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Posts Tagged: Brexit

Brexit Day is here!

BrexitSo four long years after the UK narrowly voted to leave the European Union, the day has come when the UK will officially exit the EU. This will happen at 11pm UK time this evening, Friday 31st January 2020.  There will then follow a transition period of 11 months during which time the UK will continue to abide by EU laws and regulations, whilst it negotiates it own trade deals with both the EU and the rest of the world.

As we are a UK-based business we wanted to take this opportunity to again reassure our customers about our position and the impact on MIDAS during this transition.

We’d like to remind customers that all our administrative operations are based here in the UK, with our primary server infrastructure residing in the United States (and with backup systems in the UK). We have no staffing or physical infrastructure in other EU countries. Therefore, the UK exiting the EU later today will not affect on the day-to-day running of our own operations going forward.

Over 90% of our customers will reside outside of EU countries once the UK leaves the EU. Consequently, any subsequent volatility within the EU itself will have a negligible impact on our financial position.

We continue to do business across the globe – including with other EU states, and our existing and future EU customers are no less valued than our customers in any other country. This won’t change after today’s Brexit.

Pricing and Exchange Rates

As you may be aware, we recently revised the pricing model for the cloud-hosted edition of our software. We have now, however, raised our prices as a result of the UK’s decision to leave the EU.

As we offer payment for MIDAS in a number of global currencies (including Euros), our prices automatically update daily based on global exchange rates. Previously these automatic updates were based on the exchange rate that particular day alone. Since the Brexit vote was delivered back in June 2016, and the fluctuations and uncertainty there’s been in currency exchange rates, we’ve improved our exchange rate calculations. They now instead are based on an “average” of the exchange rate over the previous 8 weeks. This helps smooth out any short term “blips” that may occur from day to day, and allows a more consistent price to be shown on our website for non GBP currencies, including Euros.

In conclusion..

Our message is still that we’re hopeful and excited about the UK’s future in the global economy. Whilst we are “Brexiting” today, our EU customers – both existing and future – won’t be teated any differently. It continues to be business as usual here at MIDAS HQ!

Reducing International Price Fluctuations

 
 
 
 
 

As you may be aware, we are a UK based business, and therefore our core pricing is in Pound Sterling (GBP).

However our customer base is global, with around 70% of our customers residing outside the UK.

Because of our global reach, we also accept payment in a variety of other currencies too, including the Australian Dollar (AUD), Canadian Dollar (CAD), Euro (EUR), and US Dollar (USD).

As our core pricing is referenced back to Pound Sterling (GBP), our systems routinely retrieve daily the current exchange rates between GBP and each of the other currencies we support, from the ECB (European Central Bank) and then automatically adjust the pricing on our website accordingly. This occurs each day (and we display on our website the date & time when the exchange rates were last updated)

This may mean that if you view international (non-Sterling) pricing on our website on any given day, and then check back another day the prices may have changed from those listed upon your initial visit.

Now, this doesn’t necessarily mean that the prices you’ll see on your return visit will be higher – in many cases they may be lower! In fact, since the UK voted to leave the EU back in June last year, our non-Sterling prices have been on average 10% lower than they were before 23rd June 2016.

We’re committed to fair and transparent pricing, and our core Sterling pricing for MIDAS has remained fixed for a number of years now – we’ve not raised our prices as a result of the UK’s decision to leave the EU.

However, due the wider instability and uncertainty in global markets that have become more prevalent in recent times, as a result of – for example, Brexit and the Trump presidency – this had tended to mean that our international prices have fluctuated a little more day to day than they have previously.

Therefore, for the benefit of all our customers, we’ve now introduced a small improvement in the way that our systems automatically adjust our international (non Sterling) pricing each day.

Instead of using the current exchange rates on each specific day itself in isolation, our systems each day will now take an average of the daily exchange rates for the previous 7 day period.

This will help smooth out and reduce the small price fluctuations you may see on our website from day to day!

We also know that many organizations require a formal fixed-price quotation, which we’re happy to provide (with prices fixed for 30 days) – Please contact us for a quote today if interested!