TSYS Tools Enable International Shoppers to Compare Prices in Different Currencies (April 29, 2013)
Cross-border shopping could become more convenient with a pair of new services from TSYS that display transactions in multiple currencies, along with the daily exchange rate, so consumers can decide which currency they prefer to pay with before making in-store or online purchases. Through a partnership with Planet Payment Inc., an international multicurrency payment processor, TSYS this week launches Pay in Your Currency, a service providing international customers with the choice of paying in U.S. dollars or their home currency at the POS. Customers may review the cost of a proposed transaction in U.S. dollars or their home currency by looking at a printout or an electronic display and then select their preferred currency for the purchase. For e-commerce, TSYS is launching Shop in Your Currency, a similar service enabling online merchants to give international customers the option to pay in U.S. dollars or their home currencies, while the merchant receives their typical settlement in U.S. dollars.
The service is designed to increase international customers’ convenience by assuring them of the amount of payment in their home currency, TSYS said. The new services should “improve the payment experience” for consumers and help merchants reach new audiences, said Chris McNulty, TSYS Merchant Solutions group executive of sales. Planet Payment sees the new services as a boost for merchants’ customer service and a way to improve profitability, according to Philip Beck, Planet Payment chairman and CEO.