Pure Commerce Supports Visa's End to Dynamic Currency Conversion Moratorium
New Merchants Can Now Offer DCC Services on Visa Transactions After Six Month Moratorium Has Lifted
SYDNEY, Oct. 21 /PRNewswire-Asia/ -- Pure Commerce, an international payment solutions provider, today announced its support for the end to Visa's moratorium on dynamic currency conversion (DCC), which was introduced in April 2010 to limit the addition of new DCC participants into the market.
As a result, DCC can now be offered on Visa transactions at all merchant outlets in the US, Asia Pacific, and Canada, in accordance with Visa's Global DCC Compliance Programme requirements. Visa has also lifted its long-standing DCC prohibition on Visa transactions in Central and Eastern Europe, Middle East and Africa (CEMEA). It will also be removing the DCC prohibition on Visa transactions in Latin America and Caribbean (LAC) in April 2011.
"This is a very positive outcome for our acquirer customers and merchants, helping them to further capitalise on foreign spending by attracting new customers, while at the same time earning greater revenue derived from foreign transactions," said Daniel Lavecky, CEO of Pure Commerce. "This significantly reduces their costs associated with accepting credit cards from international visitors."
Pure Commerce's fxCHOICE DCC service simplifies purchasing by allowing foreign cardholders the option of paying in their local currency at a competitive exchange rate when making a purchase using Visa or Mastercard payment cards. Every time an international charge is converted, Pure Commerce's acquirer customers and merchants earn revenue through foreign exchange commissions on up to 135 currencies. As a result of Visa's announcement, Pure Commerce's customers can now take further advantage of a higher conversion rate and increased profitability.
"We know that global travellers want to stretch their dollar further and are always cognisant of exchange rates, especially given the volatility of the market in recent times," said Mr Lavecky. "Visa's announcement not only benefits acquirers and merchants, but it gives Visa cardholders greater choice and convenience when making foreign purchases."
About Pure Commerce
Pure Commerce provides on-demand financial and payment solutions to banks, acquirers and multinational corporates. The company's payment solutions, which include dynamic currency conversion and multi-currency pricing, provide clients with innovative ways to extend, deepen and retain relationships with their customers. Pure Commerce has offices in Sydney, Singapore, Seoul, Zurich and London. For more information visit http://www.pure-commerce.com
For further information or interview, please contact:
Emma Keen
Infinite Loop
Tel: +61-402-112-189
Email: [email protected]
SOURCE Pure Commerce