Online payment processor Paycom and currency conversion managers E4X have teamed up to let clients show pricing in several local currencies, including the British pound, the European euro, the Canadian dollar, the Japanese yen, the Swiss franc, the Australian dollar, and the Norwegian krone, as well as the U.S. dollar.
This means Websites using the Paycom gateway and processing system can offer their worldwide customers options to buy products and subscribe to services in one of seven local currencies, with prices shown onscreen the guaranteed final amounts charged to the customers' local credit cards when finishing their transactions no matter the currency's rate variations, Paycom said announcing the new partnership.
And, Paycom clients will continue to be able to collect payments in U.S. dollars without exposure to the exchange rate, the company added.
Paycom chief executive Chris Mallick said a significant percentage of client customers live outside the U.S., making the ability to offer localized pricing extremely important to those client merchants. "However, we recognize that selling in foreign currencies is a complex and costly endeavor, involving many financial and technical issues," he said. "E4X has helped us solve many of these issues. This solution allows us to provide a local shopping experience to international customers while we and our merchants avoid foreign exchange risks, and increase our international business."
Not to mention avoiding unnecessary chargebacks and refunds, Paycom added, saying that, before putting the E4X solution into place, clients' customers "would see variations in the monthly charges posted to their accounts, due to exchange rate fluctuations, causing confusion which could result in refunds and chargebacks. With E4X’s guaranteed exchange rates, customers will see more consistency in monthly charges without exposing Paycom or its merchants to any currency exchange risks."
