Global Payments has rolled out their DCC product, HomeCurrencyPay, to help its customers profit from the growth of international retail.
HomeCurrencyPay automatically identifies non-domestic cards and gives international cardholders the option to pay in their home currency, while the retailer is still paid in theirs. This means cardholders know exactly what they will be charged without unexpected exchange rate surprises and no extra fees. In addition, the retailer receives a commission on every non-sterling payment made.
The product offers instant conversion of 32 different currencies at the POS and can be used in tandem with other terminal-based software, such as tax free shopping, to create a full package for attracting international spend, both online and on terminals.
Research published by OC&C Strategy Consultants in collaboration with Google last year found that international sales growth is predicted to exceed domestic growth by 2020, making up 40% of total online sales at that time.
"With an increasing number of overseas visitors coming to the UK, we want to help our customers adapt their business to be as open as possible to international spend instore," said Chris Davies, Managing Director, Global Payments. "What's more, online retail offers a potentially huge new audience, and HomeCurrencyPay could provide a competitive edge to retailers in capturing a slice of the global market."