IP Currency Costs: More Than a Maintenance Issue

IP Currency Costs

Over the past several years, we’ve seen a significant focus on improving currency cost controls for patent annuities and trademark renewals but comparatively less on other IP costs, like applications. This week, we dig into strategies for controlling some of these other currency costs.

Currency Control Strategies

IP Currency Costs

Maintenance costs are a substantial portion of the budget, making them a natural focus for cost controls, but for IP owners with international applications, there are likely additional savings that can be realized simply by doing some quick checks on your invoices. This week, we’ll share our number one tip for controlling international application currency costs. The best part is that you can do this yourself – you don’t have to buy anything or pay anyone!

Application Currency Control: The Easy Way

IP Currency Costs

One of the challenges with controlling currency costs on applications is that it is complicated. You need to find claims fees, fees for pages, currencies, and so on. If you want the most comprehensive currency controls, this is the best way, but it isn’t practical unless you use an IP invoice control service. The good news is that there are invoice clues that will quickly tell you whether you are paying too much in currency for your international applications.

What to look for

IP Currency Costs

To get started, locate a charge for an international application fee in a country with claims and/or page fees (try India) and look at how your associate is billing you rather than how much they are billing you. If they are charging you a fee in USD or EUR per claim or page and adding that to the application fee, you are paying too much in currency costs. If you don’t have a lot of pages or claims, the extra currency cost will be minimal, and if you have a lot, it will be a lot, but make no mistake, if you are invoiced in your currency per claim or page, you are paying too much. Why, you ask?

The Explanation

We’ll spare you all the math, but the basic explanation is that getting charged per claim or page (or priority or sequence listing) in your currency introduces a currency cost that is hardly noticeable at the single page or claim level – but adds up dramatically when you have hundreds of pages of an application or dozens of claims. This always turns out to be 20 to 30% more expensive than the optimum approach of a single currency conversion on the total fee.

Wrap-up

With budgets tighter than ever, every potential saving can have a meaningful impact on the bottom line. With invoice control of maintenance costs becoming commonplace, it’s time to start exploring other savings opportunities – it might be worth looking at some of those application costs!

Want To Check Your Annuity Invoice Currency Costs?

Want more of this kind of stuff? Take A Look Here!

Designs
Design Fee Updates

March 1 Cost Decrease Coming For Hong Kong Designs

Hong Kong has announced a decrease in design fees to “promote the further development of intellectual property trading,” contingent upon the completion of the proper ...
Read More →
covid-19-global-economic-crisis
Design Fee Updates

Russia, EP, and OAPI Hague Design fee updates coming

Russia, EP, and OAPI Hague Design Fee Updates Coming Hague Design fees don’t change very often, but this week, we received notification of updates coming ...
Read More →
Prokurio
Canada

Prokurio – a Year of Adventure!

This is a big week for Prokurio – we’re attending our first conference and recently celebrated our one-year birthday. Given all this, we thought this ...
Read More →

More To Explore

Prokurio Logo

We've Got a Lot To Share!

Sign up for quick IP-focused updates every Friday.
Prokurio Logo

You're All Set!

You should receive a confirmation shortly.
Check your SPAM folder if you don’t see an email.
#image_title

Let's Do It!

Give us your email if you’d like to try out IP Forecaster. We’ll shoot you a confirmation email and get you setup quickly – check your SPAM folder if you don’t see an email within 10 minutes.

There’s no cost or long-term obligation.