Plug & Pay Technologies Launch Currency Conversion Payment Terminal for Retail Merchants

Thursday 18 March 2004 09:32 CET | News

Plug & Pay Technologies has successfully launched its retail payment Point of Sale terminal with the added functionality of Dynamic Currency Conversion.

Powered by Planet Payment, the leader in dynamic currency conversion processing solutions, Plugn Pays innovative payment terminal is the first commercial application of DCC in the US market using a POS terminal device from a major payment-technology manufacturer. The VeriFone Omni 3750 payment terminal was chosen by Plugn Pay due to its SSL and IP/Ethernet capability. Transactions are securely routed over the internet (Retail over IP) to the world-class payment gateway infrastructure of Plugn Pay and then onto any of the major credit card payment processors. Retail merchants using this new product get the functionality of a traditional high-speed point-of-sale terminal along with all the value-added services to which Plugn Pay e-Commerce merchants have long been accustomed, including real-time online transaction reporting and management. Using this new product, e-Commerce merchants with brick and mortar establishments can now seamlessly integrate their online and physical-world payment processes into one service provider. In addition, merchants using the Plugn Pay retail payment terminal can also enjoy the benefits of Dynamic Currency Conversion. Utilizing Planet Payments conversion system, the Plugn Pay retail payment terminal can identify a transaction from a customer using a credit card issued by a foreign card provider and present the customer with a choice, at the time of the sale, to complete the transaction in either the merchants currency or the cardholders home currency. Planet Payment performs the conversion at an exchange rate competitive to that which would be offered by the customers credit card provider. If the cardholder chooses to pay in his home currency, the Plugn Pay Omni 3750 prints a receipt, including the transaction amount in the merchants currency and the cardholders home currency, together with the applicable exchange rate, for the cardholders signature. The cardholders credit card is billed in exactly the amount that appears on his receipt.

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Categories: Payments & Commerce | Payments General
Countries: World
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