If you are billing users in multiple currencies, FX rates are critical since they can affect the revenue collected. Let’s say
your base currency is
USD and you display and charge users in Europe in
Euro. With Corrily, you can either use
Fixed FX rates or
Floating FX rates to arrive at the final display price. When using
Floating FX rates, Corrily
also let’s you decide the frequency at which you want to update the FX rates.
To give an illustrative example, let’s say the price of a product is 100 USD (your base currency) and you were simply
doing currency conversion to arrive at the corresponding price in Euro(without doing any purchasing power parity adjustments).
If you fixed your
USD-EUR currency pair FX rate (at 0.87 on Jan 1, 2022), you would have fixed your price at 87 Euros in Europe.
On Oct 31, 2022, that would have meant you recognized 86.5 USD in revenue for a new purchase of the product.
That’s a 12.5% hit on your revenue. Corrily helps you monitor and adjust your prices in local countries based on FX movements.