Vital Processing Services to offer "Dynamic Currency Conversion" Services to U.S.-based merchants
Innovative service, powered by Planet Payment, allows merchants to offer cardholders the option to perform international transactions in their local currencies.
Tempe, AZ - April 19, 2004 -- Vital Processing Services® (Vital®),a recognized leader in technology-based commerce enabling services, today announced it has entered into an agreement with Planet Payment, an independent specialty multi-currency processor, to introduce dynamic currency conversion authorization and clearing services.
Vital's Dynamic Currency Conversion service will allow merchants to offer international cardholders in the United States the option at the point-of-sale to pay in their local currency rather than U.S. dollars. Vital plans to make the service available to merchant acquirers for resale to merchants later this year.
"Dynamic currency conversion is a service for merchants to offer to their customers, and is another choice available to cardholders at the point-of-sale," said Robert Blair executive vice president at Vital Processing Services. "Vital is committed to facilitating options for merchants and cardholder alike, and this service demonstrates that commitment."
The Dynamic Currency Conversion product is geared towards U.S.-based merchants who serve international cardholders. "Reaching these merchants through Vital's acquirers will expand our ability to provide localized pricing solutions to merchants and their customers," said Philip Beck, chief executive officer of Planet Payment. "Dynamic Currency Conversion was introduced in Europe in the last few years and is now making its way to the U.S. based on its success in other markets."
About Vital Processing Services
Vital Processing Services® (Vital®) is a leader in technology-based commerce enabling services. Vital delivers comprehensive, end-to-end payment solutions to acquirers and their merchants to reliably process millions of credit, debit and other card transactions every day. From authorizing and capturing electronic payments at the point-of-sale to clearing and settling merchant transactions, merchant terminal management and information services, Vital enables acquirers to efficiently manage their payment processing businesses. Vital is the only pure acquirer processor in the industry, with a focus on partnering, not competing, to help acquirers manage and grow their merchant portfolios. Vital is a joint venture of Visa® U.S.A. and TSYS® ("NYSE: TSS"). Additional information regarding Vital can be found at www.vitalps.com.
About Planet PaymentTM
A specialty multi-currency payment processor since 1999, Planet Payment is a market leader in providing localized pricing solutions, including multi-currency processing and time-of-sale, or "dynamic", currency conversion. Planet Payment provides its services to merchants on behalf of their credit card "acquiring" banks and processors participating in Planet Payment's program. More information about Planet Payment can be found at www.planetpayment.com.
Media Contacts:
VITAL PROCESSING SERVICES
Cathy Corby Parker
SVP Marketing
Cathy.Corby@vitalps.com
+1 480 333 7438
PLANET PAYMENT
Thomas J. DeLuca
SVP, Corporate Development
tdeluca@planetpayment.com
+1 516 670 3200, ext 118