Planet Payment (LSE: AIM: PPT and PPTR; OTCQX: PLPM), a leading multi-currency and data processor, is pleased to announce that it has been awarded U.S. Patent 7,660,768 by the United States Patent and Trademark Office for its Time-of-Transaction Foreign Currency Conversion process.
The patent describes Planet Payment's innovative approach to payment card processing services, including Planet Payment's Pay in Your Currency service, also known as Dynamic Currency Conversion, a service that gives cardholders the convenience and certainty of paying for purchases in their native currencies when travelling internationally.
With Planet Payment's Time-of-Transaction Currency Conversion method, the charged amount is converted at the time-of-sale, using an exchange rate determined by Planet Payment for each individual transaction. The patent describes Planet Payment's unique exchange rate calculation methodology, which allows for the determination of an exchange rate specific to each transaction, based upon a number of configurable business rules and logic.
"Planet Payment's philosophy from the inception was to build a best-in-class Dynamic Currency Conversion service that operates as a true marketing tool, allowing merchants to sell more to their international clientele more efficiently," said Philip D. Beck Chairman and CEO of Planet Payment. "The unique processes described in the patent allow for a more personalized approach to Dynamic Currency Conversion with exchange rates developed for individual transactions, while our methods for offering choice to cardholders ensure transparency and merchant ease-of-use. The patent, together with the successful implementation of our services with an ever-expanding customer base of over 30 banks in 11 countries, validates Planet Payment's market-leadership in multi-currency payments."
The patented process supports a number of unique marketing applications, such as Planet Payment's FX Assured® Best Rate Guarantee Service. With FX Assured, Planet Payment develops an exchange rate for a card transaction that is calculated to be more favorable than the rate and fees that would have otherwise been charged to that cardholder by the card issuer for the same transaction. The patented procerocess also provides merchants with other innovative ways to attract new international customers through more targeted promotions and offers - for example, providing customers from specific countries who use their payment card for a purchase with a discounted currency exchange rate that could be below prevailing exchange rates offered elsewhere.
In addition to these concepts, Planet Payment has developed and deployed innovative receipt formats that secure a cardholder's currency selection, in compliance with Card Association rules and consistent with Planet Payment's philosophy of providing transparency and informed choice. Planet Payment's proprietary methods simplify the offering of the currency choice, by empowering the cardholder to make the selection on the receipt, which in turn simplifies the implementation and training process for merchants who adopt the service.
In addition to the U.S. Patent, Planet Payment has been awarded patents in Singapore, New Zealand, and the Philippines, with patent applications pending in many other jurisdictions