60 days prior to the month of a renewal is due, we provide you with your invoice. The due date of our invoice is by default 30 days later. Once your payment is received, we pay your cases as soon as possible to lower risk and to avoid higher exchange rate fluctuations since the day we sent the invoice. We generate our invoices with the exchange rate of the time we are creating the invoices.
We are not creating those exchange rates ourselves, but are getting them through our financial providers such as Nium, Revolut, Wise, and more. In your invoice, you will see an "exchange rate deposit". This amount is usually 1-2% of your total invoice and is yours and our safety that we have enough money to renew your cases. If we don't need the deposit, you will get it refunded by the end of the year. We made our model for calculating the deposit by taking the relevant currency pair, e.g. USD and EUR, and looking at fluctuations from the past 30 years and what the worst-case scenario is for 30 days. This exchange rate deposit ensures we can satisfy the invoice of renewals at the local patent office with the fluctuation of the exchange rate.
In your invoice and on the platform, you can always find transparency as we include all exchange rate details. Beyond the deposit, even if the amount you sent us excluding the deposit is higher than what we paid to the local patent office, we refund the extra exchange deposit paid by you.