Dynamic Currency Conversion
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What is DCC?
In any commercial environment where payments are made by credit card, some of the transactions will be identified as ‘foreign’. In other words, a cardholder will make a transaction in a currency other than their home currency.
A compliant DCC system will offer cardholders the option to pay in their local currency or in the currency of the country in which they are making a transaction.
A compliant DCC system will display the native currency amount, the exchange rate and the final amount in the cardholder’s currency.
Merchant Benefits
- Merchant earns Foreign Exchange (FX) revenue, which would otherwise have been earned by card association and issuing bank
- Stimulates additional international sales as cardholders are often more comfortable purchasing in their local currency
- Fully compliant with card scheme rules
- No FX exposure
- Merchant receives payment in operating currency
- Reduce disputes and chargebacks
- Easily reconcile payments
Cardholder Benefits
- At the time of purchase cardholders know exactly how much they will be billed in their local currency
- No FX exposure
- Removes any anxieties about the unknown final purchase price
- Transparent – cardholder knows exchange rate being applied
- Competitive Foreign Exchange rate – same or better than that applied by card associations
