Making Payments in Currencies other than US Dollars.

A major limitation of the ISPR’s US based Wachovia merchant bank account is that payments in currencies other than US Dollars must be made in person at a local Wachovia branch. This is not always possible due to geographic location of ISPR Officers – there may not be a Wachovia branch anywhere near to visit.

The ISPR PayPal account allows payments to be made against invoices in othe currencies quickly and easily. This function is particularly useful when paying invoices from Lighthouse Design & Marketing – the designer and overall administrator of the ISPR website.

Historically, invoice payments to Lighthouse made by Allen Press were always short of the invoiced amount due to fluctuations in exchange rate. Lighthouse now send invoices for ongoing work via PayPal which are then settled directly from the ISPR PayPal account. In this way, PayPal handles all aspects of the transaction ensuring that the correct amount of money is sent according to the exchange rate at the time of the transaction.

PayPal invoices are received via email and contain a link to a page on the PayPal website. To pay the invoice, click the link in the email and login to the ISPR PayPal account using the details found on the PayPal General Details page.

When the invoice is paid, PayPal will automatically use any balance in the account. If there is insufficient funds in the PayPal account (which is absolutely possible since balances are automatically drawn down to the Wachovia bank account on a nightly basis), PayPal will take the required balance from the Wachovia bank account to pay the invoice.

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