Exchange Rates

Exchange Rates

 

With 170+ Currencies (supported currencies) as default in your Sippy Switch, build your customer base as locally or disperse as you require, and as your business demands.  Choose to manually regulate your Currency value or use one of the third party implemented Currency exchange services to manage the Currency conversion process.  This article will 

 

About 3rd party integrations.

If you opt to use one of our third party integrations to manage your exchange rates its important to note that these are maintained by the third party and not Sippy Software.  This means changes to their application may negatively impact your business and our support and development teams might not be aware of any problems until the occur.

We will try to maintain two free options for currency exchanges going forward in the event that a third party integration discontinues their exchange rate services so you will always have more than one option for live data.

 

Adding a new Exchange Rate

  • Navigate to the Exchange Rate window on your Sippy User Interface. Your current list of selectable currencies will be listed in the table, such as Bath (THB) and Pound Sterling (GBP) in the image below. Click Add to configure additional currencies.

  • When adding additional Exchange Rates, select required Currency Unit from the drop-down menu. Manually configure the rate as listed, or change Source to Alpha Vantage or Currency Layer.  If you opt to use Currency Layer then an API Access Key will also need to be saved.  More details on how to get a Currency Layer API key is described later in this article.NOTE: When exchange is set as automatic through these web source their displayed balances will change with the market value of each currency, depending on your base currency setting.  This may have a minor change in invoicing.


    • Select Save & Close to add your newly configured currency to your Exchange Rates list. The Afghan, Afghani currency has now been added and will populate your Currency drop down boxes for your Customers, Accounts and Payment Processors.

    • The Timestamp column displays date and time of last rate update. Sippy automatically updates exchange rates at set intervals.  Alpha Vantage updates every 15 minutes.  Currency Layer updates hourly using the free Subscription.

    • All Currencies displaying a    are not currently assigned to an entity, and therefore can be deleted.

      Get Exchange Rate using External Script


      Exchange rates can be set using external custom script. The script should be created (or uploaded) on the server as /home/ssp/private/scripts/xrate_update_custom.sh. When the script is available on the server, customers can set source of exchange rate update as Custom Script. 


      The script gets 2 arguments: 

      currency (string)

      base_currency (string)


      and returns: 

      rate N base_currency units per 1 currency unit (float)


      Here is an example of custom script. It get the rate from Google Online Converter and scales it by 1.05: 



      #!/bin/sh


      #

      # To activate custom exchange rates feature

      # copy this script into /var/envX/scripts/xrate_update_custom.sh

      #


      #

      # Scale Google Finance rate.

      #

      # Input arguments:

      #base currency

      #currency

      # Returns:

      #exchange rate


      SCALE=1.05


      SCRIPT="/home/ssp/scripts/xrate_update.py"


      RATE=`/home/ssp/scripts/python_exec.sh "${SCRIPT}" GoogleFinance "${@}"`


      echo "scale=12; ${RATE} * ${SCALE}" | /usr/bin/bc -q