Fexco Merchant Services, an Irish-based specialist provider of financial transaction processing, and First Data Corporation, a global leader in electronic commerce and payment processing, today announced the Canadian expansion of First Data's GlobalChoice dynamic currency conversion (DCC) solution.
GlobalChoice is now live in over 300 merchant locations throughout Canada with the number of participating merchants expected to increase significantly over the next 12 months. For the past 10 years, First Data and FEXCO have jointly offered their DCC services at the point of sale (POS) to merchants all over the world.
"The expansion of our partnership enables Canadian merchants and ultimately consumers to benefit from FEXCO's fully-managed treasury management service and First Data's industry-leading payment solutions and processing platforms," said Dermot O'Shea, executive director of FEXCO. "Entry into the Canadian market, and the opportunity to work with First Data Canada to offer GlobalChoice to merchants, represents a big opportunity for FEXCO. Strong external markets are key for Irish businesses at the moment, and we are confident we will achieve strong growth through expanding our activities into Canada."
In addition to the convenience of currency conversion at the point of transaction, GlobalChoice eliminates much of the merchant and consumer's guesswork related to exchange rates and fees. GlobalChoice also promotes a greater transparency of the true value of goods and services in the cardholder's home currency.
"This is a very exciting development for the Canadian payments market," said Brian Green, general manager of First Data Canada. "With the introduction of GlobalChoice, First Data is helping merchants grow their international sales volumes while providing an additional customer service benefit. Providing consumers a choice of paying in their home currency enhances the purchase and checkout experience."
Canada represents the 20th country in which FEXCO has expanded its services. The Canadian market offers an exceptional opportunity for merchants who use GlobalChoice as their currency conversion solution. In 2011, international visitors spent more than $16 billion in retail purchases as reported by the Canadian Tourism Commission.
The GlobalChoice expansion announcement coincided with the recent Enterprise Ireland's Trade Mission to Canada led by Richard Bruton, Ireland's Minister for Jobs, Enterprise and Innovation with the objective of increasing the level of Irish exports to Canada.
"The collaboration between FEXCO and First Data on the expansion of the GlobalChoice solution into the Canadian market is a great example of what is achievable for innovative Irish companies with ambitions to grow their export markets" said Minister Bruton. "I commend all involved and wish them every success in the future."