Setting up the Payment Type on the system enables the Business to enter relevant names for accepted payments types.
Those names will be used later for filtering purposes,
as sometimes the Payment types would be received through the integration with a code name rather than a user-friendly name.
When the Business operates in different countries, transactions captured are usually in the currency of the respective country.
Currency exchange rate is used for reporting purposes, and analytics, when the Business is comparing how a Brand is operating across different countries.
Setting up the currency is straight forward and only requires 3 simple steps