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Dynamic Currency Conversion (DCC)
Foreign transaction fees and currency conversion fees all go to the bank. DCC from Planet cuts the bank out and puts the money from these fees back into your bank account. No hidden fees - customers know exactly what they are paying.
DCC provides an additional income stream from foreign currency fees.
Second, there is no additional process; the system recognises that the customer is eligible and provides them with the option to pay in their own currency. Thirdly, it gives the customer peace of mind as they can choose which payment service they’d prefer.
Card payments are locked into the customer’s own currency.
Purchasing decisions are simplified as the customer can see the total in a currency they are familiar with, and, as a bonus, it makes submitting business expenses much more straightforward.
DCC Transaction (Customers' Currency)
When a customer chooses to pay in their own currency (DCC option), the currency conversion process is managed by Planet (not by the customer’s bank). Foreign transaction fees are charged to the customer at the point of sale and shared between the retailer, the acquirer and Planet.
Standard Transaction (Merchant’s Local Currency)
In standard transactions, the cardholders' bank manages the process in the customer’s card currency, taking the Merchant and Planet out of the equation. As a result, the customer's bank earns foreign exchange commission. The transaction is authorised and completed a few days after the purchase, exposing the customer to an unknown foreign exchange rate.
Planet provides detailed statistics and reporting to Merchants, including:
DCC hit rate, with breakdown by currency
DCC opt-out rate, with breakdown by currency
DCC Profit & Loss
Unsupported DCC currencies and relevant values
Payment in customer’s home currency, whilst merchant is still settled in local currency
Currency conversion is carried out by Planet and not the customer’s bank.
Foreign exchange commission is included in the total purchase amount displayed to the customer, in real-time, on the payment terminal at the point of sale.
Over 100 currency choices on offer, including EUR, GBP and USD.
DCC creates additional revenue for the merchant and is available across different solutions. Card machines, POS terminals, eCommerce.
Planet currently provides 5 US Banks with Bin/ICA support. Planet also offers other payment solutions for card transactions to the US market.
4-6% per cent for branch locations and 6-8% for off-premise ATMs.
Planet has been offering DCC at ATMs since 2012.
The United Kingdom, USA, Mexico, Bahamas, Spain, UAE and Malaysia.
Brexit has made the £GBP cheaper and the Euro more expensive, so it’s better to pay in £GBP.
Customers think service providers are double charging them.
Customers do not know about the Best Rate Guarantee, ensuring they cannot lose out and don’t pay additional fees.
Card schemes backed by banks promote DCC rates as more expensive.
Some banks decline DCC transactions or send the customer a text message telling them to refuse DCC.
Debit cards/credit cards are not accepted.