In its second-largest acquisition, Amazon buys the company for $970 million.
Already selling to customers in 14 countries, Art.com has launched the E4X multi-currency system on its site that allows customers to view prices and pay for purchases in their local currencies. E4X takes the currency risk on the sales.
Art.com is expanding its appeal to global customers. Already selling to customers in 14 countries, Art.com has launched the E4X multi-currency system on its site that allows customers to view prices and pay for purchases in their local currencies. The company will continue to operate, settle and collect payment in U.S. dollars.
“We know that selling in local currencies was an important feature to add to Art.com and a value-added service for our customers,” said Joshua Chodniewicz, CEO of Art.com. “We wanted to employ a system that would simplify the process of foreign exchange management and that would be cost-effective. By working with E4X and Paymentech, we are able to provide a comprehensive multi-currency service to our shoppers around the world.”
E4X has developed a multi-currency system in which E4X handles foreign exchange risks, costs and complications related to selling in numerous currencies. The solution is fully compatible with Paymentech, Art.com’s payment processor, as well as with other major multi-currency processors.
E4X also offers a detailed financial reporting system that integrates all information on all transactions and presents it in a web interface that displays all the currencies in one report.