Effective January 1st 2023, Croatia will become a member of the Eurozone and will convert its domestic currency from the Croatian Kuna (HRK) to the Euro (EUR) at a fixed rate of 7.53450 HRK to 1 EUR.
1) How will this change affect payment requests?
Payment requests (authorizations) in HRK will be processed until December 31st, 2022 12:00 CEST. Payments in HRK will be refused by Adyen from December 31st, 2022 12:00 CEST onwards. This change will apply to Adyen Acquiring as well as Adyen Gateway to partner acquirers.
2) How will this change affect capture requests?
Adyen strongly advises that Capture requests for authorized HRK payments are processed before December 29th 2022 23:59 CEST. On December 30th and 31st, 2022 capture requests in HRK will be paid in EUR. Mastercard and Visa will accept HRK captures until February 28th 2023, but will settle in EUR.
3) How will this change affect refund requests?
Refund requests for payments that were authorized and captured in HRK can be processed in HRK before December 29th, 2022 23:59 CEST. After December 29th 2022 until December 31st, 2023 Adyen will convert HRK refund requests on behalf of merchants into separate EUR refunds using the fixed exchange rate.
4) How will this change affect chargebacks on payments?
Chargebacks for payments that are authorized in HRK will be charged in EUR starting January 1st, 2023 as per local rules.
5) How will this change affect pricing displays?
Merchants should be aware of the dual pricing display mandate for single products, as well as for total sums. Merchants are required to disclose both HRK and EUR pricing on their websites (and at the Merchants’ premises, if any), using the fixed exchange rate, from September 5th 2022 until December 31st, 2023 as part of Croatia’s National Euro Changeover Plan.
For instance, this also implies a dual display of both currencies on all relevant receipts. The purpose is to help consumers get accustomed to the new currency and to offer protection from unjustified price increases or incorrect price conversion.
For implementation details, we recommend participating in the campaign organized by the Croatian Ministry of Economy and Sustainable Development in cooperation with business associations (e.g.: Croatian eCommerce Association) and seeking advice from local consultancies.