myCurrency: Frequently Asked Questions (FAQ's)

Who is myCurrency designed for?

myCurrency is ideal for merchants handling a high percentage ( min £50K) of international transactions that are face to face.

What benefits does myCurrency offer you?

Remember in return for every myCurrency transaction we give you 1% discount on your Merchant Service Charge (MSC). The greater the usage, the more money you can save.

How do your customers benefit?

• Peace of mind – the amount your customer sees on their payment terminal is what they will see on their statement when they return home. No surprises!

• Savings – the margin applied to the transaction is relatively low compared to other exchange commission charges.

• Competitive rates of exchange – Commercial rates – not the usual “retail” rate.

• No-hassle receipts – take the headache out of calculating expenses.

• Improved budgeting – some customers prefer to see transactions in their own currency so they know where they stand with their spending.

How can you increase use of myCurrency?

• Train your employees – when employees know how myCurrency works and can explain its benefits to customers, usage will increase and so will your profits. Make sure they understand myCurrency.

• Ask customers direct – get into the habit of asking your customers, would they prefer to use myCurrency. They may say yes and they may say no, but they will definitely feel you're taking care of them.

• Display the customer user guides – show them prominently near your terminal. They are available in different languages and replacement stock can be ordered by contacting our helpdesk on 08457 61 62 63

Your Customers' Frequently Asked Questions

“Can you explain what the screen is asking me to do?”

If the customer seems confused, this question is best dealt with before it is even asked. Before processing a payment, ask your customer if they have heard of myCurrency and its benefits. Talk them through what happens. Once they know, ask if they'd like to use it. If it's appropriate for them, they probably will.

TIPS:

1. Ensure you always have the customer user guides handy.

2. You may wish to incentivise your staff for myCurrency usage – every transaction makes you money.

3. Familiarise your employees with the transaction routine.

When you add myCurrency to your terminal, what changes can you expect?

• Reconciliation change – a separate receipt is given for transactions in overseas currencies, so you will see two totals instead of one. Currency conversion is done for you on the terminal.

• Banking window change for polled terminals – at 2 a.m. every day an end of day will be forced upon your terminal if it hasn’t been already. For your account to balance, you must complete reconciliation before 2 a.m. If you reconcile after 2 a.m. your account will still balance if no further transactions have been processed in the period in between.

In brief

Do you have myCurrency already? Remember to use it - more usage equals more savings.

Do you want myCurrency installed? It's free, it's even hassle-free. Contact us now on 0800 01 01 66.

Please read the myCurrency support material on this site or contact the above number for a free myCurrency customer usage pack.