Did you know CAKE has the ability to function in multiple currencies? All currencies can be added into your CAKE instance, and exchange rates easily updated on the fly! What does this mean for your business? Working with international advertisers, agencies, networks and publishers is now simplified as CAKE customers can both receive and send payments in any required currency.
CAKE pulls real-time exchange rates from Open Exchange Rates, Yahoo and Google! Instead of having to manually update your exchange rate within the system, you can select one of the three options listed above and their current rate automatically populates into your CAKE instance.
Benefits to CAKE Customers:
Rather than having to search for updated exchange rates, and then manually adding each individual currency into CAKE, you can select a location from a simple drop down, which will update all real-time currencies at once. Greater efficiencies and a streamlined process saves users time and allows them to dedicate their attention to optimizing their marketing investment and unlocking new business opportunities.
Important things to note about exchange rates in CAKE:
If no date range or exchange rate is found, the rate will become equal to your system's default currency.
Ex: If the USD is your default currency, and you have added no exchange rate for the Ruble, $1 will equal 1 Ruble.
Dates need to be matched to the exact start and ending date and time.
Ex: 8/1/12 12:00AM – 9/1/12 12:00AM
9/1/12 12:00AM – 10/1/12 12:00AM
If the date and time do not meet, the exchange rate will again equal your default currency.
CAKE also allows different currencies for Advertisers and Affiliates! This means that you can receive payment in one currency, and pay out an Affiliate in a different currency. (Ex: I get paid in USD, but I pay my Affiliates in Euros)
This makes international payments incredibly simple and painless for you! All admin reporting can automatically convert to your system default for easy profitability measurements even when you’re getting paid in one currency and paying out in another. Without this feature, all exchange rates would be reconciled at the end of the month, prior to your Affiliates being paid. This is no longer a necessity! Simply input your Affiliate's currencies into CAKE, and let CAKE do the work for you.