Dynamic Currency Conversion (DCC) Sample Clauses
The Dynamic Currency Conversion (DCC) clause allows cardholders to choose whether a transaction is processed in their home currency or the local currency at the point of sale. In practice, this means that when making a purchase abroad, customers are offered the option to pay in their own currency, with the exchange rate and any associated fees disclosed at the time of the transaction. This clause provides transparency and choice to consumers, helping them understand the costs involved and potentially avoid unexpected currency conversion charges on their statements.
Dynamic Currency Conversion (DCC). (i) The Dynamic Currency Conversion enables certain of Merchant’s customers, whose Cards are denominated in certain currencies (“Program Currency”) other than Canadian Dollars (“Foreign Cardholders”), to present a Card at Merchant’s point-of-sale and to pay for a purchase in the currency of the Foreign Cardholder, based upon a rate of exchange determined by Peoples Trust, while Merchant receives settlement of the foreign transaction in Canadian Dollars (collectively, a “Foreign Transaction”).
(ii) Merchant acknowledges and agrees that a Foreign Transaction will be converted to the Program Currency in which the Card is denominated based upon an exchange rate in effect at the time of authorization for retail transactions and that the Foreign Transaction, as converted, will be cleared through the “Card Associations”) in the currency in which the Card is denominated. The Program shall apply only to those Cards issued by Visa, MasterCard or under the brands of such other Card Associations included within the DCC program that are billed to the Foreign Cardholder in a Program Currency. Additionally, DCC may not apply to credit-return transactions, or certain Foreign Transactions that are referred to Peoples Trust for authorization or otherwise authorized by Merchant via telephone. Peoples Trust reserves the right to add, delete or suspend any currency to or from the Program, as the case may be, at any time without notice to Merchant. Further, Peoples Trust may terminate or suspend DCC services for any reason upon notice to the Merchant.
Dynamic Currency Conversion (DCC). 1.1. INTRODUCTION
Dynamic Currency Conversion (DCC). If approved by ▇▇▇▇▇, Merchant may offer Dynamic Currency Conversion (DCC). If the Merchant offers DCC to Cardholders, the Cardholder must be informed of the current exchange rate and any fees, and must agree to pay in their own currency before the Merchant completes the transaction as a DCC transaction. If the Cardholder does not agree to pay in their own currency, the Merchant must complete the transaction in its own local currency. Current exchange rates are fixed daily on banking days by the DCC provider. The currency tables in the payment terminals are updated automatically. Settlement of DCC transactions will be based on the original transaction amount in the local currency, i.e. the amount prior to DCC conversion. DCC is not permitted for domestic Card Payments, i.e. where the Payment Card and the Merchant have the same local currency. DCC is only permitted for payments with foreign Mastercard and Visa. Authorisation requests must be sent to ▇▇▇▇▇ in the Transaction Currency and stating the final transaction amount, i.e. the amount after DCC.
Dynamic Currency Conversion (DCC). 3.6.1. The Merchant may offer Dynamic Currency Conver- sion (DCC) if the Merchant has entered into an agree- ment with Nets in this regard and if the Merchant’s payment terminal or payment solution has been configured for this purpose and approved by Nets.
3.6.2. If the Merchant offers DCC to Cardholders, the Cardholder must be informed of the current exchange rate and any fees, and must agree to pay in their own Acquiring – terms and conditions 9 / 25 currency before the Merchant completes the transac- tion as a DCC transaction. If the Cardholder does not agree to pay in their own currency, the Merchant must complete the transaction in its own local currency.
3.6.3. Current exchange rates are fixed daily on banking days by the DCC provider. The currency tables in the payment terminals are updated automatically.
3.6.4. Settlement of DCC transactions will be based on the original transaction amount in the local currency, i.e. the amount prior to DCC conversion.
3.6.5. DCC is not permitted for domestic Card Payments, i.e. where the Payment Card and the Merchant have the same local currency. DCC is only permitted for pay- ments with foreign Mastercard and Visa.
3.6.6. Authorisation requests must be sent to Nets in the Transaction Currency and stating the final transaction amount, i.e. the amount after DCC.