Product: Multicurrency processing
Company: Pivotal Payments
The new service allows merchants to display product pricing and process payments in more than 60 global currencies; settlement and reporting are completed in the merchant's local currency, the company stated.
"The beauty of the multicurrency processing solution lies in its simplicity," said Ron Fleming, Canadian Director of Corporate Sales for Pivotal. "With a single merchant account, our clients can quickly enable foreign currencies such as the euro, pounds, sterling, Japanese yen and many more, to truly tap into a global marketplace."
Pivotal developed the service to help merchants drive sales conversions by displaying pricing for international shoppers in their local currencies. Customers then have the option of paying for items in their local currency whether purchasing online or in person.
According to the company, with MCP, merchants are able to reduce the cost of processing foreign cards and provide more personalized service, which can translate into repeat customers and increased sales.
Pivotal indicated that 34 percent of all business-to-consumer e-commerce transactions are expected to originate in the Asia-Pacific region in 2013, compared with 31.6 percent in North America; and projected growth in business-to-consumer e-commerce in Europe is expected to exceed North America by $307 billion to $297 billion, respectively.
Thus, the company believes dynamic currency conversion offers an effective means for reaching these burgeoning markets.
Following a successful rollout to select merchants, Pivotal launched the MCP solution in November 2012, making it available to the more than 60,000 of its U.S. and Canadian merchant customers. "Some of our clients have already begun using the MCP solution with great success, and we are now rolling it out across our entire merchant base," Fleming noted.
Pivotal offers merchants either a fixed rate for foreign currencies or a variable rate that reflects exchange-rate fluctuations. Typically, this type of service requires a foreign bank account or wire transfer fees, but with MCP, no special setup is required, the company said. Multiple revenue share options are available to ISOs and merchant level salespeople, as well as a bonus plan that includes weekly bonuses, performance bonuses and productivity bonuses.
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