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Back to Basics: Dynamic Currency Conversion |
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Card issuers have long played a pivotal role in currency conversion at the point of sale (POS), assessing a conversion fee for each foreign transaction settled and reaping the resulting healthy revenues. However, the advent of solutions for dynamic currency conversion (DCC) is altering the balance of foreign currency acceptance for ISOs and their merchant customers, opening new revenue opportunities for both parties.
“DCC is not a new thing; in fact, it has been available in Europe for at least 10 years,” says Michelle Graff, vice president of marketing at NOVA Information Systems. “But the increasing number of applications being made available in the U.S.,” coupled with a growing desire among merchants to sharpen their competitive edge with an ever-broader range of customer services, is creating a heightened demand for DCC on U.S. soil.
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