Unlock up to 50% in savings with PatentRenewal.com: here's how!
When you switch to PatentRenewal.com, one of the key advantages is the potential cost savings of up to 50%. Understandably so, we often receive questions about how we achieve these significant savings.
First, let's talk about how patent renewal cost structures work.
We can divide the costs into 2 major categories:
- Official fees: these are the fees you have to pay to the local patent office to renew your patent. This is public information, so you can find the fees on each patent office's website. We have gone the extra mile to gather and present all the information you need to know about renewing your patent in different jurisdictions on our website.
- Non-official fees: these are the additional charges required to cover the payment of official fees. This is where the intellectual property industry steps in to help.
Now, let's explore the 4 categories of non-official fees where, if done efficiently, you can save on your patent annuity costs.
1. Transaction fees
This is the fee of the transaction to pay the official fee to the local patent offices. Typically, it’s around 2-3 EUR, but it heavily depends on the financial technology used by the annuity provider. Many providers stick to traditional methods for bank transactions, which can become quite expensive, especially for international transfers.
- At PatentRenewal.com, we've made it a priority to secure the lowest international transaction fees for our customers. How? By collaborating with multiple digital payment providers who offer the best transaction rates in the market.
2. Local agent fees
In some jurisdictions, it is not possible to pay the patent office directly, so a third party, local patent agents, are needed to complete the renewal in your name. (A few of these jurisdictions are Malaysia, Saudi Arabia, Poland, etc.) Their fees vary based on annuity year and jurisdiction.
Many annuity providers continue to engage local agents even in jurisdictions where they are no longer required, which heavily inflates the overall patent renewal costs.
- PatentRenewal.com eliminates local agents in all jurisdictions where it is possible. In those countries where they are still required, our dedicated Renewals team actively searches for partnership with local agents who offer the lowest prices.
3. Service fee
This is the fee for the annuity service. In our experience, many IP holders rely on their law firms to take care of their patent renewals. However, some of these law firms actually outsource their annuity service to a provider like us. This means IP owners end up paying the service fee twice, first to their law firm, then to the outsourced service provider.
- At PatentRenewal.com, we have simplified things. We charge a flat fee per renewal, paid upfront. This fee is not dependent on the annuity year, nor on other factors. This fee covers all your needs: successful renewal and monitoring of your patents, access to your digital platform, personal customer support, a free onboarding process, and a bulletproof patent renewal process. No hidden charges or surprise expenses along the way.
4. Currency markup / Hedging
As the annuity fees have to be paid in the currency of a local jurisdiction, exchange rates can influence the total amount you’re invoiced. All annuity providers apply currency markup to reduce the risk of currency fluctuations. This is a standard industry practice, but the amount of currency markup can vary among providers and many times the cost is not visible to the IP holder.
- We keep it fair and transparent. PatentRenewal.com does not profit from your exchange rates. We apply a 1-2% currency deposit to balance exchange rate fluctuations, while other providers often charge much higher fees. We do this to make sure we always have the funds to renew your patents. And most importantly, we always return the unused funds, while other providers take it as pure revenue.
By addressing these cost factors head-on, PatentRenewal.com is committed to delivering significant savings without compromising on quality.
To further prove our point, we offer FREE cost comparisons. Simply provide us with your current invoice, and our experts will analyze all these cost categories, showing you exactly where and how much we can save you.
Join us today and experience hassle-free and cost-efficient annuity renewals.