Back
International tourists are back – and they’re ready to spend. If you’re a retailer looking to capture spend from international shoppers, then read on.
Dynamic Currency Conversion, or DCC for short, can help you generate more income from payments, and it offers shoppers convenience and greater choice. In this blog, you’ll learn more about DCC and how you can benefit.
International spending is set to exceed 2019 levels
Last year international spending rose by 33%, compared to an 18% rise for domestic spending. According to the latest research from the World Travel & Tourism Council (WTTC), international spending is set to exceed pre-pandemic levels this year with Europe expecting to see a surge in visitor numbers, boosted by a summer of major sporting events.
Planet’s Intelligence Report shows that US customers already accounted for 19% of in-store Tax Free sales in France in March this year.
It all ends with the payment
Ultimately, everything ends in payments. You can give your customers an amazing in-store experience, but if there’s a hiccup when it comes to making a payment or shoppers are not given the choices they expect, that moment will stick with them.
This is where Dynamic Currency Conversion (DCC) comes in. Offering a home-from-home payments experience with DCC helps satisfy the demands of global customers.* And ultimately create a better experience of your brand.
Read on to find out how you can benefit and how easy it is to offer DCC.
Peace of mind at Point of Sale
International customers are busy. Whether travelling for business or pleasure, they don’t want to have to quickly calculate the cost of something into their own currency. Or worry about whether they got it right once they’ve left the shop.
DCC removes this concern. There are no nasty surprises, what they see on the terminal is what they are charged. This means international customers have convenience and clarity. They know the price of their purchase in their billing currency. So they can enjoy the certainty of knowing in real-time how their purchases impact their travel budget.
Plus, the power is in their hands – DCC is a choice they make, so the transaction and currency choice is always theirs.
Even better, when you work with a provider that supports you, your teams can feel more confident in DCC. A provider should give your staff in-store training, as well as on-going support, including performance analysis. This helps you provide the best customer experience and remove the potential barrier to purchase for global customers.
A home-from-home experience
Paying while travelling abroad can be a confusing experience, especially with unfamiliar currencies. But your customers will remember your brand for all the right reasons when presented with payment options in their own currency.
And it’s no extra stress for staff in-store. With a DCC-ready terminal, the system recognises a customer’s eligibility from their card and gives them the option to pay in their own currency. It’s a win-win for retailers and hospitality businesses.
And as customers know what they’re paying, there’s less likelihood of chargebacks and customer service enquiries asking about a payment amount. It gives your customers a familiar experience - and streamlines your operations.
“We allow the customer to request a Tax Free service and, of course, to pay in their own currency through Planet's intelligent terminal. This allows the customer to guarantee the exchange rate at the time of payment, thus avoiding additional or hidden charges from their issuing bank in their country. All this, through an integral solution powered by Planet, with whom we have been working for more than 20 years.” - Marcos Seseña, Director, Capas Seseña.
Grow across borders, grow your business
Currency conversion also helps retailers engage international customers online, as they can pay in their currency of choice at checkout. You can process online payments in multiple currencies, but without the set-up of an international entity, any foreign bank or wire transfer fees. So you can start selling to new markets, helping to scale your business and reach your revenue goals.
And as well as giving your customers a seamless experience, did you know DCC creates an extra revenue stream for your business?
It pays to offer DCC, as you’ll receive a commission payment from the conversion of the currency every time you complete a transaction. This doesn’t affect your customers, they would have otherwise paid the fee to the bank instead.
Final thoughts
When it comes to payments, it pays to think globally, and locally. Giving your international customers a localised experience online and in-store is essential as we gear up for a surge of international travel.
Stay ahead with DCC and you’ll welcome your global customers and guests with an experience that not only meets but exceeds their expectations.
Want to know more? Download the Planet Guide to Dynamic Currency Conversion.
Find out more about Planet’s DCC services
*Nine in 10 shoppers say they would choose to pay in their local currency, if given the option, according to a Planet survey on over 7,500 global shoppers.
Stay in English