How to allow customers to pay in different currencies?
Imagine there are two websites with the same product and the same prices. The first site has only one payment method, for example, by entering the card number manually. And the second one allows you to pay with the help of Apple Pay and Google Pay, and even more – a customer can pay in different currencies.
Which website will get a payment in most cases? Obviously, the second one. Today we will talk about the third mentioned function, the ability to pay in different currencies. With this task, Global Payments can help.
It is a powerful enhancement to your Global Payments gateway giving the customers additional options during the purchase. The payment gateway detects the customer’s credit card currency automatically and immediately calculates the corresponding amount using the dynamic interbank exchange rate.
Dynamic Currency Conversion (DCC) enables merchants to provide customers purchasing internationally with a final payment amount in the currency of their card. Either the merchant or a third-party Currency Conversion Processor (CCP) provides the interbank exchange rate available at the time of transaction and displays it to the customer. This way, the customer knows the exchange rate before they complete the payment. They can then choose whether to continue with the conversion or pay in the merchant’s base currency.
When the customer is presented with the choice to pay in the currency of their card or the merchant’s base currency, the mark-up percentage and commission applied will be displayed to them. This can alleviate any concerns customers may have about any subsequent processing for foreign-exchange conversion.
- An improved checkout payment experience. It is a powerful enhancement to your Global Payments gateway giving the customers additional options during the purchase. The payment gateway detects the customer’s credit card currency automatically and immediately calculates the corresponding amount using the dynamic interbank exchange rate. The amount and the applied rate are shown on the checkout page with the possibility to choose either of the two options. The customer is presented with the exchange rate and the final order amount in the customer’s credit card currency. With the Realex Payments Dynamic Currency Conversion Add-on extension, you give your customers flexibility in choosing the payment currency depending on their preferences. Such flexibility creates great user experiences and inspires customer loyalty.
- Enhanced configuration settings. With the advanced extension’s configuration settings an admin user can configure whether the Dynamic Currency Conversion feature is enabled on a storefront checkout payment page. Once enabled, a customer will be able to see a “Pay in your currency” section below the Credit Card forum. The title of the Dynamic Currency Conversion block can also be changed to match the business requirements. In addition to this, an admin user can select the currency conversion processor. The “fexco” currency conversion processor is selected. An admin user can choose between the “fexco” or “euroconex” processors.
- Advanced Magento Admin experience. The web store admins also see whether a different currency was used. The Order and Account Information shows the summary of each order and displays which currency was used and which exchange rate was applied.
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