People from all over the world make Internet bookings for international travel, accommodation, entertainment, and make payment for online goods and services.
Typically, international credit card payments are made in the currency of the host merchant site, and converted subsequently by the card issuing bank to the buyer’s home currency, with the cardholder paying a foreign exchange conversion fee to the card issuer.
e-commerce Dynamic Currency Conversion (eDCC) is a smart alternative which moves the exchange conversion to the front-end of the transaction, providing online merchants with a new revenue opportunity and additional value to their international customers.
Improve service for international customers.
With eDCC, your international customers will know exactly what their total purchase is in their home currency at the time you process the transaction. Conversion rates are competitive and each online transaction shows the purchase amount in the merchant currency, the conversion rate, and the total amount in the cardholder’s home currency. This makes it simple for cardholders to reconcile purchases when they receive their credit card statements.
The eDCC service instantly converts the purchase amount into 48 leading international currencies including:
- British Pound
- Danish Krone
- U.S. Dollar
- Japanese Yen
- Australian Dollar
- Canadian Dollar
- Hong Kong Dollar
- Polish Złoty
- Swiss Franc
- South African Rand
How eDCC works
The eDCC process provides everything from direct treasury exchange rates and transaction processing to back-end reconciliation, settlement, funding and support. When the card details are entered on the merchant website, the system automatically determines if it is a foreign eDCC-qualified card from the Bank ID Number (BIN). If it is, the system will present the transaction for confirmation to the cardholder on the payment page including the transaction amount, conversion rate and payment amount in the cardholder currency for acceptance. The cardholder has the option of paying in their domestic currency or the merchant currency.
- Experience shows that over 90% of customers, when given the eDCC option, choose to pay in their own domestic currency.
- Funds are settled to the merchants in their own domestic currency as standard and the transaction reports and statements clearly indicate both currencies in the transaction details.
- eDCC carries no activation fees, monthly fees or monthly minimums.
- eDCC is also available for Mail Order & Telephone Order transactions, using WorldNet's Virtual Terminal product.
eDCC pays you back
Best of all, the merchant shares the income generated by processing foreign transactions in the form of a rebate of a percentage of the conversion rate on his monthly processing statement. The more international business the merchant processes, the more he improves his bottom line. In addition eDCC reduces the number of chargebacks, because the amount on the payment authorisation matches that on the cardholder’s statement.
The eDCC service works for all MasterCard® and Visa® credit and debit card transactions from countries with approved settlement currencies. Conversion rates are competitive, transparent, and updated daily. The DCC system operates within the security and transparency requirements set by the card schemes.
Benefits to your customers:
- Convenience - prices are instantly converted to their own currency
- Comfort - customer knows exactly how much the transaction costs in their own currency
- Competitive rates - exchange rates are updated daily
Benefits to you:
- New income stream - receive monthly rebates of the foreign exchange commission
- Exchange rates are updated automatically on a daily basis
- Increase sales volume and value