Accept foreign currency with a merchant account
The Challenge
In today’s global economy, consumers can easily purchase goods and services from U.S.-based merchants whether they are in Paris, Texas, or Paris, France. Unfortunately, when shopping at a U.S. merchant’s Web site, typically, the consumer’s only option is to complete the transaction in U.S. dollars, often resulting in currency conversion fees and a less than-stellar customer experience. International consumers often feel more comfortable completing their online transactions in their “home” currency and, when they feel more comfortable, they purchase more. Therefore, U.S.-based eCommerce merchants want to provide their international customers an “in country” shopping experience, but still receive funding for these transactions in U.S. dollars.
The Solution
The Global ePricing product is an innovative solution that helps to meet the needs of both the merchant and consumer. This solution is designed for the cardnot- present merchant who wants to open new markets or provide enhanced services to their customers by offering goods and services in one or more foreign currencies, accept payment in those same urrencies, but ultimately receive funding in U.S. dollars. It meets the needs of the merchant’s international consumers who want an “in-country” shopping experience where products and services are displayed and sold in their“home” currency also improving the on-line shopping experience. Additionally, when a consumer agrees to pay in their credit card billing currency, they will likely avoid any conversion fees from the issuer. Additional info found here at First Data.