Our global network of bank partnerships will enable you to process payments in any currency. As Canada's multi-currency payment processor we've accumulated over 22 years of expertise in cross border payments, far more than any other processor in Canada.
After collecting a payment in foreign currency the funds need to be transferred to you. What currency do you want to receive the funds in? It's often best to receive funds in foreign currency to avoid currency conversion fees, which is called "like-to-like" settlement. (ie: deposit GBP into a GBP currency bank account). If you don't want to maintain foreign currency bank accounts you can receive your deposits in a single base currency, which is called "base currency settlement". We can support both options.
For example, if processing in USD it's recommended to deposit funds into a US currency bank account which can be located in Canada or the USA. More exotic currencies such as Korean Won can also be supported. Some currencies have special requirements depending on the processing currency. This is our primary area of expertise and we'll guide you through the best way to set it up for your business.
All major global processing currencies are supported. The most popular currencies include:
|Australian dollar||Korean won|
|Brazilian real||Mexican peso|
|Canadian dollar||New Zealand dollar|
|Chinese yuan||New Taiwan dollar|
|Czech koruna||Norwegian krone|
|Danish krone||Singaporean dollar|
|Euro||South African rand|
|Hong Kong dollar||Swedish krona|
|Hungarian forint||Swiss franc|
|Indian rupee||United Arab Emirates Dirham|
|Japanese yen||U.S dollar|
We support many more processing currencies than those on the list above, including alternative payment types and exotic processing currencies. Contact us to discuss the specifics of your project.
You must be educated and confident when it comes to interchange in order to have a cost effective payments strategy. Helping you to optimize and reduce these costs is a major part of our service.
Interchange fees are set by Visa and Mastercard at a country level. If you are processing transactions across borders there is an opportunity to eliminate cross border fees and optimize your interchange costs. These cost savings can be tremendous (saving over 1% per transaction processed). If you are processing more than $50,000 per month in foreign currency it must be taken under consideration, otherwise you may be simply giving away money that you could otherwise have kept.
Optimizing interchange will also increase the number of approved transactions that you receive. (Non-optimized transactions that cross borders experience a higher rate of declined transactions). We provide interchange optimization to our clients as a standard part of our service. We accomplish what other processors can't because of our unmatched network of international bank partners. Ultimately, your business may get one merchant account, or multiple merchant accounts in different countries, depending on the unique criteria of your business. Contact us to discuss the specifics of your project.
We take an educational approach when working with our clients so that you can be confident when selling internationally.
If you want to become an expert on all things multi-currency, we suggest you contact us to discuss your project, or to request a copy of our multi-currency whitepaper. It's the most exhaustive source of information about multi-currency credit card processing on the web.