Integrate your Payment Processor (Detailed)
Payment Processors allow you to collect online payments from your
customers and Vacation Labs has integrated itself with many such payment
processors(
https://www.vacationlabs.com/integrations/) which are ready to be used with just a few clicks.
If you have subscribed to our Booking Engine then you have access to
all the payment processors we have already integrated with. Some of them
are specifically for our customers in India and some of them for our
international customers. Each payment gateway accepts specific
currencies and is available or works in specific countries only.
To activate/enable a payment gateway please follow the steps below:
- Login to your Vacation Labs admin panel
- Go to SETTINGS > PAYMENT PROCESSORS section
- This section is divided into 2 parts:
- Enabled Processors - shows the list of processors that are currently active on your account
- Available Processors - shows the list of processors that are available for integration and can can be enabled/activated
- Once you have decided on the payment gateway you wish to choose, click on the ADD button provided against them:
- This will take you to the integration page of that processor.
- Here you can Add all the relevant information required for the payment processor intergration as well as edit the storefront labels and descriptions and select the currencies which you wish to accept
- Different Processors support different number of currencies (as mentioned under Visibility and currency settings) this allows you to select the currencies in which you want to accept payment from the customers. This helps to accept payments from customers from different parts of the world who prefer to make payments in their own currencies. You can enable all the supported currencies or manually select the accepted currencies by typing them in the box or removing the non-accepted currencies from the box.
- You can also enable this processor for Tours prices in non supported currencies by clicking the Also show this gateway for tours priced in any other currency (not mentioned above) checkbox. This will allow you to select the Currency in which the customer has to pay in case he uses this processor {for tours priced in non supported currencies. Eg - A tour Priced in Euro(non supported currency), so if a customer chooses this payment processor then he will have to make the payment in USD (selected by you)}
- You can choose the currency in which you want to accept payments from the customer for tours priced in other/non-supported currencies by selecting it by clicking "Convert other Currencies to" and picking it from the dropdown.
- You set the price of your tour in the foreign currency. For example, if you're based in the US but offering a tour in Europe, you might set the price in euros.
- When a customer makes a booking, the payment processor automatically converts the payment from the customer's currency to your own currency. The conversion is based on the current exchange rate and typically includes a small fee for the conversion.
- You receive the payment in your own currency.
- You can also set a Currency Conversion Fee
- You can select it as % of final price or Fixed Price
Currency conversion is the process that facilitates
transactions where the issuer and acquirer use different currencies by
exchanging one type of currency for another. Dynamic currency
conversion allows the customer to see the transaction amount in their
own currency, with additional costs included. Sellers may use currency conversion fees for international transactions for a few reasons:
- Exchange rate risk: When a seller accepts payment in a foreign currency, they are exposed to the risk that the exchange rate between that currency and their own currency will fluctuate. To mitigate this risk, sellers may charge a currency conversion fee to ensure that they receive a fixed amount in their own currency, regardless of any fluctuations in the exchange rate.
- Processing costs: Converting foreign currencies can incur processing costs, such as bank fees or fees charged by payment processors. To cover these costs, sellers may pass them on to the buyer in the form of a currency conversion fee.
- Once you click Save with these details, your integration is complete and you can start accepting payments.
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