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. You can manage your FX rates and monitor FX rate movements in the Prices section under Product Catalog.

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.