JD.com and Alibaba create indexes to identify Chinese shoppers’ spending trends, which help retailers gain insight.
The service was launched in order to help improve sales conversions and benefit consumers by displaying prices for international shoppers in their local currency.
MONTREAL, Nov. 1, 2012 - Pivotal Payments, one of North America's fastest growing payment processors, announces it will begin offering multi-currency processing (MCP) to US and Canadian ecommerce, mail/telephone order and brick and mortar businesses. The service will allow merchants to display prices and bill in over 60 currencies, while continuing to report and settle in their local currency.
The service was launched in order to help improve sales conversions and benefit consumers by displaying prices for international shoppers in their local currency. It is a secure solution that offers online merchants the capability of providing the local feel of a global merchant's web site, regardless of the client's location or the product's shipping location. At the point of sale, retailers can use multi-currency processing to generate additional sales and customers from an international clientele such as business travelers. It allows merchants to quickly and efficiently expand their business to reach a global marketplace.
Pivotal Payments' Dynamic Currency Conversion (DCC) gives international shoppers the convenience of paying in their own currency when swiping their credit card at US and Canadian businesses using Pivotal Payments' processing services. Merchants are able to reduce their cost of processing foreign cards and provide a more personalized service. The enhanced shopper experience translates into repeat customers and increased sales.
Online marketing research site EMarketer predicts by 2013, 34% of all business to consumer ecommerce sales will come from Asia-Pacific, surpassing North America's 31.6%. Additionally, the European Multi-channel and Online Trade Association recently reported that European online B2C sales posted 19% growth in 2011 to reach an estimated $307 billion, surpassing North America at $297 billion. By providing multi-currency processing directly to its clients and through its ISO and sales partner channels, Pivotal Payments aims to improve its product offering and enhance merchant loyalty by helping business owners achieve sales success at a global level.
"We are very excited to be adding multi-currency processing to our robust suite of secure merchant processing solutions in North America," said Ron Fleming, Canadian Director of Corporate Sales for Pivotal Payments. "The beauty of the multi-currency processing solution lies in its simplicity. With a single merchant account, our clients can quickly enable foreign currencies such as the Euro, Pounds Sterling, Japanese Yen and many more, to truly tap into a global marketplace. Some of our key clients have already begun using the MCP solution with great success and we are now rolling it out across our entire merchant base."
Pivotal Payments is a leading provider and processor of merchant services throughout North America. It provides to both online and point-of-sale merchants a variety of services such as credit and debit card processing, electronic check conversion, merchant cash advance programs, loyalty/gift card programs and terminal management solutions. The company provides these services to small and mid-sized retail businesses, mail order/telephone order merchants, e-commerce, chain stores, franchises, restaurants and dealerships. With offices across North America, Pivotal Payments has grown to over 350 employees and over 1,500 sales partners and serves more than 60,000 customers. The company processes over US$10 billion in annual transaction processing volume.