It is now possible to sell in multiple currencies within a single Chargify site! This change greatly reduces the overhead you experience from selling internationally!
With Chargify’s new multi-currency functionality you simply specify what currencies are available on each of your sites, configure your pricing, and allow your customers to sign up for products and services in those currencies. No more managing multiple sites or multiple product offerings (as required by some billing systems) just to achieve multiple currency support.
Setting up you Chargify Site for Multi-Currency
Once multi-currency is enabled, simply select which currencies you would like on your site. Chargify will leverage currency exchange rates (FX) for reporting and optional price conversion. When specifying your selected currencies, it is important to select which FX rates you wish to use. You can either input your own FX rate per currency or choose to have Chargify maintain the FX rate on your behalf. If you choose Chargify to update the FX rates, the Chargify system will use ‘Open Exchange Rates’ to update all required FX rates on an hourly basis.
When setting up your site, you will also be asked to specify your sites default currency. This currency will be the bases for the FX conversion and will also be the currency for all site reporting.
Multi-Currency and Your Product Offering
Once the currencies are specified at the site level, you are able to define your product and component level pricing. Product Catalog currencies are defined within the price point. This eliminates the requirement for Product bloat or catalog proliferation just to support different currencies. With currencies at the price point level, you can specify specific prices in each of your supported currencies. Alternately, you can set your base (default) currency and choose to use FX to calculate the prices in your other currencies.
When setting up your pricing per currency, we recommend setting specific prices rather than leveraging the exchange rates. Setting specific prices eliminates any FX related pricing fluctuation and ensures stable prices for the life of your contracts.
Multi-Currency and Your Customers
Now that your product catalog is configured, customers can simply subscribe to your product offering in their desired currency. Each subscriptions currency will now be set at the time of subscription creation and cannot be changed. It is, however, possible to have subscriptions with different currencies under the same customer account. This is very impactful when selling to a single organization across geographies and cuts down on a massive amount of overhead when managing your customer base.
Multi-Currency and Your Reporting
Much like cross-site insights, the specified FX rates will be used to transform all revenue and payments into the base currency for reporting purposes. Which FX rate used is based on your site configurations.
To get multi-currency turned on for your site contract Chargify support or your Customer Success Manager.
For more information on how multi-currency works, see our documentation >