Posted December 08, 2016 by FreedomPay

Avoiding Risk in Far-Off Places with Dynamic Currency Conversion

In an increasingly globalized world, consumers constantly find themselves having to deal with the complications of foreign transactions when visiting the United States. Whether the purchase is a retail shopping expense, or simply a minor travel expense, unpredictable markets and fluctuating currencies make navigating a transaction in another country difficult. That’s without taking into account the exchange rate fees that are often associated with international purchases as well. Our mission at FreedomPay has been to simplify the currency conversion process, so that when traveling to the U.S., making a purchase is as simple as it would be in your home country.

Our Dynamic Currency Conversion solution helps eliminate the risks of foreign exchanges. It not only gives customers the choice of paying in their own home currency, but also in the merchant’s base currency if that is preferable. It is an innovation in the field of international transactions that helps both sides of the exchange.

As FreedomPay Vice President Tom Smith says, “Providing international travelers a way to pay in their home currency improves the shopping experience and eliminates the extra expense incurred when card associations and issuers apply their currency conversion fees onto a customer’s credit card bill. It also eliminates the need for customers to try to calculate the price of an item in their home currency.

Dynamic Currency Conversion allows customers to make informed choices by seeing the amount they are paying in a form of currency they are familiar with. Additionally, our system ensures there is full transparency: no more hidden fees or surprise charges. What is printed on the receipt is what will show up on the bank statement. This makes the customer more comfortable with the transaction and improves the experience and impression that they have with a merchant.

Customers aren’t the only ones who benefit from our technology. In modern international markets, transactions involving currency exchange often require merchants to take on quite a bit of risk if drastic changes in the markets occur. With FreedomPay’s system, this risk is mitigated for both parties, ensuring an amicable and safe transaction. Additionally, using the currency conversion provided by our system helps businesses offset credit card fees that may be charged when accepting international cards. Merchants using Dynamic Currency Conversion also have the opportunity to attract business away from competitors who do not use a simple conversion system. Convenience and security are the quickest ways to win over potential customers, especially international travelers who are feeling out of their element.

For merchants with high numbers of foreign transactions, our system eliminates risk and improves customer relations. Particularly for resorts or businesses in the tourist center service industry, providing secure and simplified currency conversion is an absolute necessity to stay competitive.

Want to learn more about how Dynamic Currency Conversion can be a benefit to your company? Visit FreedomPay.com to learn more about our exceptional customer service and groundbreaking technology!