Multi Currency Basics

  • Not all multi currency credit card processing is the same. There are two main types of multi currency processing options:
  • We do not offer an in-cart plug-in b/c we offer a true multi currency option.
  • How does a true multi currency credit card processing work
    • For Each “Merchant ID” (MID), your processor will create a fixed settlement currency. For each of these MIDs, you can attach 1 or more processing currencies. 
    • If you only attach 1 processing currency, you’ll have a like-for-like MID and no currency conversion will be applicable. 
    • When you choose to attach additional processing currencies to the MID, a currency conversion will happen whenever the submitted processing currency differs from the settlement currency. 
    • In that case, your processor auths the transaction in the processing currency, but the currency of the transaction will be converted during the clearing process with the card schemes and then settled in the settlement currency of the MID. 
    • Your processor will apply a FX rate to each transaction, which is a combination of the daily exchange rates in effect plus our FX assessment. You will always be settled in the settlement currency of the MID.