
Currency protection systems
It is a system that allows the Juniper client to manage the volatility of the currencies with which it operates to protect its profit margin. It is particularly useful if one is not operating with the most internationally used and stable currencies. Therefore, it acts as an additional feature of the Multicurrency module (it is a Service provided by an external supplier).
Discover how Juniper Multicurrency module can transform your operation in the global marketplace
