Global Payments Inc. will provide multicurrency processing services to merchants in the U.S. and Canada through a deal with Planet Payment Inc.
Global Payments, an Atlanta merchant processor, announced Jan. 18 that it is branding the service Global HomeCurrencyPay. Such services commonly are known as dynamic currency conversion.
"North America has many tourist-friendly cities where merchants can offer the choice of paying in the cardholder's home currency, thereby allowing greater transparency and thus offering an incentive or advantage to their cardholders to make large purchases," a Global Payments representative said in an e-mail. Merchants in cities with large numbers of tourists will be among the first to be offered the service, the representative said.
Cardholders shopping at participating merchants will have the option to see the transactions displayed at the point of sale in their home currencies, Global Payments said. It said there is no setup or recurring maintenance fees with the service. It said it will continue to settle merchant accounts in either U.S. or Canadian dollars.
