Dynamic currency conversion how does it work

If you have a device provided by a Third Party, please contact them directly to know when these new updates will be available. Please note that Elavon has provided all partners with the necessary tools to update their devices.

If your terminal supports colour and your terminal has a touch screen , then we recommend that the selection can be made on screen by touching one of the flags. If your terminal has buttons under the currency selection on screen, then these buttons should be used to allow the customer to make their selection. If your terminal has no buttons under the currency selection on screen, then we recommend that the number buttons 1 and 2 are used 1 to decline DCC, 2 to accept DCC.

If you have an Elavon POS terminal you do not need to take any action. We will automatically update your terminal to comply with the regulations. You should instruct your ePOS to complete this development work on your behalf if necessary. Additionally if your device is a Spire model or Verifone Evo we will contact you closer to the time with next steps.

Elavon has provided all partners with the necessary tools to update their devices, so if you have a device provided by a Third Party, please contact them directly to know when new updates will be available. There will be no change to how your customers Cardholders are charged. Please contact your Third Party provider directly to ensure new updates will be available before 19 April Elavon has provided all partners with the necessary tools to update their devices.

This change is a result of new EU Regulation starting from 19 th of April and is required by law, so it cannot be opted out from. Elavon must be fully compliant with the EU regulations as outlined above. You will then be asked whether you want to pay in your home currency. The terminal converts the local currency to your home currency. The transaction is processed as usual and your receipt displays both currencies as well as the exchange rate.

No additional foreign exchange commission charges apply. With contactless and now mobile wallet growing in popularity, it is important to consider how to handle these types of transactions for currency conversion. With a contactless payment, there is no need for your customer to put their card into the terminal and enter their PIN. A mobile wallet is a credit or debit card stored on an app on a mobile phone or other digital device, such as a tablet. It replaces the physical card with a digital format that can be used to make payments on contactless enabled terminals.

There are some cards and mobile wallet apps that allow customers to use contactless payments above this limit. Currency conversion can be offered to customers who provide their card details over the phone or by secured encrypted email. This may occur when taking a deposit from a customer or a customer is settling their final bill. No matter what the scenario, when the customer is not present sometimes referred to as CNP transaction there are guidelines to follow to ensure all customers are offered DCC in the correct manner.

Virtual cards are usually supplied by hotel reservation internet organisations such as Expedia or Booking. Once a customer has made an online reservation through one of these sites, you will be contacted by the hotel reservation company with a virtual card, loaded with a specific amount to settle the customers bill. At the stage in the call with the customer when you are entering the customer card details on the Elavon payment solution, you will be prompted to offer currency conversion.

At this point you should:. The sale amount in your local currency and the converted amount in their home currency. That this Elavon exchange rate includes a margin usually 3. Ask the customer whether, based on the information you have provided, they would like to agree the final price in their home currency today with DCC or whether they would like to leave the transaction in the local currency without DCC.

Send the customer the final bill by email or post. If the customer accepted DCC, you must also email or post them a copy of the receipt from the terminal which shows all the DCC information. Inform your team about the benefits of implementing best practice for currency conversion with your customers.

Regularly check whether the team are offering the benefits of currency conversion in their conversations with every customer. The customer conversation should include one of these DCC benefits:. Having regular team conversations regarding customers questions on currency conversions leads to a team that feel confident talking to customers about currency conversion.

Once you have implemented the steps to grow your DCC conversion rates you can track your DCC performance via your monthly statement or online at anytime.

Advertiser Disclosure. Nick Ewen. Photo by Getty Images The idea behind dynamic currency conversion is pretty simple. I use the XE currency app, which can help you identify dynamic currency conversion. I still see these two currency conversion options when I initiate a trial transaction: When paying with foreign currency on PayPal, always have your card issuer convert the charge.

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Read Time: 3. Log in Contact us. Let customers pay with their local currency Dynamic currency conversion DCC is a point of sale payment option giving customers traveling abroad a choice to pay in the local currency or their own currency.

Familiar home experience Customers can pay in the currency they are used to. Fully transparent costs No additional bank fees or international transaction costs.