Invoicing in Local Currency (Transaction Currency)
interworks.cloud platform supports to bill your customers in their local currency by generating their invoice in this currency using the exchange rate you have defined. This is accomplished by defining two currencies per customer: the account base currency, which is the primary currency, and the transaction currency that is used for converting all invoices from the account base currency to the transaction currency using the exchange rate you have defined between these two currencies. When you define for a customer a transaction currency different than his base currency, the system keeps all invoices in both currencies.
The system uses the base currency for:
- Calculating customer's balance. All financial entities (debit invoices, credit invoices, payments and refunds) are kept in base currency and are used for the calculation of customer's balance
- Calculating customer's financial info like available credit, overdue payments, annual subscriptions amount, lifetime subscriptions amount and monthly run rate.
- Displaying product prices in the Marketplace. The prices in the Marketplace are always displayed in account's currency
- Subscriptions amount. All customer subscriptions are kept in base currency.
- Customer's offers and orders.
The system uses the transaction currency for:
- Converting all customer invoices to his transaction currency using the exchange rate on invoice date.
- Accepting credit card payments. The amount that must be charged to customer's credit card is converting to transaction currency and this amount is sent to payment gateway.
Your resellers and direct customers will be able to view their invoices in both currencies in your Marketplace.
All payments are stored in BSS in account base currency, but for the credit card payments, we keep also the amount in the transaction currency. This page explains how credit card payments in transaction currency are handled. For customers or resellers that are billed in different currency than the one you are using for displaying your prices in your Storefront, there is a toggle in product detail page for checking the prices in their transaction currency. By selecting this toggle, the prices of all plans and add-ons in the page are calculated using the FX rate you have defined in your BSS.Define Currencies Exchange Rates
This page describes how you will setup the exchange rates between the currencies you have activated in your BSS. Define the Transaction Currency of your Customers
The transaction currency of an account is defined in his ordering options.View Invoices in Transaction Currency
For customers with transaction currency different than their base currency, the system converts automatically all invoices to transaction currency too using the current exchange rate. The invoice is displayed by default in base currency (both in BSS and Storefront) but the user has the option to see it in transaction currency too.Credit Card Payments at Transaction Currency
Reports and Notifications Fields for the Transaction Currency
The following fields have been added in our reporting and notifications engines for supporting the transaction currency functionality. The notification fields can be used in invoice print-out also for displaying an invoice in the transaction currency.Display in Storefront the Product Prices to Customer's Transaction Currency