Skyzer Blog

Tourism Business: How to Capitalise on Dynamic Conversions

14 Feb

The tourism industry in New Zealand is bigger than ever, and if you have a business that attracts international clientele, you need an EFTPOS terminal that can accept their payments. Unfortunately, most businesses don’t know the benefits of including dynamic currency conversion in their stores, but that can change here.

Dynamic currency conversion (DCC) is the translation of a purchase price into the buyer’s home currency, making it much easier for international customers to understand how much your product or service costs. If you’ve ever tried to figure out if something is expensive in an unfamiliar currency, then you know what an asset that is to the customer.

So, how does DCC work, and why is it good for your business? And how can you capitalise on including this additional tool for your customers? Read on to discover this often-overlooked portion of international tourism.

How DCC & Currency Select EFTPOS Works

Choosing an EFTPOS machine in New Zealand that can handle international transactions is an asset that will end up paying for itself and more, which is the golden egg of business practice. Here at Skyzer, our DCC software is called Currency Select EFTPOS (CSE). It is specifically designed for merchants who operate in or around the tourism industry, who often field international clients with a variety of international credit cards.

Currency Select EFTPOS is integrated into your existing EFTPOS terminal with no additional equipment, allowing the terminal to read cards from other countries. When a customer presents an international card, they will be presented with the option to pay in their home currency or NZD. The terminal will display the NZD purchase amount along with their converted home currency amount and the exchange rate for that currency. They can then select the currency that they want to make their purchase in. The receipt is printed containing the above information along with the commission. .

With CSE, you can choose twelve currencies to offer to your customers. Keep in mind that you must be in an acquiring relationship with BNZ to have this software on your terminal.

What Are the Benefits of DCC to Your Business?

Dynamic currency conversion is beneficial to the businesses that offer it as well as the customers who use it. Here are some of the benefits of integrating this software into your current payment scheme.

Expands Your Customer Base

If you can cater to customers from all over the world, you can increase your business’ revenue by a sizeable amount, especially if you operate in or around the tourism industry. DCC creates a wider customer base for businesses to capitalise on, and you can choose to charge a fee which will aid your revenue even more.

Pays for Itself with Conversion Fee

Banks in New Zealand do not charge a currency conversion fee for international transactions, but merchants are able to charge it as part of in-store or online purchases. This helps to cover software costs and allows merchants to capitalise on an international customer base.

Establishes Loyal International Customers

Travellers in unfamiliar places tend to find places that they trust, continuing to frequent them for the entirety of their journey (and even if they return later on). If you can offer foreigners an easy way to understand how much they are paying, it creates a sense of trust and transparency, and your business has the potential to become a familiar favourite of theirs for years to come.

Offers Customers a Choice

As long as you are upfront about any fees you implement with DCC, you can offer your customers the choice of using it or not. When purchasing, they can opt to have their card charged in NZD with no conversion, avoiding the fee. Transparency is something customers value in businesses, and choice even more so, so this is an asset.

Expand your business by catering to people from all over the world. 

Skyzer Technologies specialises in everything from dynamic currency conversion software to EFTPOS hire. Browse our payment solutions now, or contact our team of experts to get your questions answered today!