Customer interactions specialist, The Logic Group has today announced that it has chosen Fexco Merchant Services as its partner to provide Dynamic Currency Conversion (DCC) service to merchants.
The DCC service will allow The Logic Group's customers to conveniently accept multiple currency payments at the point-of-sale and online.
With tourist spending nearly £18 billion last year in the UK alone, merchants need to expand their payment methods to their overseas customers to benefit from this highly lucrative market. The partnership between The Logic Group and FEXCO means that travellers and tourists will be given the choice to pay in their local currency, using their Visa or MasterCard issued overseas.
Consumers will no longer have to worry about calculating currency conversions as each receipt shows the amount paid in the merchant's local currency and in the cardholder's home currency. This makes it easier for travellers to reconcile purchases when paying card balances.
The DCC service makes payment processing easier and convenient to accept multiple currency payments, simplifying the process at the till, or online. DCC removes the complexity of having to price products and services in multiple currencies. Other benefits include:
• Revenue opportunity: profit from international customer transactions. Merchants receive a share in the foreign exchange margin, normally taken by the foreign issuing bank and card schemes.
• Increased Customer Service: DCC allows merchants to offer a value added service to their international cardholders. DCC is not an additional charge for international cardholders; it merely replaces the current foreign exchange process applied by the card schemes and issuers.
• Reduced chargebacks and refunds: extra familiarity with the currency at point of sale and online means consumers will not accidentally spend more than intended.
• Increased service offering: according to VISA, over 80% of foreign cardholders would choose to pay in their own currency again, if offered. All data in relatition to a DCC transaction iis displayed to the cardholder during the purchase process.
Dermot O'Shea, Managing Director, FEXCO Merchant Services said: "As the originator of DCC, we continuously work on new ways to offer the service to merchants and partners of all sizes. By working with The Logic Group we are collaborating on our expertise to provide merchants with a compliant DCC service for their customers travelling from overseas. This increases sales as it encourages tourists to shop without the worry of currency conversions and charges."
Gareth Wokes, Chairman & CEO, The Logic Group said: "By partnering with DCC specialist FEXCO, we can offer a solution for point of sale and ecommerce that is mutually beneficial for international spenders and local merchants. By combining our areas of expertise, we can offer one of the best, truly integrated services. It allows merchants to streamline their payments process, while improving customer interactions, regardless of either parties' local currency. "
The Logic Group partners with leading organisations around the world to enhance the effectiveness, security and profitability of their customer interactions. The Logic Group partnered with FEXCO who brought DCC to market in 1996. Today, FEXCO Merchant Services is the world's leading DCC provider committed to customer choice and transparency.