The Logic Group has partnered with Fexco Merchant Services to provide dynamic currency conversion (DCC) service to merchants. The DCC service will allow The Logic Group’s UK customers to conveniently accept multiple currency payments at the point-of-sale (POS) and online.
The DCC service makes payment processing easier and convenient to accept multiple currency payments, simplifying the process at the till, or online. DCC removes the complexity of having to price products and services in multiple currencies. Other benefits include:
- Revenue opportunity: profit from international customer transactions. Merchants receive a share in the foreign exchange (FX) margin, normally taken by the foreign issuing bank and card schemes.
- Increased customer service: DCC allows merchants to offer a value added service to their international cardholders. DCC is not an additional charge for international cardholders; it merely replaces the current foreign exchange process applied by the card schemes and issuers.
- Reduced chargebacks and refunds: extra familiarity with the currency at POS and online means consumers will not accidentally spend more than intended.
- Increased service offering: according to Visa, over 80% of foreign cardholders would choose to pay in their own currency again, if offered. All data in relation to a DCC transaction is displayed to the cardholder during the purchase process.
Gareth Wokes, chairman and chief executive officer (CEO), The Logic Group said: “By partnering with DCC specialist Fexco, we can offer a solution for POS and e-commerce that is mutually beneficial for international spenders and local merchants. It allows merchants to streamline their payments process, while improving customer interactions, regardless of either parties’ local currency.”
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