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5/2/2005
DYNAMIC CURRENCY CONVERSION (DCC) POINT-OF-SALE (POS)
APPLICATION RECEIVES “CLASS A” APPROVAL FROM VITAL
Vital adds the Hypercom T7Plus to its suite of DCC Solutions
Long Beach, New York, May 02, 2005 -- Planet Payment® announced today that its dynamic currency conversion (DCC) application for the Hypercom® T7Plus terminal has received Class A approval from Vital Processing Services® (Vital®). Powered by Planet Payment, the retail/restaurant application is the latest addition to Vital’s DCC solution offering, which provides merchant acquirers with an innovative currency conversion service that they can resell to U.S. merchants.
The Hypercom T7Plus with Planet Payment’s DCC application gives international cardholders the option to complete purchases in their home currency at U.S. merchant locations. An international card is identified at the time it is swiped and the cardholder is presented with the transaction amount in both U.S. dollars and the customer’s home currency, in real-time. The cardholder elects whether to complete the transaction in his home currency or in U.S. dollars. If the home currency is chosen, the T7Plus prints a receipt with transaction details including the exchange rate applied, the U.S. dollar amount, and the home currency amount - all in full compliance with Visa® and MasterCard® regulations. The cardholder’s statement will reflect the exact home currency amount that printed on the receipt, while the merchant’s financial accounting and reporting through Vital remains in U.S. dollars.
Class A approval of the DCC application includes rigorous testing to insure optimal performance and usability along with specialized, full-service, 24 x 7 x 365 merchant help desk support. “Class A approval of Planet Payment’s DCC application for the Hypercom T7Plus is a milestone in our efforts to provide best-in-class solutions to our acquiring clients and their merchants,” said Phil Kumnick, Vital senior vice president. Philip Beck, Planet Payment’s chief executive officer, explained how Vital’s Class A approval is “just another step on the road to success in providing localized pricing solutions to merchants and their international customers.”
Vital DCC, powered by Planet Payment, offers currency conversion solutions for merchants in every industry sector, including Class B approved applications for hospitality from MICROS® and e-Commerce and retail-over-IP applications from Plug’n Pay.
About Planet Payment
Planet Payment helps merchants sell to international customers, while offering increased revenues and reduced costs on the underlying transaction. A specialty payment processor since 1999, Planet Payment is a leading provider of multi-currency processing solutions, including dynamic currency conversion (DCC), for merchants in all industries. Planet Payment provides a full suite of outsourced and customized processing solutions to support the diverse needs of acquirers and merchants for which international cardholders are an important part of their business. For more information about Planet Payment, please contact us at 516.670.3200 or via email at info@planetpayment.com, or visit www.planetpayment.com.
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, managing merchant terminals and providing information management services, Vital partners with acquirers to help them effectively manage and grow their merchant portfolios. Vital is a wholly owned subsidiary of TSYS® (NYSE: TSS). Additional information about Vital can be found at www.vitalps.com.
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