Radix is going global with the addition of multi-currency support.
We are eagerly anticipating the release of this new update on our platform, which will enable us to provide support to customers who receive payments in foreign currencies, guaranteeing accuracy on all your revenue metrics.
Alright, so what is multi-currency support? In simple words, all your payments will be analyzed, unified, and displayed in your default currency.
How does it work? We have developed an internal process that retrieves and updates the daily currency exchange rate to convert those payments in foreign currencies to your default currency.
Here is an example:
Let’s say that your default currency in your Stripe and PayPal accounts is EUR , but you have customers in the United States, Nicaragua, England, Brazil, Mexico, and some other countries. Most likely, these customers will pay for your services/products in their respective currencies. Therefore, these payments will be converted into EUR using a mid-rate market provider to obtain the daily currency exchange rate to unify the total revenue in your default currency, EUR.
In the example below, your business received 15 payments for a subscription service of €199 a month between March 15th and 17th. These payments consisted of 2 payments in GBP, 9 payments in USD, 2 payments in NIO, 1 payment in BRL, and 1 payment in MXN.
As you can see, the payments were processed in their original currencies. For us to calculate your revenue metrics accurately, we had to convert those payments into the currency you selected in your payment gateway. We did this using the daily currency exchange rate given by our provider.
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