E4X Inc., a provider of software that supports the display of foreign currencies converted into shopper’s home currency on retail web sites, is expanding its offerings to include the processing of foreign currency transactions, CEO Michael DeSimone says.
“We’re in the process of building out our strategy on international e-commerce,” DeSimone tells InternetRetailer.com. Despite the recent demise of Comerxia, which had provided fulfillment and other services for e-retailers selling globally, E4X continues to see strong growth in the demand for global e-commerce services, he adds.
“We’re seeing a real rise in demand for services that support going international with e-commerce,” DeSimone says. “We think it’s a good market and we’re absolutely focused on it.”
E4X expects to fill a void in the international e-commerce services market by providing processing of transactions in the buyer’s local currency. “There’s a real gap in the payment processing world in offering multiple currency options and local payment options,” he says. Now, in addition to letting, say, an England-based shopper see the price of a product on a U.S. retail site in British pounds instead of U.S. dollars, E4X will also provide the services for processing that shopper’s credit card transaction in pounds. Likewise, it will also support processing of payment types unique to particular countries, such as direct debit transactions popular in Germany.
Until now, clients of E4X would have the processing piece handled elsewhere. By offering both the currency presentation and processing services, E4X will now be able to shorten the time it takes to get new customers on board with the ability to accept foreign currency payments, DeSimone says.
In addition to adding processing of foreign currency transactions, E4X is also expanding other types of cross-border services. For example, it’s planning to provide fully landed cost calculations, which show a buyer the total cost of buying a product shipped from a retailer based in another country. “If I’m a shopper in Germany buying from a U.S. retail web site, I’ll know exactly what the total cost will be including customs and duty fees,” DeSimone says.