Choosing which currency you will charge your users is one of the most crucial steps for setting up your site. We strongly advise against changing it after launching your store. If you would like to change it, know that all existing payments will fail, which will cause trouble for your users. Changing it will trigger your payment providers to stop collecting payments to avoid fraud.
If you do want to change currencies after having active users, please be aware of the following information:
If you use Stripe, you should be aware that Stripe does not allow you to invoice a customer in one currency and then seamlessly switch to another. This decision is meant to protect your users from being charged a value they were not aware of. That way, users in a subscription agreement don't have the currency changed on them without their agreement.
If you want to change the currency you invoice in, you'd have to delete all of the subscriptions and bundles with active users, so they will have to reenter their payment details and accept to be charged in a different currency. We know this might be tedious, but it's the system that all merchants must abide by.
How to Change to a Different Currency
As shown below, you can't change the currency while you have active subscribers. So you will need to go through a couple of steps before changing it.
First, you will save the active subscribers' info, then duplicate subscriptions, delete those subscriptions with active users, change currency, fix duplicated subscriptions, add active users to them, and finally, change invoice dates.
Save Active Users' Information
Navigate to your Subscription tab to have an overview of your subscription plans.
Since you will have to delete those subscriptions with active users, take note of which subscriptions have active users by checking the numbers of users under the Total column.
Click on the blue number with the total of active subscribers under the Total column to see all of the users.
The information you should keep are your users' Names and when their Next Invoice Date would be. If your users have the same or similar names, you can keep their Emails instead.
If you have many users, you could simply go to the top of the page and click on Export CSV and go to Settings to download the file, so you can easily access your users' information.
Note: Remember to follow this process for all subscriptions that have active users.
Duplicate a Subscription
For you not to lose all of the structure you had already created for each subscription plan, it would be best to duplicate them before deleting them.
Duplicating the subscriptions will allow them to be the same as those you have, except they will be private and have no active users.
To duplicate, navigate to the Subscription tab again and click on the three dots (⋯) on the subscription you want to duplicate, then select Duplicate from the drop-down menu.
Delete a Subscription
After you have saved your active users' information, and have duplicated your subscription plans, now you can delete the subscriptions. Still, in the Subscription tab, select the subscription you want to delete, then click on the three horizontal dots (⋯) and select Delete from the drop-down menu.
Now that there are no more active subscribers, you can finally change the currency.
Navigate to Settings, go to Storefront Settings, click on the drop-down menu next to Currency. Select the currency you want to implement in your store, then click on Save.
Add Active Users to a Subscription
Now that the currency is right, you will need to add your active users once again to the subscription plans. This will allow them to have access to the content they have already paid for.
Navigate to the Subscriptions tab, select one of the subscriptions you have duplicated by clicking Edit and update the Title then scroll down and make it Public—only if the subscription was public before. Finally, Save those changes.
Now that the subscription plans are ready, get your downloaded file with the users' information or the notes you took, go to the People tab, and one by one, add them to the subscription plan they were in.
After adding a user, change the next invoice date to correspond to the invoice date they previously had. Change the date for each user you had in the deleted subscription plans.
What happens on the Next Invoice?
Once your active users are back to the subscription plans, on the next invoice date, the payment won't go through. They will all be under Overdue status. Only when they log in and reenter their payment details will the payments go through.
Why Are My Financial Analytics Tools Unstable?
Unfortunately, changing currencies after already having financial data on another currency might cause your financial analytics tools to be unstable. The system will now need to start getting new data to go back to being accurate and reliable. It will usually take around one to two months for the financial analytics tools to appear stable again.