Solution uses geo-location to display final purchase price in buyer’s home currency
Network International, a leading payment solutions provider in the Middle East and Africa region, has launched Multicurrency Online, an offering that uses built-in geo-location services to automatically show the exact amount cardholders will be billed in their own currency - with no hidden charges. The new solution will enable the company’s merchant partners to maximise their global sales potential and provide additional value to cardholders when they make e-commerce payments overseas.
Multicurrency Online will determine a cardholder’s location via his or her IP address, rather than using the location of the online business. The online store, likewise, will receive the exact payment in their own currency. For example, if a customer in Paris is purchasing from a UAE business, the cardholder will see their own bill in Euros, while the merchant will be paid in Dirhams. Multicurrency Online is available for all Mastercard and Visa cardholders.
Overseas shoppers often abandon shopping carts when purchasing in a foreign currency – which can lead to a considerable number of missed opportunities for vendors.Multicurrency Online is designed to help increase foreign sales by making shopping easier for international customers and is a timely solution for online businesses looking to convert more browsers into buyers. Moreover, with Multicurrency Online, e-commerce stores can expect reduced risks of chargebacks thanks to better matching of receipts to statement amounts.
Paul Clarke, Group Head of Product and Innovation at Network International said, “Businesses are relying more on payments companies to help boost their competitiveness in pace with rapid developments. Network International continues to ensure that we are at the forefront of payment innovations that enable our partner merchants to keep up with the digital demands of their customers. Our new solution enables its adopters to scale their global business and reach new customers with localised pricing.”
Multicurrency Online also allows cardholders to choose another currency(including UAE Dirhams) for their online payment, even after automatic currency selection – providing more transparency and greater choice.