Currency conversion in payments: everything you need to know

The millions of tourists that Portugal receives every year are excellent news for national businesses. However, difficulties can arise when these customers want to pay for their purchases in the currency of their country of origin.

Although the single currency has facilitated transactions in the Eurozone, it's important to remember that many visitors come from countries such as the United States, China and Brazil - used to paying in dollars, yuan or reais.

For retailers, this can be a challenge. But it's an easier challenge to overcome than it might seem, especially with the support of solutions such as DCC - Currency Conversion and PIX of REDUNIQ.

What is currency conversion and how does it work?

Let's start by explaining how the currency conversion made available by REDUNIQ through DCC functionality.

REDUNIQ DCC - Currency Conversion: your business open to the world

O DCC - Currency Conversion is a solution that allows your customers outside the Eurozone to pay in their home currency, simply and securely, using Visa or Mastercard.

This makes your business more accessible to foreign customers without changing the card payment method. What's more, this solution generates additional revenue calculated on the basis of the volume of transactions received.

Another benefit is REDUNIQ's commitment to share with you the costs of the "markup" - the amount the cardholder pays for the conversion in a DCC transaction - resulting in significant savings.

The process is very simple:

• After entering the amount into the REDUNIQ POS, the terminal automatically recognises the currency of origin of the customer's card;
  
• If the payment is eligible for DCC, the terminal displays the amount in euros and in the customer's currency, with the exchange rate applied;
  
• The customer chooses the currency in which they want to pay;
  
• The amount is automatically transferred to your business account.
  

How to gain competitiveness with the PIX offer in Portugal

PIX by UNICRE: a bridge between sister countries that increases the profitability of your business

With more than a million Brazilians visiting Portugal every year, and more than half a million living in the country, it makes perfect sense to make it easier for them to shop with the most widely used payment system in Brazil: the PIX.

Simply put, the PIX works in a similar way to MB WAY. It allows consumers to make instant payments and transfers in just 10 seconds, 24 hours a day, every day of the year, using only the recipient's mobile phone number.

This payment method is available in Portugal through UNICRE, with the aim of making life easier for both Brazilian consumers and retailers.

How to start accepting PIX in your business

To accept payments with PIXYou must equip your establishment with the payment terminals Smart or Softor your website with the Pay by Link.

The process is as follows:

• Enter the purchase amount in euros in the REDUNIQ Checkout app;
  
• Show the customer the simulated payment in euros and reals;
  
• Generate the QR code and present it to the customer;
  
• Receive the sale price immediately.
  

Unlike card transactions that involve high exchange rates, PIX has low costs, processes the exchange rate automatically and is included at the time of payment.

In addition to its simplicity, PIX offers a clear competitive advantage for your business: more sales, a better shopping experience for the Brazilian public and no membership or monthly fees.

Advantages of currency conversion for your business

Both DCC - Currency Conversion such as PIX offer valuable benefits that can distinguish your business from the competition and significantly improve the shopping experience for foreign customers.

The main advantages include:

• Accept foreign currency payments easily and at no cost to the retailer;
  
• Additional revenue generated through the REDUNIQ financial incentive (DCC);
  
• Convenient and transparent service for the customer;
  
• The traditional payment method remains unchanged;
  
• No fixed monthly or annual costs;
  
• Possibility for customers to choose the currency in which they want to pay;
  
• Exchange rate transparency;
  
• Greater customer control over their spending.