Creators on Substack have the flexibility to manage their subscription-based content and interact with their audience in various ways, one of which includes setting the appropriate currency for their subscription plans. This can be particularly useful for publications that cater to a global audience, allowing readers to see plan prices in a currency they’re more familiar with. Changing the currency on Substack is a straightforward process that involves selecting the desired currency from a dropdown menu in the publication’s settings.
Setting or updating the currency to match the readership’s preferences can enhance the user experience, making it easier for subscribers to understand the pricing and make an informed decision. It’s especially important for creators who have launched their publications globally and need to adapt to different markets. Once the currency is set for a subscription plan, all new subscribers will see the pricing in the selected currency, which makes the transaction process transparent and convenient.
Understanding Substack Subscription Currency
Substack offers a flexible currency system for its creators. When a publisher decides to monetize their newsletter, they have the ability to choose the currency for their subscription plans. This choice is pivotal for readers, as it allows them to see the subscription cost in a currency they are familiar with.
To aid international subscribers, Substack has enabled localized pricing. This ensures that readers have the option to see pricing in their local currency, reducing the friction that can come from currency conversion. The steps to adjust the currency are straightforward and accessible from the publication’s settings.
Here’s a simple list of steps a creator would follow to change their subscription currency:
- Navigate to the publication’s dashboard.
- Scroll to the subscription plans section.
- Click on the currency dropdown menu.
- Select the preferred currency.
- Confirm the update by selecting “Set new pricing”.
Readers can then view subscription plans in the set currency. On devices like Apple products, some readers may also have the option to pay using Apple Pay. By considering their readers’ preferences, publishers can potentially increase their rate of paid subscriptions.
Accessing Your Substack Dashboard
To access one’s Substack dashboard, a user should first navigate to their Substack website. This typically follows the format of https://yourdomain.substack.com. It’s essential to ensure that the user is logged in; otherwise, the dashboard will not be accessible.
Once on the homepage, the user must locate the “Dashboard” button. This is typically situated in the top-right corner of the page. Clicking this button will take the user directly to the dashboard area.
Here’s a quick summary of the steps:
- Go to
https://yourdomain.substack.com(replaceyourdomainwith your actual Substack domain). - Ensure you’re logged in.
- Click on the “Dashboard” button in the top-right corner.
In the dashboard, users will find various tabs and options to manage their Substack publication. The subscriber management and other publication settings are located here, providing the user with control over their Substack experience.
Navigating to Subscription Settings
To access subscription settings in Substack, the user begins by opening their preferred web browser. They must then visit the Substack website and log into their account if they aren’t already signed in. Once logged in, the user should locate and click on the navigation bar to the left to initiate the process of managing currencies.
The navigation bar presents various options, but to specifically handle subscription plans, the user looks for and selects Subscription Plans or a similarly labeled option. This action directs them to the area where currencies and subscription details can be meticulously reviewed and altered as needed.
In this section of the user’s account settings, they can observe their current subscription plans laid out. From here, each plan’s details, including the current currency setting, are visible. It’s essential for the user to accurately identify the plan they wish to modify for the process to be carried out smoothly.
Setting Your Preferred Currency
When managing a Substack publication, it’s important for the publisher to set the appropriate currency for their subscription plans. This allows the audience to see pricing in a currency that they are familiar with and can understand at a glance.
Reviewing Currency Options
Publishers should start by reviewing the available currency options in Substack’s settings to ensure that their preferred currency is supported. Substack provides a range of currencies that cater to a global readership. By navigating to the publication’s settings in the left navigation bar, publishers can find a list of currencies to consider for their subscription plans.
Selecting a New Currency
Once the currency options have been reviewed, selecting a new currency is straightforward. Publishers can click on the currency drop-down menu next to the subscription plan to reveal available currencies. After choosing the desired currency, the publisher must select “Set new pricing” to apply the changes. New subscribers will see the plan pricing in the newly selected currency from this point forward.
Updating Subscription Plan Prices
When a publisher on Substack decides to update the pricing of subscription plans, they must navigate to their publication settings. It’s important to know that any changes in price will only affect new subscribers. Existing subscribers will continue paying the rate they initially signed up with.
To modify a plan’s price, publishers follow these general steps:
- Go to the Subscription plans area in the publication settings.
- Click on the currency drop-down menu next to the desired plan.
- Select Set new pricing after choosing the new currency and price.
Publishers should carefully consider the implications of pricing changes and communicate effectively with prospective subscribers. The update process is straightforward, ensuring subscribers have a seamless experience during the transition to new pricing.
Notifying Subscribers of Currency Change
When a publisher decides to change the currency of their subscription plans on Substack, they should communicate this change to their subscribers. Transparency is key, and a clear explanation will help maintain trust between the publisher and their readers. An effective notification can be done through a newsletter or a direct email, detailing the reasons for the change and its potential impact.
Subscribers appreciate knowing what to expect, so it is important to inform them whether this change will affect their current subscription or only new subscribers. Generally, any changes in pricing due to a currency change will only apply to new subscriptions. Existing subscribers usually continue to pay the original rate unless the publisher requests otherwise.
Lastly, publishers might consider preparing a short FAQ section to address common concerns and questions:
- Will my subscription fees increase?
- How does this impact my renewal?
- Who can I contact for support?
By anticipating subscriber questions and answering them preemptively, publishers can ensure a smoother transition and reduce any confusion about the currency change.
Handling Currency Conversion and Fees
When a Substack publisher needs to change the currency of their subscription plans, they navigate to the currency drop-down menu next to a plan to make their selection. Upon choosing the preferred currency, Set new pricing is selected to update the plan. New subscribers will then see the plan’s pricing in the chosen currency.
Substack converts subscription prices using their set exchange rates and applies rounding rules. For amounts less than or equal to 50, it rounds up to the nearest dollar, and for amounts greater than 50, to the nearest multiple of 5. When local currencies are enabled, publishers may encounter additional fees on Stripe transactions.
Stripe’s fees for currency conversion and settlement range from 1% to 2%, on top of its standard credit card fee of 2.9% + $0.30 per transaction and a billing fee of 0.5% for recurring subscriptions. Substack publishers should account for these fees when setting subscription prices.