YESpay offers first truly integrated DCC and Tax Free capability with its managed payment service, EMBOSS

Fintrax and YESpay International have now partnered to offer a truly integrated DCC (Dynamic Currency Conversion) and Tax Free Shopping service to high street merchants.

YESpay's EMBOSS managed payment service enables merchants to process EMV Chip & PIN and magnetic credit and debit card payments within seconds. This proposition in fact relieves merchants from deploying and maintaining an in-house payment solution as well as undergoing formal end-to-end bank testing and managing PCI-DSS compliance.

EMBOSS now supports truly integrated DCC and Tax Free functionality. DCC allows the merchant to offer foreign cardholders (Mastercard and Visa) the choice to pay for their goods and services in their home billing currency at the point of sale, whilst the transactions continue to be settled in Sterling to the merchant. Once the credit card is swiped or inserted into the payments terminal, the foreign credit card and the corresponding currency are recognised immediately and the terminal automatically displays the DCC offer for the customer.

The sales amount is displayed on the PED screen in both the cardholder’s billing currency and the merchants base currency together with the rate of exchange used, the cardholder simply chooses the currency they want to pay in by pressing the appropriate key on the PED. Whichever currency they choose, the authorisation process remains the same and end of day readings and subsequent settlement is in the merchant’s base currency.

The benefit for the consumer is simplicity, confidence that the purchase amount is the total they will be charged in their home currency, competitive exchange rates and ease of reconciling business /personal expenses in their home currency.

DCC is offered in 28 currencies and it is a great way for merchants to generate more business and revenue, to offer an extra service to their customers and to get an insight into their customers’ buying habits using Fintrax’s management reports that complement YESpay’s payment proposition. DCC makes purchasing for international customers much easier encouraging greater spend.

Premier Tax Free is another functionality that enables the merchant to automatically print Tax Free forms in under 10 seconds as part of the payment process. The customer must then get their VAT form stamped by Customs when they leave the EU. Overseas customers can thus save money in the store and use the Tax Free saving to buy additional items. The merchant can offer a better customer experience than their competitors, generate additional revenue from each Tax Free sale, and indeed receive reports on foreign spend activity.

YESpay's integration with Fintrax means merchants of all sizes that work with foreign customers now have a cost-effective PCI-DSS compliant payment solution fully integrated with DCC and Tax Free Shopping functionality. EMBOSS is the first proposition of this kind to the UK market!

Duncan Bews, Sales Director at Fintrax comments “We are excited to announce YESpay integration within our DCC and Tax Free functionality offering customers a low cost PCI-DSS compliant solution with the added benefits of using DCC and Tax Free as part of the payment process. With the International Visitor market now worth over £19 Billion in the UK alone and the Olympics on the near horizon, merchants that strengthen their ‘tourist offer’ are best placed to benefit from this highly lucrative market over the next few years."

EMBOSS is generically pre-accredited with all major Acquirers in the UK, Europe and North America while it supports all major EMV credit and debit cards, including Visa, MasterCard, Interac, Maestro, Amex, Diners and more. It reduces business and technical issues of outsourcing payment services and helps merchants avoid lengthy timescales and high costs of EMV certification and PCI-DSS compliance of their retail environments. Fully scalable, EMBOSS can address the needs of the single location merchant as well as larger chains with 100s of stores.

Antonia Mitsana, Marketing Manager at YESpay International adds: “We are always alert in offering innovative added value services to our merchants; DCC and Tax Free is indeed a brilliant solution for merchants working with international customers in big cities such as London. Our integrated proposition is in fact a no-brainer as it conveys benefits to all parties (merchants and consumers alike) and it is so easy to use. We are very pleased to work with Fintrax and we remain committed to offering a truly pre-