YESpay's Emboss managed EMV chip & PIN payment service has launched Dynamic Currency Conversion (DCC) as a standard part of its EasyV-Retail payment client software that is said to be able to integrate into any PC-based Point-Of-Sale (POS) retail system. The EasyV-Retail payment client is now integrated with both DCC and Tax Free Shopping functionality that, states YESpay, brings a win-win situation for retailers as well as their overseas shoppers.
YESpay adds that DCC is an effective way to help differentiate any high-end retail business in a crowded marketplace, increasing the ability to attract and retain international travellers by providing them with a closer home purchasing experience. It is claimed to be ideal for high-value item retailers who operate in areas with significant flow of international travellers throughout the year or seasonally.
Rohit Patni, EVP Sales & Marketing at YESpay International, said: "DCC is a very interesting proposition for overseas shoppers as well as for merchants. Merchants are able to earn up to 1% extra margin on their foreign-card transactions, and at the same time, foreign shoppers can obtain their tax-free refund receipts automatically at the POS ".
Merchants can now offer a fully dynamic DCC integrated POS retail service to customers enabling them to pay in their home currency when travelling abroad. At the same time, merchants can earn up to 1% additional profit margin on these foreign-card transactions. Emboss DCC service appears as a greatly simplified option in the integrated payment solution market as it integrates seamlessly with the POS standard Chip & PIN Pad such that the merchant need not switch to a standalone PIN Pad to perform DCC transactions. In addition, it automatically recognizes foreign cards, simplifying DCC payment processing for the till operator. The solution can additionally provide printed Tax Free forms in less than 10 seconds as a part of the payment process. Shoppers can now pay in their home currency and claim VAT refunds at Customs while leaving the UK
DCC benefits merchants
On going revenue stream: Merchants earn up to 1% extra margin from DCC transactions. The DCC conversion process shares the currency conversion margins between the merchant, its acquirer, YESpay and the DCC transaction processor.
Positive effect on charge-backs: There is substantial reduction in the possibility of charge-backs on purchases made with foreign credit cards.
DCC benefits international shoppers
Transparency: With a YESpay's Emboss DCC transaction, overseas shoppers know the exact amount in their native currency, without any hidden fees. The receipt provided at the POS matches exactly the amount that eventually appears on their card statement.
Immediacy: The amount in the shopper's native currency is disclosed immediately. This is especially beneficial to business travellers to claim travel expenses. It also enables low-budget travellers to accurately calculate their expenses on the spot.
Choice: Shoppers can view the exchange rate that is used to convert the transaction to their native currency and make an informed decision.
Peace of Mind: Shoppers feel more comfortable making purchases in their own currency. Foreign travel can be intimidating and stressful and travellers appreciate the peace of mind that comes from knowing the exact cost of a purchase in their native currency.