Advanced Billing now supports defining multiple currencies per site. When creating a site, you can define your primary currency and then, once your site has been created, you may define additional currencies that you want to support in Settings > Multi-Currency.
Each currency that you define beyond your primary currency will be accessible through the app and the API for your catalog items and subscriptions. You are able to choose how secondary currencies relate back to your primary currency by either defining specific pricing for each catalog item, or by using an exchange rate. For each catalog item (product price points, component price points, and coupons), you will be able to choose which strategy to use for pricing.
This is used when you want to specify the exchange price for each currency that you’ve defined. For example, for a USD site that also now supports EUR, a $10.00 USD product that uses an exchange rate would have a floating price based on the rate. A rate of
0.823 would return a price of €8,23. Definitive pricing would allow you to create a specific price for each currency that is cleaner and localized to that market.
If you do not want to define pricing for currencies on each item in your catalog, you can also choose to have pricing calculated by an exchange rate. This is currently the default behavior for existing catalog items when a second currency is introduced.
When defining a new currency, you may choose to define a specific exchange rate. This will ensure that as subscriptions renew each month, the price they’re charged doesn’t change each billing cycle based on the market rate.
Advanced Billing caches exchange rates every hour through our integration with https://openexchangerates.org/. Selecting this option will ensure that as the market exchange rates flucuate, your pricing will stay inline with those changes.
Currency is now stored on the subscription level. When creating a subscription, you are able to specify a non-primary currency that has been defined within your site settings. You will need to ensure that any product, components or coupons that you are assigning to the subscription support the currency either by being set to convert pricing based on the exchange rate, or by having defined currency-specific pricing. If any of the items do not support the subscription’s currency, it will return an error and not get created.
Each product price point, component price point, and coupon in your catalog has the ability to either convert it’s pricing by exchange rate, or to define currency-specific pricing. It’s important to note that for any items that are set to define their own pricing, if you add a new currency, you will need to go back and add pricing for each of those catalog item. If they were set to use the exchange rate, they will automatically support any new currencies that are added.