How do I update my billing currency as a studio?

Change the billing currency for your studio profile so that you can charge clients for your studio's services in your desired currency

This article provides details on how to set up your Studio services for session bookings to be listed in a different currency. If you are an Engineer, read this article.

• Supported Currencies
• How to update billing currency
• How to re-enable studio services in new currency
• How to update Stripe account setup to a different country of residence
• FAQs

 

Supported Currencies

Currently, EngineEars supports the following currencies for Studio Managers to host and bill studio session bookings. 

• US Dollar (USD $) - default
• Canadian Dollar (CAD $)
• British Pound (GBP £)
• Euro (EUR €)

 

 

How to update billing currency

1. Click the profile dropdown to open the navigation menu. Make sure your studio user profile is selected. If not, make sure you select your studio user profile first. 

2. Click Settings in the navigation menu to open the Account Settings modal. Then click the "Payments & Billing" Tab within your Account Settings modal.

3. Locate the Billing Currency section and click the dropdown menu to choose a different billing currency option for your studio's service rates.

4. Read the disclaimer message and check the box. Then click the "Update Currency" button to save and apply the changes to your studio user profile.

5. You will receive a confirmation message that your billing currency has now been successfully updated and that your studio rooms' services have been disabled.

How to re-enable studio services in new currency

1. Go to your studio profile

2. Select a room in your Services tab. Click the "Edit Studio Rate" button

3. Review every rate or price in your room's services to make sure they are correct and in the updated billing currency. If they're not, make changes to your room's rates.

4. After verifying all your rooms' services have rates correctly configured in the updated billing currency, you can now re-enable the rooms' services to allow bookings again. You can do this by clicking the Booking toggle to turn it ON. You will get a confirmation message that your room is now enabled and allows bookings.

5. Repeat this process for every room in your studio by verifying the rates and re-enabling the room to allow bookings.

6. After verifying all your studio rooms' have rates correctly configured in the updated billing currency, you can now accept bookings for your studio in the new currency.

7. If your studio profile is verified, your studio will appear in the marketplace in the new billing currency for artists to book. If your studio profile is not verified, you can still generate booking links for your studio to send to clients in the new billing currency.

 

Update Stripe Account Setup Country of Residence

The Billing Currency setting determines the currency that your listed studio services are displayed in for clients to book in and pay in. When payouts are distributed after sessions are completed, the payouts will be based on the currency of your Stripe account setup (your specified country of residence for your linked bank account). If the billing currency and the payout currency are different, the funds will be converted by Stripe to your linked bank account's payout currency upon withdrawal of funds, which may incur foreign exchange fees. 

Take these steps to update your Stripe Account setup if you want to ensure your studio's withdrawal payouts are in the same currency as your updated billing currency, without need for conversion. This process will unlink your current linked bank account in Stripe, and create a new bank account link in Stripe for the updated country.   

 

1. If you have any fund balance in your account, cash out and withdraw your funds first before proceeding to updating your Stripe account set up.

2. Make sure you are in your studio profile. Click Settings in the navigation menu to open the Account Settings modal. Then click the "Payments & Billing" Tab within your Account Settings modal. You can see the country of residence specified for your linked bank account in your Stripe account set up.

3. Select a different country in the dropdown under the "Manage Payments" section. Afterwards, then click the "Manage Stripe" button to update your account setup in Stripe. 

4. This will open Stripe set up. Proceed with entering your personal information and banking information for your bank account in the updated country of residence. Once the Stripe account set up process is completed, click the 'Confirm' button. 

5. Then click on the 'Return to EngineEars' link to return to the EngineEars platform. In your Settings, you can now verify that the Stripe account set up has been updated with your new country of residence for your linked bank account.

6. Go to your Dashboard and you can verify that your Balance is now shown in your payout currency for your updated Stripe account (e.g. Euros). Your billing currency (e.g. Euros) and your payout currency (e.g. Euros) for your studio profile now match. Future balance withdrawals will be in this payout currency.

Click here for more details and info on Stripe setup.

 

 

FAQs

• What currencies does the platform currently support?
  • The platform currently supports the currencies listed here. By default, the currency is US Dollars (USD $) but can be modified to another supported currency. In the future, additional currencies may be added.
• If I update my billing currency, will it convert my past transactions to the new currency?
  • No. Updating the billing currency for your studio services will only apply to transactions moving forward (after the currency has been updated), and will not impact historical transactions already processed, paid, or withdrawn. 
• If I update my billing currency for my studio services, do I also need to update my billing currency for my engineering services?
  • Updating the billing currency for your studio services does not update the billing currency for engineering services. If you are an engineer and need to update your engineer's billing currency, follow these steps.

• After I updated my billing currency, I can't seem to generate bookings for my services or clients are unable to book me. How come?
  • If you've updated your billing currency in your Account Settings and clicked "update currency", your studio's services will be disabled from allowing bookings. Please verify the rates for each of your rooms' services to ensure they are correct in the new currency. Once verified, you will need to re-enable your services for each room in order to generate bookings or allow new bookings in the updated currency for your studio. 
• When I update my billing currency, will it automatically change my studio Stripe account's country setup?
  • No. The country of residence configured for your Stripe account will not change when you update your billing currency. To make changes, you will need to update your Stripe account setup.