Customer Preferred Currency
As the world becomes more connected and the number of people travelling internationally continues to grow, the opportunities for card payments keep on increasing. Cardholders appreciate the benefits of having a Visa or MasterCard branded payment card in their wallet. They no longer have to purchase local currency when they travel. They recognise that exchanging currency is expensive and also find it hard to predict how much they will need.
However, it won’t be until they return home and have a chance to consult their statement will they know how much was actually spent on their card for each purchase. This is because it is tricky to calculate exchange rates accurately when out shopping overseas. Cardholders are also ignorant about the exchange rate their card issuers will apply.
One solution to these needs is Dynamic Currency Conversion whereby the customer is presented with a choice of currency at the point of sale. They can either elect to use their domestic currency or the current of the country in which they are making the purchase. If they wish to use their domestic currency then the merchant will present them with a clear offer that displays the amount to be paid together with the exchange rate being applied.
Dynamic Currency Conversion offers:
- Convenience and security to cardholders
- Incremental sales opportunities for merchants
- Merchants take a share of the FX commission
- Compliance with Visa and MasterCard rules and best practices
- Minimal technical integration efforts
- Clear communication to the cardholder throughout the purchase process
- Merchants can view the data online through our RedCard reporting console
The RedCard Processing Service supports dynamic currency conversion, handling the specific processing requirements and switching the transactions to the appropriate organisation. This is just another way we are helping our merchant clients increase sales, improve margins and establish competitive differentiation.