WHAT IS DCC?
Dynamic Currency Conversion (DCC) is a value added service that will augment the customer experience and comfort by providing them with options to make payments in the currency of their choice transparently with any charges and fees. These charges and fees are clearly displayed at the time of purchase, eliminating any confusions. DCC is a truly international payment solution for the ever-expanding global marketplace.
DCC TRANSACTION FLOW
- Cardholder offered a currency choice at the ATM based upon a real-time conversion
- ATM Provider and acquirer share margin on the conversion of the transaction
HOW DOES DCC WORK?
- DCC-enabled software recognizes the currency of the cardholder’s home country.
- The customer is prompted for the currency in which he or she would like the transaction to be processed.
- a foreign-exchange-conversion rate is applied to the transaction.
- A credit card receipt is generated displaying the USD amount, the foreign currency amount and the rate of exchange.
- Easy to implement, safe and secure, your DCC-enabled point-of-sale solution can also produce reports detailing both the U.S. and foreign currency transaction amounts to assist with tracking.
BENEFITS OF DCC FOR THE CONSUMER
- Make payments in the currency of their choice without hidden charges or fees.
- See complete transaction details, matching cardholder statement, with dual currencies printed on the receipt.
- Purchase with full disclosure of the exchange rate.
- Make educated and informed purchases.
BENEFITS OF DCC FOR BUSINESSES
- No upfront costs.
- The flexibility of the DCC service eliminates conversion-rate guesswork, helps businesses expand their customer reach and ensures funding in the proper currencies.
- Eliminate exposure to foreign-exchange-rate risk.
- Offset existing association fees directly associated with accepting international credit cards.
- Increase customer satisfaction and loyalty.