YESpay offers first truly integrated DCC and Tax Free capability with its managed payment service, EMBOSS

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Fintrax and YESpay International have now partnered to offer a truly integrated DCC (Dynamic Currency Conversion) and Tax Free Shopping service to high street merchants.

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We are excited to announce YESpay integration within DCC and Tax Free functionality offering customers a low cost PCI-DSS compliant solution with the added benefits of using DCC and Tax Free as part of the payment process.

Fintrax and YESpay International have now partnered to offer a truly integrated DCC (Dynamic Currency Conversion) and Tax Free Shopping service to high street merchants.

YESpay's EMBOSS managed payment service enables merchants to process EMV Chip & PIN and magnetic credit and debit card payments within seconds. This proposition in fact relieves merchants from deploying and maintaining an in-house payment solution as well as undergoing formal end-to-end bank testing and managing PCI-DSS compliance.

EMBOSS now supports truly integrated DCC and Tax Free functionality. DCC allows the merchant to offer foreign cardholders (Mastercard and Visa) the choice to pay for their goods and services in their home billing currency at the point of sale, whilst the transactions continue to be settled in Sterling to the merchant. Once the credit card is swiped or inserted into the payments terminal, the foreign credit card and the corresponding currency are recognised immediately and the terminal automatically displays the DCC offer for the customer.

The sales amount is displayed on the PED screen in both the cardholder’s billing currency and the merchants base currency together with the rate of exchange used, the cardholder simply chooses the currency they want to pay in by pressing the appropriate key on the PED. Whichever currency they choose, the authorisation process remains the same and end of day readings and subsequent settlement is in the merchant’s base currency.
The benefit for the consumer is simplicity, confidence that the purchase amount is the total they will be charged in their home currency, competitive exchange rates and ease of reconciling business /personal expenses in their home currency.

DCC is offered in 28 currencies and it is a great way for merchants to generate more business and revenue, to offer an extra service to their customers and to get an insight into their customers’ buying habits using Fintrax’s management reports that complement YESpay’s payment proposition. DCC makes purchasing for international customers much easier encouraging greater spend.

Premier Tax Free is another functionality that enables the merchant to automatically print Tax Free forms in under 10 seconds as part of the payment process. The customer must then get their VAT form stamped by Customs when they leave the EU. Overseas customers can thus save money in the store and use the Tax Free saving to buy additional items. The merchant can offer a better customer experience than their competitors, generate additional revenue from each Tax Free sale, and indeed receive reports on foreign spend activity.

YESpay's integration with Fintrax means merchants of all sizes that work with foreign customers now have a cost-effective PCI-DSS compliant payment solution fully integrated with DCC and Tax Free Shopping functionality. EMBOSS is the first proposition of this kind to the UK market!

Duncan Bews, Sales Director at Fintrax comments “We are excited to announce YESpay integration within our DCC and Tax Free functionality offering customers a low cost PCI-DSS compliant solution with the added benefits of using DCC and Tax Free as part of the payment process. With the International Visitor market now worth over £19 Billion in the UK alone and the Olympics on the near horizon, merchants that strengthen their ‘tourist offer’ are best placed to benefit from this highly lucrative market over the next few years."

EMBOSS is generically pre-accredited with all major Acquirers in the UK, Europe and North America while it supports all major EMV credit and debit cards, including Visa, MasterCard, Interac, Maestro, Amex, Diners and more. It reduces business and technical issues of outsourcing payment services and helps merchants avoid lengthy timescales and high costs of EMV certification and PCI-DSS compliance of their retail environments. Fully scalable, EMBOSS can address the needs of the single location merchant as well as larger chains with 100s of stores.

Antonia Mitsana, Marketing Manager at YESpay International adds “We are always alert in offering innovative added value services to our merchants; DCC and Tax Free is indeed a brilliant solution for merchants working with international customers in big cities such as London. Our integrated proposition is in fact a no-brainer as it conveys benefits to all parties (merchants and consumers alike) and it is so easy to use. We are very pleased to work with Fintrax and we remain committed to offering a truly pre-accredited payment service and helping our merchants enjoy a fast, reliable but also inexpensive service”.

About Fintrax
Founded in 1985, the Fintrax Group has operations in 26 countries working with over 90,000 merchants providing innovative value added solutions aimed at the Inbound Visitor market. The Fintrax Group core products are Fintrax DCC, a Visa / MasterCard payment solution allowing International customers to pay for goods and services in their own currency at the point of sale and Premier Tax Free Shopping, a solution allowing International customers to reclaim the VAT / GST when they export goods purchased during their visit.

The Fintrax Group has been at the forefront of helping merchants with trading outlets in tourist centric locations increase their share of this very lucrative International market .Our technical solutions increase sales, whilst significantly reducing time spent at point of sale and our marketing programmes promote our customers to millions of Inbound Visitors every year.

About YESpay International Limited:
YESpay, a global card payments service company, provides highly secure Internet, EMV Chip & PIN, contactless and gift card payment processing services to independent and multi-chain merchants. Through EMBOSS™, the YESpay Managed Payment Service, merchants can quickly accept integrated card payments within EPOS, kiosks, hospitality and e-commerce systems with minimal capital investment and low on-going services costs. EMBOSS is an on-line IP-based payment processing service that has been generically pre-accredited by major Card Acquirers in Europe and North America (including Chase Paymentech, First Data Merchant Service (FDMS), Barclaycard Business, HSBC, HBOS, Lloyds Cardnet, Streamline, Ulster Bank, Elavon, PBS, Amex and Diners). In addition, the YESpay EMBOSS service is fully end to end certified to Payment Card Industry Data Security Standards (PCI DSS) Level 1 as mandated by Visa and MasterCard. The YESpay EasyV-Suite of card payment products is innovative and cost-effective for EPOS, Kiosk, Hospitality, Mobile and Internet environments. With the YESpay EMBOSS card payment service, merchants can perform card payments in both card-present and card-not-present environments.

http://www.yes-pay.com
YESpay International Ltd Offices:
UK Headquarters: Checknet House, 153 East Barnet Road, Barnet, EN48QZ, UK
133 Richmond Street West, Suite 406, Toronto, ONTARIO, M5H2L3 CANADA
UK/Europe Telephone: +44 – 203 – 006 – 3790
USA/Canada Telephone: +1 – 416 – 214 - 6012
PR Contact: Antonia Mitsana, Marketing Manager, Tel: (+44) 0871 221 9510, ext 227
antonia(dot)mitsana(at)yes-pay(dot)com

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