Foreign currency payments
Paymate payment services can facilitate low-cost currency exchange. Dynamic Currency Conversion (DCC) or Cardholder Preferred Currency (CPC) allows for the cost of a credit card transaction to be converted into local currency when a payment is made in a foreign currency. This is another service that is an integral part of Paymate and registered merchants will be able to benefit from this for each multi-currency transaction we process.
Buyers in 60 countries can make payments to Paymate sellers. If the seller has a New Zealand account, the buyer's credit card will be debited in New Zealand Dollars (NZD). At this time, we do not offer the option for NZ sellers to bill in other currencies.
Sellers in Australia can offer buyers the option to be billed in Australian Dollars (AUD) as well as the following currencies:
US Dollars (USD)
British Pounds (GBP)
New Zealand Dollars (NZD)
Australian sellers can list their prices in AUD as well as these foreign currencies. Buyers can then select the currency of their choice in the Express Payment page. Paymate will debit their credit card in the selected currency, convert the amount into AUD and credit the seller’s bank account after deducting our fees.
If the seller lists a price only in Australian Dollars, the buyer will need to agree on an exchange rate to convert the price into their preferred currency. They can then pay this amount in their selected currency via Paymate. Note that typically, the exchange rate at which the foreign currency payment is later converted into AUD by Paymate will be different, due to the changes of the foreign exchange markets even during the course of a single day.
There are additional fees for sellers to accept foreign currency payments, this is due to the additional service provided and the bank fees involved. If you do NOT wish to accept foreign currency payments you can ‘untick’ the box for ‘accept foreign currency payments’ in your Paymate account profile.