Barclaycard is rolling out a product that enables businesses to accept payments from cardholders in their local currency, then automatically converts the funds and settles the payment in either sterling, euro or US dollars, using a locked-in rate.
Available for over 100 currencies, the offering uses a pre-determined fixed FX rate which reduces the impact of volatility to clients. Users can set rates for one or seven days, with mid-rates published before the trading period commences.
The package builds on, and will replace, Barclaycard’s existing Multicurrency Settlement Solution (MSS) previously available to all corporate payments clients.
Paul Adams, head of product at Barclaycard Payments, says: “Selling abroad opens up exciting opportunities for businesses large and small - from growing their sales, to new markets and revenue streams.
Barclaycard Multicurrency makes it easy for consumers to see prices and pay in their own currency, helping ecommerce businesses drive sales. By the end of the year we expect our existing corporate clients with FX requirements to be using the new service.”