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What is FX Assured?
FX Assured® is Planet Payment’s Best Rate Guarantee for Dynamic Currency Conversion (DCC). FX Assured guarantees Visa and MasterCard cardholders that they will have the best rate available when they choose the certainty and convenience of paying for an international transaction in their home currency. At participating FX Assured merchants, the conversion rate the cardholder pays is calculated to be less than the effective rate (including international usage fees) that the card provider would have charged for the same transaction, if the cardholder had paid in the merchant’s currency – or Planet Payment pays 150% of the difference. Terms and Conditions apply.
Why is Planet Payment offering FX Assured?
Dynamic Currency Conversion represents the next level of convenience in international commerce. As a leader in the global payments industry, Planet Payment is making this premiere DCC service available through participating financial institutions at the lowest rate possible, to help merchants and cardholders experience DCC at its very best.
How does FX Assured save cardholders money?
Credit card providers may charge travelers international usage fees (which may, or may not be separately identified on card billing statements) in addition to the currency conversion rate, when they use their card in a foreign country. With the FX Assured service, our unique, patent-pending technology calculates a conversion rate that is less than the effective rate (including the international usage fees) that the card provider would charge for the same transaction, if the cardholder had paid in the merchant’s currency. So even though the cost in the local currency stays the same, the cardholder actually pays less. Terms and Conditions apply.
Who is eligible for FX Assured?
FX Assured is available to any Visa or MasterCard cardholder who chooses to pay for his/her international transaction in his/her home currency at a participating FX Assured merchant. In the United States, available currencies include Euros, British Pounds Sterling, Canadian Dollars, Japanese Yen and Australian Dollars. FX Assured will also be available shortly at participating merchants in Europe for credit cards denominated in all of the above currencies, as well as United States Dollars and Swiss Francs.
How does FX Assured work?
When a cardholder chooses Planet Payment’s DCC at a participating FX Assured merchant, our patent-pending technology recognizes the card provider and looks up that provider’s international usage fee. The system then automatically calculates an exchange rate for the transaction, which includes a discounted service fee that is less than the effective rate (including the international usage fees) that their card provider would charge for the same transaction. Terms and Conditions apply.
How does the Best Rate Guarantee work?
If a cardholder believes that he would have received a lower effective rate (including international usage fees) by completing the transaction in the merchant’s currency, Planet Payment will pay 150% of the difference between the two costs. The cardholder will need to Submit a Claim so Planet Payment can verify and credit the account. Terms and Conditions apply.
How does a cardholder submit an FX Assured claim?
A cardholder wishing to submit a claim must download and complete a claim form, and fax to Planet Payment along with:
• The merchant’s receipt for the FX Assured transaction
• A copy of their card statement showing another transaction performed in the merchant’s currency on the same card on the same day
Documentation must show a transaction on the same date which was billed at a lower effective rate (including the international usage fee) than the FX Assured transaction. For more details, click on the Submit a Claim section.
How does FX Assured benefit merchants?
When merchants offer their international customers both the certainty and convenience of paying in the customers’ home currency at a guaranteed best rate, those establishments should attract more international customers, drive repeat business and recognize more incremental revenue.
Where is FX Assured available?
FX Assured is available at participating merchants in the United States and will shortly be available in Europe.
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