REW To Suspend USD/CAD Re-Calculation Due To COVID
by Morgan Carey
on Monday, March 16th, 2020 at 7:10pm.
As most of our Canadian customers know, REW (Real Estate Webmasters) is a Canadian owned company that while we are global in our customer base, the vast majority of our customers and revenue is derived in the US.
As such, REW also charges/normalizes our fees in US dollars.
For Canadian customers with Canadian dollar accounts, what this has historically meant is that on a quarterly basis, we adjust our exchange rates and convert the USD to the Canadian dollar to establish a CAD pricing equivalent.
The trigger for such changes is a change +/- $.05 USD to Canadian currency.
The quarter-end is coming up, and we are due for a rate adjustment calculation. Of course, every single person on the planet has been paying attention to the news (especially as related to COVID/Corona) but what you may not have been tracking is the CAD/USD exchange. As I write this article the USD is trading at a significant premium to the Canadian Dollar and xe.com reports it at a $1 = $1.40 value.
This is nearly an 8% increase compared to the $1.3 we have been fixed at based on the previous quarter.
These are tough times, and we are looking hard at our business (as business owners we all are) we are evaluating the things we can do to ensure our business stays strong and healthy, and especially as it pertains to our employees and ensuring they can support their families, but we are also looking at this from the lens of our customers.
I don’t have all the answers yet, not for our customers or for our staff. But I promise we are working on it. And we will keep sharing updates.
But for now, I am very happy to share our first client-facing update. As of this week, my management team and I have discussed it, and we will be suspending our exchange rate calculation for a minimum of 30 days and likely longer. This means we will stay at $1.3 CAD per USD as opposed to increasing it to $1.4
We are a proud Canadian based company and as this calculation would harm (add “extra cost”) to our beloved Canadian customers at a crucial time where every dollar counts, and there is so much uncertainty in the world, there is no way we would feel right implementing this process right now.
We want to send our love and support to ALL of our customers, and we are working on additional ways in which we can help you keep your business viable (and in some cases hopefully even grow your market share) but for now, I just want to say thank you to you all.
We are business owners and this is a REALLY tough time right now. But we’re all in this together, and together we will get through this.