and Ease of Integration Among Key Features
|Las Vegas, NV, April 20, 2004 – Shift4 Corporation,
developers of $$$ ON THE NET®, the leading web-based e-payment gateway
solution with real-time electronic payment authorization, settlement, reporting
and fraud control capabilities, has partnered with Planet Payment to deliver
Dynamic Currency Conversion (DCC) capabilities to $$$ ON THE NET partners
and customers. Shift4 has integrated this feature into its new MICROS 8700
enhanced interface and will be demonstrating it at Booth 918 & 712
at the 2004 ETA Annual Meeting & Expo April 20-22 in Las Vegas.
What does Dynamic Currency Conversion do? Every time a customer with a Visa or MasterCard issued by a foreign bank makes a transaction at a merchant, a fee of approximately 3% is charged to the customer to handle currency exchange and foreign processing. Currently, that fee gets split among the card associations (Visa/MasterCard) and the cardholder’s issuing bank.
$$$ ON THE NET with DCC, however, spins off all foreign transactions to Planet Payment, a transaction processor that specializes in foreign currency conversions and maintains an “inventory” of foreign currency. Planet Payment authorizes these foreign cardholder transactions and locks in the current exchange rate. It then returns the authorization to the merchant listing both the dollar amount in the merchant’s currency and in the cardholder’s currency. The entire authorization process takes under three seconds.
For merchants, $$$ ON THE NET with DCC enables them to know exactly what funds they will receive and often enables them to receive these fund significantly faster. Merchants are able to offer their foreign customers a valuable additional service, by showing them exactly how much they will be charged in their own currency – no more statement surprises. Plus, $$$ ON THE NET with DCC offers revenue sharing capabilities wherein the merchant can receive a portion of the fee charged to the customer.
“Dynamic currency conversion has the potential to become a potent part of the processing industry. When you think about it, no one loses. Merchants and even POS providers can offer a value added service while earning additional revenues and customers get a better understanding of what they are paying without any additional costs,” stated J. David Oder, President and CEO. “Planet Payment was the forerunner of the multi-currency processing industry. We are excited that our partnership with them, in conjunction with our relationship with today’s leading POS and PMS providers, has allowed us to bring the power of DCC to the merchant directly at the point-of-sale.”
While several organizations today say they support Dynamic Currency Conversion, Shift4 is the first company to partner with Planet Payment to make this capability readily available to merchants at the point-of-sale. Merchants simply swipe or key in the card utilizing their standard methods. $$$ ON THE NET uses a numerical recognition program to identify foreign cards and seamlessly sends these transactions over a high speed leased line directly to Planet Payment. The authorization is returned as normal and the total in both currencies is printed right on the receipt.
The reason this capability was not previously available at the point-of-sale is the extensive programming required between the POS or PMS system and Planet Payment. With the interface Shift4 created to Planet Payment, however, POS vendors can offer this capability with minimal development time and resources required. In addition, the $$$ ON THE NET interface offers a consistent, standardized solution that is compliant with all current and potential upcoming card association regulations, including any required disclaimers and complete opt-in/opt-out capabilities.
About Shift4 Corporation
Manager, Resellers & Integration
Tel 702-597-2480 x3433
|Also See:||Shift4’s Direct, High Speed Connection to Fifth Third Bank Now Certified for Debit / January 2004|
|Shift4’s E-Payment Solution Expands to Include Canadian PIN Pad Debit / December 2003|
|Shift4 Announces Visa U.S.A.'s Recognition of Shift4's CISP Compliance / November 2003|
|$$$ ON THE NET® Processes Record Number of Transaction Dollars in Third Quarter / October 2003|
|Shift4 $$$ ON THE NET Reseller Program Announces New Exclusive and Preferred Level Partners / June 2003|