Moneris Solutions, a Canadian processor and acquirer of debit and credit card payments, has launched Dynamic Currency Conversion (DCC) offering for Canadian businesses.
The new DCC will enable businesses to provide their international MasterCard or Visa brand cardholders the alternative to pay in more than 90 currencies including Euro, US dollar, Japanese yen, Chinese yuan, British pound sterling among others.
Moneris said that the overseas travelers, while using their Visa or MasterCard in a terminal, will be able to see cost of the purchase instantly in their own currency. They cardholders can choose to pay either in their own currency or in Canadian dollars.
Moneris DCC can be easily integrated to existing terminals and provides merchants the ability to process payments, in a customer’s favorite currency at an exchange rate displayed on the terminal. Thus, the merchants will be able to offer clear pricing to the customer.
Ideal for businesses processing a high volume of foreign transactions, the program can enable merchants improve their bottom line, while offering better customer service and flexibility when dealing with global travelers, according to Moneris.
Moneris chief product and marketing officer Rob Cameron said: "Many visitors to Canada, particularly from the US, don’t realize how much more affordable things are here due to the favourable exchange rate. When they see the cost of items displayed in their own currency on the terminal, they tend to spend more.
"Foreign spending in Canada has increased more than 17 per cent year over year.1 Giving businesses the flexibility to offer currency conversion at the store level makes payments easier for them and their customers visiting from abroad."