|Payment service attracts international consumers|
AJB Software Design Inc. and First Data Corp. announced that retailers across the globe are now processing international payment transactions, using First Data’s Dynamic Currency Conversion service. AJB’s payment processing application suite now allows merchants to easily implement First Data’s DCC service. DCC allows merchants to offer international Visa, MasterCard, and branded payment cardholders with the option to execute purchases in their local currency.
AJB’s payment processing application suite includes Flexible Integrated Payment System and Retail Transaction Switch. FIPay provides the in-store system component responsible for integrating the PIN pad device into First Data’s DCC solution. AJB’s RTS provides real-time authorizations to First Data for the DCC transactions.
Without DCC, consumers can be charged up to 7% of the total transaction cost on top of an undisclosed rate of exchange. Consumers do not know the exact cost of their purchase until the transaction is revealed on their credit card statements.
With DCC, consumers instantly know the precise amount they are paying in their local currency. There are no hidden fees or surprise currency exchange adjustments when they receive their credit card statements, and they receive a credit card receipt that will match the transaction amount posted to their credit card statement.
According to the Department of Commerce, international visits to the United States is expected to grow by 36% between 2010-2016, which would result in more than 81 million visitors by 2016. First Data’s DCC service is offered in various countries and regions around the globe with the newest market being Canada, which is expected to launch within a few months.
[This article was posted on May 1, 2012, on the website of ABA Banking Journal, www.ababj.com.]
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