Improving association financial processes, one tool at a time
Euclid has always emphasized improving financial processes for associations with superior tools. Whether it is the robust financial reporting capabilities in ClearVantage, or euclidPay’s automated reconciliation capability and lowest payment processing rate guarantee, these tools enhance financial transparency and accuracy. We have continued to innovate in this area to ensure that every purchase your members make through ClearVantage—whether a product, dues payment, or event registration—is accurate down to the cent. Today, we excited to launch two new features to make it easier for our clients to maintain that accuracy and transparency:
Go global with ClearVantage’s enhanced multi-currency support.
We know that many of our clients have operations and members around the world, and ClearVantage’s new multicurrency support means more support for these global payments. We give you the power to choose which regional currencies you would like to support, and then give your customers the power to pay in their local currency, based on their address.
Regardless of currency, all purchases are tracked and reported in ClearVantage in your default currency. This means that you can make payments easier for your members and clients, without adding burdens to your financial team.
ClearVantage now has two enhanced methods for supporting multi-currency environments. The first (and more common method) is real-time conversion from a base currency. This method uses a single base currency (e.g., US dollars) and price amounts are converted in real-time so that customers in different countries can easily see what the equivalent price is in their own currency. In this method, all prices are entered into ClearVantage in the base currency but are presented online to users in their native currency. Users can switch between currencies in real-time. The currency conversion works throughout the entire online shopping experience and all prices are displayed in the selected currency.
ClearVantage also supports multiple base currencies. This is accomplished by having a specific currency assigned to each Company in ClearVantage. For example, the US subsidiary—Company 001—will have US dollars as its base currency, while the European subsidiary—Company 002—will have euros as its base currency. All prices are entered into ClearVantage in the base currency for the company. Hence, prices for events will be entered in US dollars for Company 001 and euros for Company 002. All reporting for each company is performed in the respective currency. Credit card payments are also collected in the base currency for the company. This minimizes currency conversion fees charged by credit card companies. For example, if 99% of your attendees to an event in Paris are coming from the EU, there are no conversion fees because the consumer's base currency (EUR) is the same as the company's base currency (EUR).
Note that the multiple base currency method can be combined with the real time currency conversion method — e.g., a US consumer looking to attend an event being held in Paris by a Company with euros as its base currency can have the prices displayed in US dollars.
These enhanced multi-currency features give ClearVantage the flexibility to adapt to your business rules and make the checkout process frictionless for your members.
The new AvaTax integration automates sales tax calculations across jurisdictions
ClearVantage now integrates with Avalara’s AvaTax platform. ClearVantage sends purchase and jurisdiction information to AvaTax, which returns instant sales tax calculations that considers ever changing legislative regulations, new tax rules, and shifts in product taxability.
Implementing this new integration ensures that every purchase made through ClearVantage includes sales tax that is calculated based on the applicable jurisdiction’s laws and rules. With the penalty of calculating tax incorrectly, and your financial team’s time at stake, our new integration gives you the peace of mind that sales tax will be calculated accurately, every time.
If you are interested in implementing the AvaTax integration to your ClearVantage installation, or want more details about how it works, simply open a support ticket.
Are these new features helpful to your organization? Are you interested in integrating them into your ClearVantage installation? For more information, simply reply to this email or open an action item.