Consumer businesses have a fixed currency exchange feature to accept more payments globally
Payments by Barclaycard launched a new FX integrated payment solution in collaboration with Barclays Corporate and Investment Bank. “Barclaycard Multicurrency” enables e-commerce customers to accept payments in a wide variety of currencies with settlement in British Pounds, Euros or US Dollars using a predetermined fixed exchange rate.
As e-commerce continues to grow, the opportunities to expand into new markets also increase. Barclaycard Multicurrency allows businesses to accept payments from cardholders in their local currency, then automatically convert the funds and settle the payment in British Pounds, Euros or US Dollars, using a fixed rate.
Barclaycard Multicurrency enables e-commerce customers to extend their global reach by accepting multi-currency payments using a pre-determined rate. The offer builds on and replaces Barclaycard’s existing Multi-Currency Settlement (MSS) solution, which was previously available to all corporate payment customers.
The enhanced product provides simplicity, convenience and transparency to consumers with pricing in their local currency. It also offers e-commerce customers a host of additional benefits, including:
- Locked in exchange rates: customers can protect their Barclaycard Multicurrency transactions against exchange risk with pre-determined rates for 1 or 7 days, with intermediate rates published before the start of the trading period, allowing for easier management of exchange rates. cash flow.
- Ease of integration: The Barclaycard platform has existing built-in functionality, which means that if currency payments are acquired by Barclaycard, multi-currency can be enabled without additional integration. As onboarding processes can be lengthy, the enhanced product saves valuable time for customers.
- Improved pricing: Existing customers have the potential to benefit from efficiency savings by using Barclays internal benchmark pricing.
Paul AdamsChief Product Officer at Barclaycard Payments, said: “Selling overseas opens up exciting opportunities for businesses large and small, from growing their sales to new markets and revenue streams.
“Barclaycard Multicurrency makes it easy for consumers to see prices and pay in their own currency, helping e-commerce businesses drive sales while protecting against currency risk with locked-in rates. By the end of the year, we expect our existing corporate customers with currency needs to be using the new service. »