Dynamic Currency Conversion (DCC) or Cardholder Preferred Currency (CPC) is a financial service allowing overseas customers to see the exact amount their Visa or Mastercard will be charged in their home currency. As well as this, transactions can include the exchange rate fees as opposed to the fee being applied at their bank and visible on their bank statement or credit card bill at a later date.
DCC allows merchants to benefit from the exchange rate fee, enabling you to generate substantial new profits whilst increasing transaction visibility for international card holders.
How does DCC work with my current e-commerce website or card machine?
DCC is also available for e-commerce customers processing a transaction with their Visa or Mastercard online. The e-commerce gateway recognises the cards that qualify, allowing the cardholder to pay in their home currency.
DCC can also be offered on foreign Visa and Mastercard payments during face-to-face transactions as well as situations where the card is not present, for example over the phone orders. The card machine determines which cards are eligible for DCC and presents an up-sell opportunity for the merchant to show or tell the customers which currency they can pay their bill in.
Benefits for your Business
• Earn additional revenue on foreign card transactions through applying commission which is normally taken by the bank or card association.
• Facilitate international business, card holders will be increasingly comfortable paying in their home currency
• Reduce risk of fluctuating currency exchange rate
• Potential market entry through offering major currency transactions
• NO FX / Foreign Exchange exposure
• Improved customer satisfaction and increase repeat business
Benefits for your customers
• No hidden charges – customer awareness of exact pricing to appear on their statement at purchase, reducing chargeback disputes
• Enhanced buyer experience
• Competitive exchange rates are applied