Hypercom Corporation and Planet Payment, a leading international multi-currency payment and data processor, today announced support for Planet Payment’s multi-currency processing product as an available application configuration within Hypercom’s SPOS 32 software for the popular Optimum T4100 in the United States. The two solutions, Planet Payment’s Dynamic Currency Conversion (DCC) and Multi-Currency Pricing (MCP) services, provide merchants with powerful pricing localization tools that can drive additional sales from international customers and improve customer service.
With DCC, merchants continue to price their goods in United States dollars. After a MasterCard or Visa card issued in one of the supported foreign currencies is swiped on an Optimum terminal, the device will automatically display the transaction amount in both US Dollars and the customer’s currency. The customer can then select which currency he wants to use to complete the purchase, while the merchant still receives the settlement in US dollars. With DCC, cardholders have the comfort and convenience of knowing the cost of the purchase in their currency, enabling them to make more informed buying decisions.
Alternatively, with MCP, merchants quote or display pricing in foreign currencies. When the cardholder presents a MasterCard or Visa card at the time of check-out, the merchant will ask the customer for his or her currency preference, and then select the currency from a menu that appears on the terminal. The customer receives a transaction receipt listing the details of the purchase in the designated currency and the merchant receives funding in US dollars. MCP is a powerful sales and marketing tool for merchants with an international clientele — and provides international customers with a superior shopping experience.
Planet Payment’s DCC and MCP services are delivered to merchants through a network of certified partner acquiring banks and processors. Through its arrangement with Hypercom, Planet Payment’s DCC and MCP services will be an available configuration integrated into the Hypercom SPOS 32 operating system on the T4100. This will allow additional acquirers and processors to offer DCC and MCP to their merchants as part of the standard Hypercom terminal application, without any need for additional development or certifications. Planet Payment and Hypercom expect to complete the integration to the SPOS operating system in April 2007.
“Hypercom has become a global leader in payment transaction technology by listening to the needs of our clients and their merchants,” said O.B. Rawls IV, Hypercom’s Senior Vice President of International Sales. “As more merchants look to attract international customers, we are seeing a corresponding increase in market demand for solutions such as DCC and MCP that allow international customers to enjoy the convenience of shopping in their home currencies. Now, with Planet Payment’s DCC and MCP service as an available configuration offering on our T4100, acquirers and processors can offer these valuable services to merchants simply, easily and without the need for separate terminal development or certifications.”
“Planet Payment’s integration into the SPOS 32 system and the T4100 is an important strategic step for our company Ã¢Â one that should lead to an expansion of our footprint in the United States,” said Philip D. Beck, Chief Executive Officer of Planet Payment. “The T4100 is a feature-rich terminal that is quickly setting the benchmark for dependability and reliability in the terminal market. As such, we that feel that our ability to offer our DCC and MCP solutions as standard applications in such a powerful and widely-used device is a clear competitive advantage for our company.”
About Hypercom Corporation (www.hypercom.com)
Global payment technology leader Hypercom Corporation delivers a full suite of high security, end-to-end electronic payment products and services. The company’s solutions address the high security electronic transaction needs of banks and other financial institutions, processors, large scale retailers, smaller merchants, quick service restaurants, and users in the transportation, healthcare, prepaid, unattended and many other markets. Hypercom solutions enable businesses in more than 100 countries to securely expand their revenues and profits.
About Planet Payment (www.planetpayment.com)
Planet Payment is the trade name for Planet Group, Inc. and PPT for Reg S and unrestricted common shares respectively].
Planet Payment is a multi-currency payment and data processor, enabling processors, acquiring banks and their merchants to accept, process and reconcile credit card transactions in multiple currencies, allowing cardholders to view prices and settle transactions in their native currency. Planet Payment’s systems also enable it to provide enhanced data reporting and data management to merchants who are using multiple systems in different countries.
The Planet Payment business was established in 1999. Planet Payment is headquartered in New York and has offices in Atlanta, the United Kingdom, Singapore, Hong Kong, Shanghai and Beijing.