As a customer at Clearhaus, you can have your merchant accounts settled in 6 currencies: DKK, EUR, GBP, NOK, SEK, and USD.
When you’re a customer at Clearhaus you can have up to six settlement accounts linked to your company, each in a different currency. The settlement account is where we hold the money you have earned. We settle this account for you - typically on a weekly basis - and pay you the money you have earned in the past week. You can choose to receive your settlement in one or more of the six currencies when we pay out the money you’ve earned.
If you want more than one settlement account, you will need separate agreements with Clearhaus.
You can benefit from having several settlement accounts, if you receive payments in more than one of the six settlement currencies and also have expenditures in these currencies.
Let’s take an example. You’re a British online shop owner and you only have your account settled in GBP. This is ideal, as long as all - or at least most of - your customers pay in GBP. Now let’s say you localise your online shop to the Swedish market and as a result, start receiving a lot of payments in SEK. You also start having expenditures in SEK, as you hire a local market expert and purchase some local advertising.
If you still have your accounts settled in GBP you will first have to pay your acquirer to convert your SEK payments to GBP settlements. Later, you will also have to pay for the conversion from GBP to SEK, when you pay your Swedish market expert or pay for a local ad.
This would result in a waste of money. Instead, you would benefit from having your accounts settled in both SEK and GBP. Now you can pay your SEK expenditures with the SEK payments and avoid currency exchange fees altogether.
Note that having more than one settlement account only makes sense if you also have expenditures in more than one currency. If all your expenditures are in GBP, the best solution for you is to only have your accounts settled in GBP - no matter what currencies you receive payments in. This is because we typically offer a better conversion rate than your own bank does.