KAGI SELECTS E4X FOR ONLINE MULTI CURRENCY SOLUTION AND SERVICES
Company will offer payment options in up to 26 currencies; Multi currency
functionality will debut by mid summer
New York, NY & Berkeley, CA, June 26, 2001 -- E4X, Inc., a provider of a
risk free online multi currency solution that enables businesses to sell in
local currencies, today announced that Kagi, a leading payment processing
platform for independent software developers, will be the first company in
its category to use the E4X multi currency offering. By incorporating E4X’s
REX, Kagi will enable its global consumers to view final prices and purchase
in their currency of choice, while it settles in US dollars. E4X’s multi
currency functionality will be available on Kagi’s Web store by mid-summer.
Kagi will provide its customers a new and unique service with the use of the
E4X REX; enabling them to display final prices—other than US dollars—in up
to 26 local currencies for its digitally downloaded software on its online
catalogue. International customers that shop on Kagi’s Web store will be
able to select the currency in which they want to pay and then purchase in
that local price and currency, knowing the exact and final charge on their
credit and/or debit cards. At the same time, Kagi will continue to conduct
business as usual and receive final payment in US dollars, based on a
guaranteed rate of exchange provided by E4X. E4X guarantees the final
transaction price and manages the foreign currency risk, ensuring that Kagi
and its customers will not be exposed to any foreign exchange risks.
The E4X REX is the first multi currency solution that brings advanced
financial tools to the point of sale thereby eliminating the foreign
exchange risks related to selling in multiple currencies. Compatible with
all major payment systems and eCommerce platforms, companies can easily
integrate the E4X REX to their Web sites. The offering provides businesses
with a cost-effective method to sell online in multiple currencies and
eliminate costs and hassles typically associated with selling in foreign
currencies. With the E4X REX, Kagi will also have the flexibility to fix
prices across currencies for any interval of time (days, weeks, months,
year) and price differentiate by currency, according to seasonal promotions
and specials.
“Software developers depend on us to provide the most flexible transaction
platform so that they can sell worldwide,” said Kee Nethery, president of
Kagi. “We’ve always accepted the widest range of payment methods and
currencies in our industry. Now with E4X technology, our customers who use
credit cards will always be able to buy in their local currency.”
“Every online retailer wants to increase international sales by enabling its
global customers to shop in their local currency. Until now this has been a
real barrier. Selling in multiple currencies is a highly complex process
that exposes businesses to accounting and taxing overhead, currency risks
and complicated banking procedures,” said Yuval Tal, CEO of E4X, Inc. “With
the E4X REX, these intricate processes are eliminated and simplified, which
will enable companies like Kagi to sell in local currencies without changing
the manner in which they do business and give them a competitive edge over
their domestic and international peers.”
About Kagi
Founded in 1994 by Kee Nethery, Kagi has been an early pioneer in the
creation of the digitally delivered software market. Through its secure
payment-processing platform, Kagi has made it possible for independent
developers around the world to go into business and for millions of
consumers to buy innovative technology products unavailable in the mass
market. Kagi now processes transactions for over 7,000 vendors in 184
countries.
About E4X, Inc.
E4X, Inc. enables eBusinesses that are expanding globally to sell in foreign
currencies easily and without currency risks. By employing E4X’s
cost-effective solution, online businesses can display final prices in local
currencies, while receiving exact payment in their currency of choice. This
multi-currency solution is easy to integrate, minimizes costs and hassles
and is designed to support local marketing strategies. Compatible with all
major payment systems and eCommerce environments, E4X eliminates all foreign
currency exchange risks by bringing advanced financial tools to the point of
sale. Founded in 1999, E4X is based in New York and is privately held. The
company also operates a research and development facility in Tel Aviv,
Israel. For further information, visit www.e4x.com.
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