How to accept multi-currency card payments with Peach payments
This article gives some information on how to enable you as a South African merchant, display and allow foreign card holders to be charged in their local currency.
This is a Dynamic Currency Conversion, DCC- so any foreign currency is converted, processed and settled in ZAR to you as the merchant.
The problem - Currency support for merchant accounts :
Merchants on Peach merchant account and Nedbank merchant accounts, are not yet able to process in foreign currency.
This means in the payment request from your system to bill the customer at checkout, the currency needs to be sent to Peach payments' API in ZAR.
Sending payment requests in any other currency returns an error description such as the one below :
"Invalid payment data. You are not configured for this currency or sub
type (country or brand)"
Peach payments offers a multi-currency merchant account available with ABSA and you can send us a request for more information to get started with your multi-currency acceptance.
How it works :
1. Present the transaction in the foreign currency to the customer e.g. USD.
2. Customer will be charged the foreign currency amount e.g. USD - exact same amount as presented in step 1.
3. The merchant is settled in ZAR
4. The conversion rate is the daily rate from ABSA and this is decided by them - currency conversion rate and amount are available in the transaction result.
5. ABSA will still charge their regular card acquiring fee.
Our sales team would request this information to be able to help :
1. What is the use case ? (E.g. accepting payments from foreign cardholders)
2. currencies required
3. projected volume for next 12 months
Accept multi-currency today, with Peach payments : GET STARTED