From the Albanian Lek to the Zambian Kwach, Paymentech — one of the nation’s largest electronic payment processors — announced today that it is making it easier than ever before for merchants to expand their businesses globally and accept payments in their customers’ currency of choice. A new payment offering launching this month called Global Currency Management gives merchants the freedom to offer currency acceptance from around the globe, even without a local business presence.
Paymentech’s Global Currency Management enables Internet, catalog and recurring billing businesses to accept payments in more than 150 “presentment” currencies and to “settle” transactions in four popular currencies: the U.S. Dollar, the British Pound Sterling, the Euro and the Japanese Yen.
“Our merchants conduct business all over the world, and we felt it was important to offer Global Currency Management, so no matter how their customers choose to pay, merchants can accept that payment. It’s the easiest, fastest, most cost-efficient way to expand into the global market without establishing in-country banking relationships,” said George White, Chief Operating Officer, Paymentech.
Benefits of Global Currency Management:
— Merchants are not required to establish separate bank accounts and credit lines in each country where payments are accepted
— Merchants can consolidate funds into one currency with a single banking entity for easier funds transfers and funds management
— Merchants get a single file transmission of all currencies, real-time authorizations and complete chargeback management
— Paymentech guarantees the exchange rate for each transaction, including chargebacks
— Chargeback risk and customer disputes are greatly reduced, because merchants are able to bill customers in their local currency
— The product is complimentary to merchants’ efforts to localize their marketing campaigns
— Implementation is simple and does not require extensive development costs
Additionally, Paymentech continues to offer same-currency processing (for both presentment and settlement) in 14 different currencies.
Paymentech, L.P. is one of the largest payment processors for businesses accepting payments via traditional point of sale, Internet, catalog and recurring billing. The privately held company, founded in 1985, is an end-to-end processor for merchants of all sizes and industries. Paymentech’s 1,700 employees office in multiple locations, including the Dallas headquarters; New York; Salem, N.H.; Tampa, Fla.; and Tempe, Ariz. In 2004, Paymentech and its Canadian affiliate, based in Toronto, processed 8.5 billion transactions and $200 billion in card volume.