Global Payments Dynamic Currency Conversion Add-On

Note - This module is an add-on of Pronko Consulting's Global Payments gateway. To use this module, you must have purchased and installed Global Payments first.

The Dynamic Currency Conversion service is an add-on to the Global Payments gateway that enables immediate conversion of the payment amount into the customer’s native currency offering them a choice of currencies for the payment. With DCC enabled in a web store, customers have the convenience of seeing their purchase amount in their home currency regardless of the currency the web store is using. In order to enable the Global Payments Dynamic Currency Conversion extension, you need to install and configure the Global Payments gateway in your web store. With the Global Payments gateway installed, you can add the DCC service.

The implementation of Dynamic Currency Conversion leads to higher sales as it gives customers better confidence during checkout. If the web store operates in a currency that is unfamiliar to the customer, they may become reluctant to complete the purchase. It may be difficult for them to estimate the total amount. Moreover, they may have concerns about conversion fees.

The Global Payments Dynamic Currency Conversion extension eliminates these concerns. The extension detects the currency of the customer’s credit card from its details and immediately converts the amount to that currency by the dynamic interbank exchange rate that is constantly updated from the official sources.

For eCommerce businesses, the DCC extension provides a perfect opportunity to reach foreign markets. By offering the payment option in their local currency, the web-store removes the possible barriers that foreign customers may face when shopping online. No sensitive credit card or customer data is stored on the website owners’ servers.

Account & Pricing

In order to install and enable the Dynamic Currency Conversion extension, you need to set up your Global Payments account by contacting the Global Payments Support. Simultaneously, request the activation of Dynamic Currency Conversion for your account, too. There is no additional fee for using the Global Payments Dynamic Currency Conversion service specifically, however additional fees apply for the primary Global Payments service.

The use of the DCC extension does not create any additional charges for the customer. The exact purchase amount is billed to their account in the selected currency. Pronko Consulting charges no additional fees for using the Global Payments Dynamic Currency Conversion extension except for the extension license.

Benefits

Customer Convenience

A merchant offering the Dynamic Currency Conversion service provides an added convenience to customers shopping in their online store. People often shop online in stores based in other countries and operating in currencies other than their local. In this case, customers immediately get a number of questions and concerns that often make then abandon their purchases. Dynamic Currency Conversion removes a lot of customers’ concerns: How much does it really cost? Will my credit card balance be enough? Is it expensive or not? When the online transaction is clear and understandable, the customers are more likely to complete the checkout.

Exchange Rate Transparency

Every time a customer pays for their purchases in a different currency, there is an exchange transaction because the credit card is billed in the local currency. However, without the Dynamic Currency Conversion enabled, the customer finds out the actual amount billed to their credit card only after the transaction has been finalized. The exchange rate maybe not the one the customer had expected but at that point, nothing can be changed. The Dynamic Currency Conversion uses the interbank exchange rate available at the time of the transaction and displays it to the customer. This way, the customer knows the exchange rate before they complete the payment and can be more in control of their credit card transactions.

Features

• Improved Checkout Payment Experience- It is a powerful enhancement to your Global Payments gateway giving the customers additional options during the purchase. The payment gateway detects customer’s credit card currency automatically and immediately calculates the corresponding amount using the dynamic interbank exchange rate. The amount and the applied rate are shown on the checkout page with the possibility to choose either of the two options. A customer is presented with an exchange rate and the final order amount in customer’s credit card currency. With the Realex Payments Dynamic Currency Conversion Add-on extension, you give your customers flexibility in choosing the payment currency depending on their preferences. Such flexibility creates great user experiences and inspires customer loyalty.

• Enhanced Configuration Settings- With the advanced extension’s configuration settings an admin user can configure whether the Dynamic Currency Conversion feature is enabled on a storefront checkout payment’s page. Once enabled, a customer will be able to see a “Pay in your own currency” section below the Credit Card forum. The title of the Dynamic Currency Conversion block can also be changed to match the business requirements. In addition to this, an admin user can select the currency conversion processor. The “fexco” currency conversion processor is selected. An admin user can choose between the “fexco” or “euroconex” processors.

• Advanced Magento Admin experience- The web store admins also see whether a different currency was used. The Order and Account Information showing the summary of each order, displays which currency was used and which exchange rate was applied.

Compatibility

The Global Payments Dynamic Currency Conversion extension is compatible with Magento Open Source editions from 2.2.x to 2.3.x, Magento Commerce editions from 2.2.x to 2.3.x and Magento Commerce Cloud editions from 2.2.x to 2.3.x. To obtain proper support and software updates, make sure you purchase the corresponding license matching your Magento 2 edition.

Support

Pronko Consulting offers ongoing support of the Global Payments Dynamic Currency Conversion extension including all version releases and bug fixes. For any additional information on the extension, contact us at support@pronkoconsulting.com.