FEXCO was founded in 1981 and is a merchant account provider based in Ireland. It is the largest financial services provider in Ireland and processes over $10 billion per annum. The company specialises in Dynamic Currency Conversion, Forex Trading (FX), Tax Free retail, and business solutions.
FEXCO offers an end-to-end dynamic currency conversion (DCC) solution which includes front end card technology through to back end treasury and cash management. Acquirers can provide DCC to their global merchants operating in sectors such as eCommerce, retail, entertainment, hospitality, surface transport, airline and duty free sectors.
|Fexco Merchant Services Review||Rating|
|Ease of Use|
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|Reviewed by Expert Market:||12/06/2015|
Products and Features
FEXCO provides a range of merchant account products and services directed at helping acquirers and their merchants generate additional revenue streams through dynamic conversion of foreign purchases. This allows merchants to offset transaction processing fees and benefit from dynamic currency conversion provided by their acquiring bank.
Fexco merchant services include:
- Dynamic Currency Conversion
- Multi-Currency Pricing
- Currency Assist
- Payment Switching Solutions – FEXCO Switch
- Tax Free Retail
- VAT Refunds
|Dynamic Currency Conversion||Better customer satisfaction and extra revenue stream for merchant|
|Multi-Currency Pricing||Prices can be provided in customers currency|
|Currency Assist||Allows trading in currencies not usually available|
|FEXCO Switch||Permits processing of foreign cards|
|E-Vouchers||Customers can send e-vouchers as gifts|
|FEXCO Tax Free||POS VAT processing allows customers to reclaim VAT at airport departures|
FEXCO Merchant Services
Dynamic Currency Conversion
Dynamic currency conversion (DCC) allows cardholders to pay in their own currency. The cost of their purchase is converted to their home currency at the point of sale allowing customers to see the exact price they are paying. The DCC rate of exchange is different from the rate that would normally be charged by their credit card company, and thus generates additional revenue for the merchant.
The customer benefits from knowing exactly what they have been charged rather than only finding out when they read their monthly statement. It also makes it easier for business travellers as it means that they can enter their expenses immediately. The merchant avoids exchange rate risks while receiving additional income.
DCC was first developed by FEXCO which is currently the market leader in provisioning DCC services.
FEXCO Multi-Currency Pricing (MCP) provides merchants to display the good and services on their websites in different currencies. This means that the customer understands exactly what is being charged. However the transaction is settled in the merchant’s account in the merchant’s home or chosen currency. MCP is also used to an increasing extend in customer present (CP) card transactions when payment is made using an interactive screen.
FEXCO Currency Assist
Currency Assist allows acquirers to offer merchants processing and settlement in currencies that are not generally supported by the card providers. With FEXCO Currency Assist over 87 currencies are available compared with just 14 currencies that today’s major card schemes offer. Currency Assist is risk free for merchants as it manages any exposure that may arise between the settlement currency of the card scheme and the preferred currency of the merchant.
FEXCO Switch converts payment messages from one type to another and routes then for additional processing. Essentially it is translation software that creates a bridge between systems that otherwise would be incompatible. It means that payment processors, acquirers and merchants can benefit from revenue generated by transactions carried out using foreign cards.
E-VouchersFEXCO eVouchers allows customers to purchase vouchers and send them to other people as gifts. The vouchers are redeemed on the merchant’s website. The vouchers are white label and can be branded by the merchant. The scheme is easy to implement and provides a good way to attract new customers.
FEXCO Tax Free
FEXCO Tax Free aims to help visitors process their tax refunds when they shop in Ireland. In Ireland VAT is added to all displayed prices, and usually purchasers from outside the EU are able to claim back the VAT. FEXCO Tax Free allows them to do this at the time of purchase when they use the FEXCO HORIZON card at stores that offer the service; these can be identified as they display a FEXCO Tax Free notice. They can withdraw the tax refund from the departure areas of international airports in Ireland.
FEXCO merchant services include a wide range of products designed to improve the experience of merchants and their customers while also enabling merchants to increase their income from services such as DCC. Acquirers who are able to offer these facilities to their merchants will also benefit by attracting increasing numbers of merchants.
Merchants who intend to trade outside the UK will benefit considerably from selecting an acquirer who can offer these kinds of services, and although FEXCO has several competitors, it is one of the major providers and the original developer of several of the products.
If you would like some quotations from merchant services providers that integrate some of all of FEXCO value added services please compete our quote form and selected providers will get back to with quotes tailored to you business needs.