TimelyBill's multi-currency feature allows telecom companies to set up different billable currencies per organization.
TimelyBill allows you to establish unique pricing models for international customers and manage all aspects of billing and payment processing.
Our software applications' multi-tenant structure enables telecoms to run multiple orgs from within a single instance of TimelyBill. Using experience as our guide, we have determined that the best way to treat multiple currencies is to set them up in separate organizations. This ensures all transactions in that organization are processed in the desired currency. It also lets finance determine when and where to factor in conversion rates*.
Billing customers and processing payments in local currencies is essential for selling your services globally.
Here are the typical steps for setting up a multi-currency environment in TimelyBill:
STEP 1: Segment Your Organizations
The first step is to create a new organization to handle the different currencies.
STEP 2: Define Your Product Catalog and Pricing Model
The next step is configuring the products and services using the specified currency. Product catalogs are independent and only visible to a specific organization. For example, Canadian customer accounts would only see Canadian products and prices. A customer would be billed 19.99 CDN and pay 19.99 CDN regardless of currency exchange rates.
STEP 3: Design Your Customer Communications
We utilize variable-driven templates for all customer billing-related communications (emails and invoices). This lets you modify your templates to present the desired currency to customers.
STEP 4: Gather and Export Report Data
Using our built-in reporting engine, your finance team can generate and export reports on-demand with all data in the specified currency.
STEP 5: Convert to a Different Currency (as Necessary)
Lastly, finance could apply conversion rates while posting into your upstream system.
TimelyBill's multi-tenant capability, along with our template-based document handling, enables telecoms to run multiple orgs. This architecture allows international selling, billing, and payment collection using multiple currencies.
* This component does not cover exchange rate fluctuations. TimelyBill does not manage currency conversions. You must configure your product pricing to reflect the actual rates you want to use.