SOURCE: Plug & Pay Technologies Inc.
Humbolt Announces Dynamic Currency Conversion, powered by Plug'n Pay
Humboldt Merchant Services LP announces the availability of its dynamic currency conversion service, powered by Planet Payment.
Innovative “DCC” solution allows merchants to earn additional revenue, while providing personalized transactions to international customers.
Reno, NV, October 14, 2003 – Humboldt Merchant Services, LP, a leading eCommerce merchant acquirer, announced today, the availability of its innovative dynamic currency conversion solution, powered by Planet Payment. Initially available to eCommerce merchants using the Plug ‘n Pay (www.plugnpay.com) Internet gateway, this new service allows eCommerce merchants to earn additional revenue from existing transactions, while allowing foreign customers to review pricing in their native currencies.
The currency conversion service identifies transactions from a foreign cardholder at Humboldt Merchant Services’ (HMS) US based merchants and converts the transaction into the cardholder’s local currency -- in real time. This service will allow HMS merchant’s cardholders to view the price of the transaction in their local currency and are presented a choice, at the time of the sale, of either completing the transaction in US currency or the cardholder’s currency. Should the cardholder elect the conversion, it will be done at an exchange rate that is similar to that which would be offered by the cardholder’s issuing bank, and the amount to which the cardholder agrees in his local currency will be the exact amount that is billed to the cardholder’s credit card statement.
Previously, non-US cardholders did not know the price, in their own currency, or the conversion rate of a transaction at a US merchant until the month-end statement was received from the credit card provider. With HMS and Planet Payment’s dynamic currency conversion solution, merchants will be able to provide their customers the option of comparing prices and paying in their own currency should they wish to do so.
“We have a significant portfolio of Internet merchants,” said Ken Musante, President of Humboldt Merchant Services. “By offering Planet Payment’s service to our merchants with customers outside the US, we will improve the shopping experience for our merchant’s customers and lessen the cost of credit card processing.”
“Our sales partners will benefit by being able to provide prospective merchants one more reason to process with Humboldt Merchant Services,” adds Jamie Savant, EVP of Sales and Marketing. “Planet Payment’s service will be a quantifiable difference for our sales teams and will provide them an additional revenue opportunity.”
About Humboldt Merchant Services, LP
HMS is a wholly owned, full service merchant acquirer of First National Bank of Arizona and First National Bank of Nevada. HMS has 13,500 merchants processing nearly $1 Billion in Visa and MasterCard transactions annually. HMS has been at the forefront of providing real time point of sale transactions to Internet Merchants. Their partnership with Planet Payment is one more step towards continuing that tradition.
Ken J. Musante, President Jamie Savant, Executive VP
(707) 269-3200 (916) 631-1630
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 the customer’s credit card is billed in real time at the point-of-sale. For more information about Planet Payment, please visit www.planetpayment.com.
Thomas J. DeLuca, SVP
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, www.plugnpay.com, or through its reseller partners.
Randy Ridings, VP Sales
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