Merchants in Canada using Moneris Solutions Corp. for payment processing will soon have currency conversion capabilities when checking out customers.
Planet Payment Inc. will provide the international and multi-currency processing service for Toronto-based Moneris, allowing merchants to offer customers the option to pay in their home currency.
Moneris plans to integrate Planet Payment’s currency conversion technology into its suite of product offerings, thus significantly expanding New York-based Planet’s reach in Canada through more than 350,000 Moneris merchants, according to a March 1 press release.
The companies did not provide a launch date, saying they expect to offer the service in Canada "later in 2016."
The service lets tourists or business travelers know how much they are paying in their home currency at the point of purchase, instead of having to wait to find out the currency conversion rate on their card statements.
“Our currency conversion solution provides a superior and customized customer service to international travelers, and we look forward to expanding its presence in Canada,” Pete Ellis, senior vice president of the Americas at Planet Payment, stated in the release.
Online merchants can use the service to target new markets by pricing products in multiple currencies, Ellis added.
Moneris has been busy the past few years establishing partnerships to further the EMV push in Canada.