Currency converter for credit card processing
PayFX is a currency converter option built into PayGate payment gateway's product PayWeb and PayBill and provides merchants with an easy and transparent way of handling currency conversion during credit card processing on the internet.
When PayGate receives a transaction it determines whether currency conversion is required.
If so then it does the following...
- Displays the currency conversion to the cardholder on the payment page
- Converts the advertised currency to local currency at the current exchange rate
- Processes the credit card transaction in local currency
- Highlights the fact that currency conversion was required (and the relevant currency conversion rates used) on the 'receipt e-mail' sent to the card holder
- Provides a link to a clear explanation of why currency conversion is required, and highlights the fact that due to the currency conversion, the card holder is likely to be billed a slightly different amount to the advertised price
- Merchants can advertise in Foreign currency
- Conversion to local currency is clear and transparent for cardholders
- Settlement in local currency conforms to acquiring bank requirements
- Currency Conversion and Credit card payment happen automatically
- PayFX keeps the card holder on your site - no external currency conversion
Who should use PayFX currency converter?
- Credit card merchants with a merchant facility who wish to advertise products and/or services on their web site in a currency which differs from their local settlement currency. For example: advertising in US Dollars (USD) and settle in South African Rands (ZAR)