Have you considered offering your customers to pay in their own currency, but have doubts about whether it is a good idea?
Many businesses, such as hotels and restaurants, offer foreign customers to convert their payment into their own currency. We call this process DCC (Dynamic Currency Conversion). Many customers think this is smart, but some have probably heard rumors that it’s fraud because the exchange rate is locked into the purchase. So, what are the facts? Is it a scam or just good service? In this blog article we’ll look at the topic more in depth.
Currency conversion – is it a good deal for you and your customers?
If you yourself are traveling abroad as a Nordic tourist, currency conversion is likely not a great deal for you. This is because the economy in your country is so strong and therefore the exchange rate doesn’t fluctuate that much. But if you, as a merchant in the Nordic region, have many foreign customers, the solution can prove to be a good deal for both you and your customers.
Give your customers a great shopping experience
Every fourth foreign customer visiting the Nordic region wants to pay in their own currency if you offer it – and they see it as good service. You can also profit from offering currency conversion because you can keep the exchange fee.
Therefore, you should consider offering your customers currency exchange, so you can deliver great service and earn a little extra yourself. If you have many foreign customers who pay in their own currency, what you earn from the exchange fee can end up covering your transaction costs.
We would therefore recommend that you get DCC on your terminal, so that you can give the customers who want to pay in their own currency a good experience and in addition earn a little extra yourself. Once your terminal is set up for DCC, everything works automatically.