| Dynamic Currency Conversion |
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When the currency of the customer and the transaction are not the same e.g. the customer is in Paris, Europe using a Euro (EUR) issued credit card and buying from a UK based retailer selling in Pounds Sterling (GBP) there exists an opportunity for the business to control the foreign exchange. The process of Dynamic Currency Conversion (DCC) is now commonplace on the internet – given the global nature of the business. Many travel/holiday businesses carry out DCC through a payment processor and a third party DCC provider and earn revenue from the conversion process. DCC is an easy to implement process. It doesn’t take away from the selling experience. It involves determining the currency of the payer and offering them the opportunity to pay in their own currency. It can be implemented across all channels and relevant payment methods. The service may be available from your financial institution or a third party currency management specialist. Finally, be sure to capture all the relevant details of any converted bookings (transaction currency and amount, FX rate, payer currency and amount) to aid reporting and query management. |
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