CAPTURE INBOUND TRAVELLER FOREIGN EXCHANGE REVENUES WITH CUSTOMER PREFERRED CURRENCY

Travelex Currency Select is a foreign exchange service offered to foreign cardholders at an ATM*, online or Point of Sale (POS). It means ATM operators or retailers can offer consumers the choice to pay for goods and services abroad in their domestic currency, rather than the currency of the country they are in. This increasingly popular payment method for travellers sees the currency conversion on a foreign issued card occurring immediately, at the exchange rate of that day, and is an easy way for a consumer to be certain of the rate they are paying and what the total value of the transaction will be.

The Customer Preferred Currency (CPC) solutions is designed to ensure that both the merchants accepting foreign cards and the overseas cardholders benefit. The transparent process gives the consumer the choice of selecting to have the bill converted into a price payable in their preferred currency and seeing the exact bill without having to wait until their credit card statement arrives once they have returned home. For the merchant acquirers they are not only offering consumers more choice with this value added service but also capturing a share of foreign exchange revenue that is normally captured by the foreign cardholder's issuer.

Automated Teller Machines (ATM) solution

When consumers are at an ATM, they will be presented with a choice of transaction currency. Some countries such as Spain, Australia and New Zealand have been early adopters of CPC on ATMs and cardholders have responded positively resulting in increased opt-in rates. Currency Select is approved by Visa Europe and MasterCard Worldwide, with currency choice and exchange rate certainty benefiting cardholders and merchants alike.

eCommerce solution

Customer Preferred Currency Online can be implemented to enable retailers' online shopping carts to offer currency choice and exchange rate certainty.

Retailer/ POS solution

When paying for products or services face to face with a retailer, cardholders are provided currency choice and exchange rate certainty directly at the POS at the time of the transaction.

An end-to-end solution

Travelex works in partnership with Eftpos New Zealand to provide an end-to-end transaction processing capability (including the ability to authorise, clear and settle transactions) with a full merchant sales and training program to drive revenue. Currency Select fully complies with card scheme regulations (Visa and MasterCard) and is ready to authorise acquirers and their merchants worldwide.

A partnership approach that benefits merchant acquirers

• Revenue - Merchant acquirers earn a portion of the foreign exchange revenue, which is currently captured by the issuing banks
• Exchange rate certainty - Exchange rates are automatically updated and maintained by Travelex on a daily basis. Furthermore, Travelex manages and eliminates any currency risk to businesses at the time of sale. Although the price is always in local currency, by guaranteeing the rate at the time of settlement, the cardholder will be aware of exactly how much he or she will be charged or debited, thus ensuring complete protection from fluctuations in exchange rates.
• Flexibility - The Customer Preferred Currency POS terminal enables you to display final prices in a variety of local currencies including; Euros, Japanese Yen, British Pounds, US, Australian and New Zealand Dollars
• Compliance - A dynamic and innovative payment solution that complies with the regulations set out by the Visa and MasterCard card schemes
• Supported - Travelex provides relationship account management plus merchant training and Eftpos New Zealand provides support services as per their terms and conditions.
• Best of Breed - Currency Select has end-to-end product capability encompassing the transaction lifecycle from card acceptance to funds settlement. By controlling the lifecycle, reliance on third parties is minimised and Travelex's expertise, experience and proven ability to drive CPC revenue create a market leading solution.

For more information please visit www.eftpos.co.nz/cms_display.php?sn=283&st=1&pg=4224 or contact Eftpos New Zealand on 0800 338-767.

*Visa currently allows DCC at ATMs only in its Visa EU region on Visa EU issued cards.   MasterCard allows DCC at ATMs globally on all MasterCard issued cards.