Summer, Sun and Spending: Why Currency Conversion Matters Now

June 24, 2016

dynamic-currency-conversion-moneris

In 2015, which popular destination welcomed a record increase in the number of international tourist arrivals, surpassing the year-over-year global increase of 4.4%?

a. Fiji

b. Spain

c. Canada

d. Mexico

Believe it or not, Canada is the correct answer. Inbound trips to Canada increased by 6.3% in 2015, totaling nearly 18.2 million visitors.

Tourism in Canada is booming, which is something for merchants to celebrate, particularly with the warmer summer months arriving. 

What better way to welcome international travelers than by accepting their preferred currency?

In the past, dealing with currency exchange rates and fees was just too much for many merchants to juggle, especially small business owners. But for international travelers, paying in their own currency makes the entire purchase process comfortable and simpler. 

So what is Currency Conversion?

Dynamic Currency Conversion (DCC) is a currency conversion feature used in face-to-face transactions that allows customers to pay in their preferred currency.

With DCC, the initiation of a purchase with a foreign Visa® or MasterCard® card automates the payment solution to identify the current conversion rate and presents it on-screen. The conversion rate presented on the POS is a variable rate provided to the merchant from Moneris and it can change from day-to-day.  The currency conversion process requires that the cardholder “opt in,” or approve the currency conversion, before completing the purchase in the foreign currency. Not only does this support confident, informed buying decisions, but it also makes for happy customers. 

 

 

What are the benefits for the merchant?

There are a multitude of reasons why Canadian businesses should “unlock” their currency conversion capabilities:

  • Attract new, international customers
  • Create a personalized shopping experience
  • Enhance customer service
  • May create additional revenue streams with revenue sharing
  • Reduce customer service inquiries/chargebacks

Open your doors to the boom in tourism!  Whether your customers are spending in Japanese yen, Swedish kronor or British pounds, let their currency work at your place of business.

To learn more about DCC, visit moneris.com/DCC or call 1-866-DCC-2234

 

®VISA is a registered trade-mark of Visa International. MASTERCARD is a registered trade-mark of MasterCard International Incorporated. All other marks and registered trade-marks are the property of their respective owners.

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