Dynamic Currency Conversion enables international Visa and MasterCard card users to choose whether to pay in their own currency or use the domestic currency of the country they are visiting.
Giving customers the choice of currency
Dynamic currency conversion (DCC) is a point-of-purchase service where international Visa and MasterCard card users can choose to pay in their own currency, rather than the domestic currency being used in the country where they are making their purchase.
Acquiring bank, Fiserv has collaborated with FEXCO Merchant Services, the premier provider of DCC to merchants from all sectors including airline, retail, hospitality, duty free, surface transport and entertainment sectors. Because of this collaboration Fiserv has enabled NetPay Merchant Services to provide a DCC service to qualifying merchants.
Merchants need to process a minimum of £150k per annum in foreign exchange (FX) to qualify for a DCC merchant account with Fiserv. A Fiserv DCC application form will need to be completed. This takes 48 hours longer to be approved than setting up a standard merchant acquiring account, partly due to the manual boarding process used for the DCC platform. There is a manual boarding fee for the DCC platform per MID (Merchant Identification Number) which is payable by the merchant.
The benefits of Dynamic Currency Conversion
- Convenience - Cardholders know how much they are spending in their home currency
- Transparency - Full transparency on competitive foreign exchange rates and margins at the point of purchase
- Customer Choice - Cardholders are given full choice to accept DCC or not when making their purchase
- Visibility - Full visibility of the exchange rates and margin applied are provided
- Exchange Rate – There is a locked-in competitive exchange rate applied when making a purchase
- Business Travel - Simplifies expense account claims for business travellers
- No Additional Cost - DCC does not attract an additional cost or fee. It replaces the normal currency conversion process applied by card schemes and issuers