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| Currency Conversion Support |
As business becomes increasingly globalised, and cheaper travel allows individuals to travel the world more and more frequently, the need for organisations to adapt to multi-currency transactions has become more pressing. The Logic Group’s Currency Solution addresses these needs through a number of options, including Multi-Currency support and Dynamic Currency Conversion (DCC, also known as Customer Preferred Currency). This capability also makes our products ideally suited for use in continental Europe.
Multi-Currency
Multi-Currency support allows firms to accept transactions in differing currencies. Settlement can either be received from your bank in the same currencies or with a single currency settlement, depending on your requirements. In the latter case, forward notification of the exchange rate is provided to the merchant by their acquirer.
For large organisations trading in multiple countries Multi-Currency provides economies of scale by centralising card processing. Merchants can concentrate on developing a relationship with a single acquiring bank rather than having to enter into multiple agreements with banks in each country of operation.
Dynamic Currency Conversion (DCC)
DCC enables merchants to get extra profit from their services by offering a choice of the cardholder’s home currency or the merchant’s local currency to the buyer. DCC identifies a payment card’s country of origin and offers the customer the option of paying in their home currency. The DCC solution will look up the exchange rates for that day’s trading and calculates the price in the requested currency. The buyer then selects their transaction currency of choice. Authorisation can again occur in any currency with settlement being in the merchant’s local currency.
The exchange rate is guaranteed, ensuring that the merchant will always receive payment in their home currency and removing any exchange rate risk; the merchant is also able to receive a percentage of the foreign exchange difference from the acquirer. Our product is used by a major car rental provider across their entire European network, allowing the consumer to select the currency they wish to be billed in.
| Multi-Currency Benefits |
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Avoids need for multiple agreements with acquiring banks in each country of operation, reducing administration costs and streamlining procedures |
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Provides economies of scale by centralising card processing across countries |
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One detailed statement can be provided for all forms of transaction, making reconciliation easier |
| Dynamic Currency Conversion Benefits |
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Creates revenue stream for merchants from foreign exchange |
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Enables merchants to offer a value-added service to their customers and generate additional income |
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Provides customers with the opportunity to select a currency for payment at a guaranteed price |
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Removes merchant and customer exchange rate risk |
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