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SOURCE: Plug & Pay Technologies Inc.

Plug & Pay Technologies announces the launch of Dynamic Currency Conversion product for E-Commerce merchants

Innovative solution, powered by Planet Payment, is first to be compliant with new Visa USA disclosure rules for point-of-sale currency conversion

Hauppauge, NY, September 30, 2003 -

Plug & Pay Technologies, Inc., one the nation's leading secure Internet gateways, announced today that it has successfully launched its revolutionary FX Transact™ currency conversion service, powered by industry leader Planet Payment.

Plug and Pay's FX Transact service identifies a transaction from a merchant's foreign customer and converts the transaction into the customer's local currency --- in real time before the customer has completed the transaction. This means customers view the price of the transaction in their local currency, and are presented with a choice, at the time of the sale, of completing the transaction in the merchant's currency or their local currency. Planet Payment performs the conversion, at an exchange rate that is generally more favorable than that which would be offered by the customer's credit card provider. Once a cardholder chooses to pay in the local currency, their credit card is billed in exactly that amount.

In the past, an international customer paying with a credit card could only pay in the merchant's currency, with the customer's credit card provider performing the conversion after the transaction is completed, at an exchange rate not known to the customer. The practical effect of this is that a merchant's international customers do not learn the final cost of a transaction until they receive a billing statement at the end of the month. This practice has been under increasing regulatory scrutiny -- including a major class action lawsuit pending in a New York federal District Court -- in part because of the perceived lack of disclosure to customers of the actual cost of the credit card provider's currency conversion process. Planet Payment's dynamic currency conversion solution addresses this void by presenting the customer with the information during the sales process and allowing them to make an informed choice of currency in which to complete a transaction.

"Plug and Pay has always been at the forefront of providing cutting-edge credit card processing solutions to E-commerce merchants," said David Price, President of Plug'n Pay. "Many of our merchants have long realized that the major benefit of E-commerce is the ability to reach customers in key markets outside of the United States. However, in many cases, our customers' international sales strategies were stymied by their inability to provide customers with the ability to view prices and actually pay in their local currency. Plug'n Pay's FX Transact service, powered by industry leader Plant Payment, is a robust dynamic currency conversion tool which allows merchants to conduct international business more efficiently by giving customers the option to pay in their currency, at a final cost that is frequently better than that offered by credit card providers today. Now that we have successfully launched this product, we are confident that dynamic currency conversion will become the norm in the credit card processing world."

About Plug & Pay Technologies, Inc.

Plug'n Pay, founded in 1996, is a leading provider of payment and digital fulfillment solutions for Internet merchants. Plug'n Pay's payment systems allow merchants to accept and manage both credit card and electronic check payments in a secure environment. Plug'n Pay's industry leading digital fulfillment systems allow merchants to offer digital goods for real-time fulfillment and to manage and maintain online membership and recurring billing services. Plug'n Pay is integrated with the most complete selection of the payment industry's processing centers which allows them to provide their on-line payment solutions to any and all customers. Plug'n Pay's services can be located through its web site,, or through its reseller partners.
Contact Information
Randy Ridings, VP Sales
800.945.2538, x8544

About Planet Payment

Planet Payment is the trade name for Planet Group, Inc. and its subsidiaries. A specialty multi-currency payment processor since 1999, Planet Payment has become a market leader in the burgeoning new field of point-of-sale, or "dynamic", currency conversion, a service in which a credit card transaction is converted from the currency in which the merchant offers its goods into the currency in which the customers' credit card is billed - in real time at the point-of-sale. For more information about Planet Payment, please visit

Contact Information
Thomas J. DeLuca , EVP

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