Did you know that nearly 70% of travelers prefer to pay for purchases in their home currency?1
While it's exciting to encounter customers from all corners of the globe, it can also present some challenges, especially when it comes to payments. That's where Dynamic Currency Conversion (DCC) comes in – a handy tool that can make international transactions a breeze for both you and your customers.
What is DCC?
DCC, also known as Pay in Your Currency (PYC) and Cardholder Preferred Currency (CPC), allows your international customers using foreign Visa and Mastercard credit cards, pre-paid credit cards or debit cards issued in a foreign currency to see the transaction amount in both Canadian dollars (CAD) and their home currency. This provides transparency and lets them choose their preferred currency for payment.
For Moneris merchants, it’s easy to offer DCC seamlessly to their customers as there’s no added integration needed. Here are six key benefits to allowing your customers to pay in their home currency.
1. Convenience for Your International Customers
Imagine a tourist walking into your store, eager to purchase a unique souvenir. With DCC integrated into all the Moneris Go family of devices, shoppers can see the exact amount they'll be charged in their home currency – no need to worry about currency exchange rates or post-trip surprises. This transparency and ease of use can lead to a more positive customer experience, potentially encouraging them to spend more.
2. Locked-in Exchange Rates
DCC acts like a time capsule for currency conversion. The customer sees the exchange rate at the time of purchase, including a small markup for the service. This is a stark contrast to traditional credit card transactions, where the exchange rate isn't finalized until days later. With DCC, customers know exactly what they're paying for upfront.
3. Easy Price Comparison
When prices are displayed in a familiar currency, comparing deals across stores becomes a breeze. No more trying to convert prices in their head – DCC empowers informed purchasing decisions, especially for customers comparing products online.
4. Reduced Risk of Chargebacks
Confusion around foreign transaction fees can sometimes lead to chargebacks, which can be a hassle for any business. By offering DCC, you eliminate the mystery for your international customers.
Transaction receipts on all the Moneris Go family of devices show important details about Dynamic Currency Conversion (DCC) transactions. This transparency benefits both the customer and your business:
For customers: Customers can clearly see the exchange rate used, the amount charged in your home currency, and the local currency amount. This helps them understand the final cost and makes it easier to reconcile expenses, especially on business trips.
For business owners: Clear DCC information on receipts helps prevent chargebacks (when a customer disputes a transaction with their bank).
The best part? Moneris handles all this automatically. Your business doesn't need to worry about keeping up with complex payment network rules for DCC receipts. It's one less thing to think about!
5. Increased Revenue Potential
DCC can be a win-win situation. While the customer enjoys the convenience of paying in their home currency, your business can benefit from a 1% commission on each eligible DCC transaction. This can be a great way to generate additional revenue, especially if you cater to a lot of international clientele.
6. Simple and Secure Transactions with Moneris
Moneris makes offering DCC a breeze. Our user-friendly POS terminals allow for a seamless DCC experience, and we prioritize clear communication of exchange rates and fees. Additionally, our secure systems ensure all transactions are processed safely and efficiently. The best part? There really isn't anything for a business owner to lose--the choice is up to the customer whether they want to accept or not. It doesn't cost them anything, in fact they receive a revenue share.
How to Use DCC on Your Terminal:
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No added integration: DCC comes standard on all Moneris Go family of devices as long as you're using the latest version.
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Supported Cards: Visa and Mastercard credit, debit, and prepaid cards issued in foreign currencies.
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Supported Currencies: Moneris supports over 110 foreign currencies.
Important: The customer must be physically present to select a currency. Phone or mail orders cannot use DCC.
The DCC Transaction Process:
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Follow your standard transaction procedures.
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The customer will be prompted to choose their preferred currency on a screen displaying:
• The exchange rate between the foreign currency and CAD (provided by Visa or Mastercard).
• The DCC service fee (a percentage of the base rate).
• The transaction amount in both currencies.
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The customer selects their preferred currency (by tapping the screen or using the keypad).
Ready to Embrace a Global Future?
By offering DCC with your Moneris Go POS terminal, you're opening your doors to a wider customer base and creating a more positive experience for international visitors. It's a simple yet powerful tool that can help your business thrive in a globalized marketplace.
Get started with Moneris Go to build a future where international transactions are as smooth and convenient as can be.
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1- https://gitnux.org/dynamic-currency-conversion-industry/
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