Believe it or not a good bank can actually help your company! Most of our clients however have become disillusioned and feel their banks are not looking after their best interests… pardon the pun. This however is a good news story that will show you how to generate “bank revenue” and not just pay “bank charges”.
If your customers pay by credit card you probably know the basis mechanism. You set up a Merchant Credit Card account with your bank and pay a fixed monthly service charge. Every time a customer pays with VISA or MasterCard your company pays an additional charge for each transaction.
Ireland operates within the Euro zone. If your customer is visiting from outside this zone there is an opportunity to both enhance the quality of customer service and generate a new revenue stream for your company.
Take for example an American or British guest checking out of an Irish hotel. The guest may of course pay for their stay in Euro. It is also possible to allow the guest to have their credit card payment processed in their own currency, with the exchange rate being specified at the time of purchase. The exchange rate will be competitive and the guest will not have any surprises when they receive their credit card statement.
FEXCO was the market leader for this type of transaction processing and currently works in partnership with AIB to deliver this service to their Merchant customers. Other banks also offer a similar type of service.
So how does your company benefit? By splitting the currency conversion fee with either FEXCO or the bank. All you have to do is ask!