Barclays and Transfirst offer multi-currency card services to US merchants
08 June 2006 | 3845 views | 0
Barclays Bank PLC, one of the world's largest global banks and financial services providers, and Dallas-based TRANSFIRST, a leading provider of credit card processing services and payment enabling technologies, have announced a strategic partnership to provide U.S. merchants with processing solutions for worldwide payment transactions. This alliance means that TRANSFIRST has become a registered International Service Organisation /Member Service Provider of Barclays Bank which gives them access to Barclays' international acquiring services. These services will allow U.S. merchants to accept payment in Europe, in their international customers' currency of choice while receiving U.S. dollars for payment.
Additionally Barclays and TRANSFIRST have incorporated the service of E4X, Inc., for providing currency exchange rates. The E4X exchange rate function decreases the risks and worries of fluctuating international rates and the complexities of foreign currency treasury management. By using E4X services to lock-in and guarantee exchange rates at the time of purchase, the exchange rate is guaranteed for the life cycle of the transaction, from pricing to payment including charge backs. The purchaser/cardholder pays in their own local currency at the exact amount bargained for and the merchant receives U.S. funds in the exact amount expected. Furthermore, should a credit be issued or a chargeback occur, the amount due is based upon the exchange rate at the time of the original purchase; not on the then current rates.
Additional benefits for merchants include: potentially increased sales by adding international customers; tools which can result in reduced fraud with international payment verification and lower credit card processing services expenses with competitive Interchange rates.
"Our goal is to continue to deliver customized and innovative payment processing solutions to the marketplace that help our customers grow their businesses domestically and now internationally," said Thomas Rouse, chairman and chief executive officer of TRANSFIRST. "This relationship with Barclays Bank helps TRANSFIRST establish a global presence, furthers our International Processing capabilities and provides a solid foundation for our customers who want to compete globally."
"Online and Card-Not-Present merchants who want to sell globally need processing solutions that address the challenges they face such as competition, risk of fraud and complexities in currency exchange," said Bruce Froendt, president of TRANSFIRST's ePayment Services division. "TRANSFIRST and Barclays Bank now offer these merchants a unique opportunity to easily and confidently participate in global payment processing and increase their market share in the process."
Bill Thomson, Commercial Acquiring Director at Barclays added, "It has always been our goal to seek-out best of breed technology and solution providers to work in partnership with us on providing unique and definitive solutions to global customers. Working with TRANSFIRST and E4X enables Barclays to provide U.S. companies with a multi-currency payment services platform that opens up the European market to them and removes specific trading barriers that could potentially limit expansion into European countries. This partnership gives merchants a secure transaction processing solution and in addition the exchange rate guarantee functionality provides merchants with a clear picture of their cash flow."