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Cardholder Preferred Currency
Ideal for your business if you have a high volume of international customers using Visa or MasterCard.Other Products : Cardholder Preferred Currency (CPC)
Save money and give your customers added value
If your business has a high volume (min £50K) of international customers using Visa or MasterCard within face to face transactions, then you and your customers could benefit from Cardholder Preferred Currency (CPC).
CPC is an innovative service which allows your international customers the option of paying in their own currency, whilst allowing you to settle as usual in sterling.
You can offer your cardholder a choice of 20 currencies:
- Australian Dollar
- Canadian Dollar
- Yuan Renminbi
- Danish Krone
- Euro
- Hong Kong Dollar
- Japanese Yen
- South Korean Won
- Brazilian Real
- New Zealand Dollar
- Norwegian Krone
- Qatari Rial
- Russian Rouble
- Saudi Riyal
- Singapore Dollar
- South African Rand
- Swedish Krona
- Swiss Franc
- UAE Dirham
- US Dollar
How does it work?
CPC is provided through a point-of-sale terminal. The transaction is processed normally however the terminal recognises the overseas-issued card and offers the appropriate currency at the point of sale. The customer then chooses whether to use that currency or sterling.
If the customer chooses the foreign currency we apply a margin of 3% and this will be displayed on the terminal as part of the total amount charged, whilst we still settle to you in sterling. The customer should not incur any further charges later so there are no surprises when they get their statement. In return we will give you 1% of this margin.
Why will my customers choose CPC?
If the customer chooses sterling, they will still be subject to foreign exchange charges by their card issuer and they will be exposed to exchange rate fluctuations in the normal way. Both the foreign currency and sterling amounts are offered at the point of sale and the decision always remains with the customer. The commercial exchange rate used is provided daily by RBS and is a highly competitive rate used by the bank itself.
What's in it for me?
The choice of currency is a real benefit for your customer, enhancing your customer service. At the same time you will save money as for every transaction that is CPC you will receive 1% off your Merchant Service Charge (MSC) for that transaction.
So if your business turns over £150,000 in eligible overseas card payments each year, then you could be in line to save £1000 from your annual card processing costs.
The service is free and makes no difference to the way you currently operate.
What about reconciliation?
Reconciliation is simple and hassle free. Your current receipt will remain the same and an additional CPC receipt will be supplied detailing the CPC transaction amounts in sterling for both Visa and MasterCard.
Your account is always settled in sterling. It couldn’t be easier!